I. Competition

The investment information and publishing business conducted by the Company and the investment management business conducted by EAM are very competitive. There are many competing firms and a wide variety of product offerings. Some of the firms in these industries are substantially larger and have greater financial resources than the Company and EAM. The Internet continues to increase the amount of competition in the form of free and paid online investment research. With regard to the investment management business conducted by EAM, the prevalence of broker supermarkets or platforms permitting easy transfer of assets among mutual funds, mutual fund families, and other investment vehicles tends to increase the speed with which shareholders can leave or enter the Value Line Funds based, among other things, on short term fluctuations in performance.

J. Executive Officers of the Registrant

The following table lists the names, ages (at June 28, 2013), and principal occupations and employment during the past five years of the Company’s Executive Officers. All officers are elected to terms of office for one year. Except as noted, each of the following has held an executive position with the companies indicated for at least five years.

Name	Age	Principal Occupation or Employment
Howard A. Brecher	59	Chairman and Chief Executive Officer since October 2011; Acting Chairman and Acting Chief Executive Officer from November 2009 to October 2011; Chief Legal Officer; Vice President and Secretary until January 2010; Vice President and Secretary of each of the Value Line Funds from June 2008 to December 2010; Secretary of EAM LLC from February 2009 until December 2010; Director and General Counsel of AB&Co. Mr. Brecher has been an officer of the Company for more than 20 years.

Stephen R. Anastasio	54	Vice President since December 2010; Director since February 2010; Treasurer since 2005; Treasurer of each of the Value Line Funds from September 2005 to August 2008. Mr. Anastasio has been an officer of the Company for more than 10 years.

WEB SITE ACCESS TO SEC REPORTS

The Company’s Internet site address is www.valueline.com. The Company’s annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and any amendments to these reports are made available on the “Corporate Filings” page under the “About Value Line” tab on the Company’s website @www.valueline.com/About/corporate_filings.aspx. free of charge as soon as reasonably practicable after the reports are filed electronically with the SEC. All of the Company’s SEC reports are also available on the SEC Internet site, www.sec.gov.

ITEM 1A. RISK FACTORS

In addition to the risks referred to elsewhere in this Form 10-K, the following risks, among others, sometimes may have affected, and in the future could affect, the Company’s businesses, financial condition or results of operations and/or the investment management business conducted by EAM and consequently, the amount of revenue we receive from EAM. The risks described below are not the only ones we face. Additional risks not discussed or not presently known to us or that we currently deem insignificant, may also impact our businesses.

The Company and its subsidiaries are dependent on the efforts of its executives and professional staff.

The Company’s future success relies upon its ability to retain and recruit qualified professionals and executives. The Company’s executive officers do not have employment agreements with the Company and the Company does not maintain “key man” insurance policies on any of its executive officers. The loss of the services of key personnel could have an adverse effect on the Company.

A decrease in the revenue generated by EAM’s investment management business could adversely affect the Company’s cash flow and financial condition.

The Company derives a significant portion of its cash flow from its non-voting revenues and non-voting profits interests in EAM. A decrease in the revenue generated by EAM’s investment management business, whether resulting from performance, competitive, regulatory or other reasons, would reduce the amount of cash flow received by the Company from EAM, which reduction could adversely affect the Company’s cash flow and financial condition.

EAM’s assets under management, which impact EAM’s revenue, and consequently the amount of the cash flow that the Company receives from EAM, are subject to fluctuations based on market conditions and individual fund performance.

Financial market declines and/or adverse changes in interest rates would generally negatively impact the level of EAM’s assets under management and consequently its revenue and net income. Major sources of investment management revenue for EAM (i.e., investment management and service and distribution fees) are calculated as percentages of assets under management. A decline in securities prices or in the sale of investment products or an increase in fund redemptions would reduce fee income. A prolonged recession or other economic or political events could also adversely impact EAM’s revenue if it led to decreased demand for products, a higher redemption rate, or a decline in securities prices. Good performance of managed assets relative to both competing products and benchmark indices generally assists in both retention and growth of assets, and may result in additional revenues. Conversely, poor performance of managed assets relative to competing products or benchmark indices tends to result in decreased sales and increased redemptions with corresponding decreases in revenues to EAM. Poor performance could, therefore reduce the amount of cash flow that the Company receives from EAM, which reduction could adversely affect the Company’s financial condition.

EAM derives all of its investment management fees from the Value Line Funds.

EAM is dependent upon management contracts and service and distribution contracts with the Value Line Funds under which these fees are paid. As required by the Investment Company Act of 1940 (the “1940 Act”), the Trustees/Directors of the Funds, all of whom are all independent of the Company and of EAM, have the right to terminate such contracts. If any of these contracts are terminated, not renewed, or amended to reduce fees, EAM’s financial results, and consequently, the amount of cash flow received by the Company from EAM, and the Company’s financial condition, may be adversely affected.

If the Company does not maintain its subscriber base, its operating results could suffer.

A substantial portion of the Company’s revenue is generated from print and digital subscriptions, which are paid in advance by subscribers. Unearned revenues are accounted for on the Consolidated Balance Sheets of the Company within current and long term liabilities. The backlog of orders is primarily generated through renewals and new subscription marketing efforts as the Company deems appropriate. Future results will depend on the renewal of existing subscribers and obtaining new subscriptions for the investment periodicals and related publications. The availability of competitive information on the Internet at low or no cost has had and may continue have a negative impact on the demand for our products.

The Company believes that the negative trend in overall subscription revenue experienced in recent years is likely to continue if the Company’s historic dependence on the retail market continues.

During the last several years, the Company has experienced a negative trend in overall subscription revenue. The Company believes that this trend is likely to continue until initiatives to increase business in the professional investor market segment result in greater revenues, which is not assured. New products are being developed for this segment, and sales efforts have increased. The Company has established the goal of developing competitive digital products and marketing them effectively through traditional and digital channels to retail and institutional customers. Towards that end, Company staff is developing marketing strategies and modernizing legacy information technology systems. However, the Company is not able to predict when these efforts will result in the launch of new products or whether they will be successful in reversing the trend of declining subscription revenues, nor can the Company predict whether its initiatives to increase business in the professional investor market segment will be successful.

Loss of copyright data clients or decline in their customers, or assets managed by third party sponsors could reduce the Company’s revenues.

Copyright data agreements are based on market interest in the respective proprietary information. If the fees from proprietary information decline, the Company’s operating results could suffer.

Failure to protect its intellectual property rights and proprietary information could harm the Company’s ability to compete effectively and could negatively affect operating results.

The Company’s trademarks are important assets to the Company. Although its trademarks are registered in the United States and in certain foreign countries, the Company may not always be successful in asserting global trademark protection. In the event that other parties infringe on its intellectual property rights and it is not successful in defending its intellectual property rights, the result may be a dilution in the value of the Company’s brands in the marketplace. If the value of the Company’s brands becomes diluted, such developments could adversely affect the value that its customers associate with its brands, and thereby negatively impact its sales. Any infringement of our intellectual property rights would also likely result in a commitment of Company resources to protect these rights through litigation or otherwise. In addition, third parties may assert claims against our intellectual property rights and we may not be able successfully to resolve such claims. All of the Company’s trademarks are valid as long as they are in use and their registrations are properly maintained. The Company is utilizing all of its trademarks and properly maintaining registrations for them.

Adverse changes in market and economic conditions could lower demand for the Company’s and EAM’s products and services.

The Company provides its products and services to individual investors, financial advisors, and institutional clients. Adverse conditions in the financial and securities markets may have an impact on the Company’s subscription revenues, securities income, and copyright data fees which could adversely affect the Company’s results of operations and financial condition. Adverse conditions in the financial and securities markets could also have an adverse effect on EAM’s investment management revenues and reduce the amount of cash flow that the Company receives from EAM, which reduction could adversely affect the Company’s financial condition.

The Company and EAM face significant competition in their respective businesses.

Both the investment information and publishing business conducted by the Company and the investment management business conducted by EAM are very competitive. There are many competing firms and a wide variety of product offerings. Some of the firms in these industries are substantially larger and have greater financial resources than the Company and EAM. With regard to the investment information and publishing business, barriers to entry have been reduced by the minimal cost structure of the Internet and other technologies. With regard to the investment management business, the absence of significant barriers to entry by new investment management firms in the mutual fund industry increases competitive pressure. Competition in the investment management business is based on various factors, including business reputation, investment performance, quality of service, marketing, distribution services offered, the range of products offered and fees charged. Access to mutual fund distribution channels has also become increasingly competitive.

Government regulations, any changes to government regulations, and regulatory proceedings and litigation may adversely impact the business of the EAM.

Changes in legal, regulatory, accounting, tax and compliance requirements could have an effect on EAM’s operations and results, including but not limited to increased expenses and restraints on marketing certain funds and other investment products. EAM is registered with the SEC under the Investment Advisers Act of 1940 (the “Advisers Act”). The Advisers Act imposes numerous obligations on registered investment advisers, including fiduciary, record keeping, operational and disclosure obligations. ES is registered as a broker-dealer under the Securities Exchange Act of 1934 and is a member of the Financial Industry Regulatory Authority, also known as “FINRA”. Each Value Line Fund is a registered investment company under the 1940 Act. The 1940 Act requires numerous compliance measures, which must be observed, and involves regulation by the SEC. Each fund and its shareholders may face adverse tax consequences if the Value Line Funds are unable to maintain qualification as registered investment companies under the Internal Revenue Code of 1986, as amended. Those laws and regulations generally grant broad administrative powers to regulatory agencies and bodies such as the SEC and FINRA. If these agencies and bodies believe that EAM, ES or the Value Line Funds have failed to comply with their laws and regulations, these agencies and bodies have the power to impose sanctions. EAM, ES and the Value Line Funds, like other companies, can also face lawsuits by private parties. Regulatory proceedings and lawsuits are subject to uncertainties, and the outcomes are difficult to predict. Changes in laws, regulations or governmental policies, and the costs associated with compliance, could adversely affect the business and operations of the EAM, ES and the Value Line Funds. An adverse resolution of any regulatory proceeding or lawsuit against the EAM or ES could result in substantial costs or reputational harm to them or to the Value Line Funds and have an adverse effect on their respective business and operations. An adverse effect on the business and operations of EAM, ES and/or the Value Line Funds could reduce the amount of cash flow that the Company receives in respect of its non-voting revenues and non-voting profits interests in EAM and, consequently, could adversely affect the Company’s cash flows, results of operations and financial condition.

Terrorist attacks could adversely affect the Company and EAM.

A terrorist attack, including biological or chemical weapons attacks, and the response to such terrorist attacks, could have a significant impact on the New York City area, the local economy, the United States economy, the global economy, and U.S. and/or global financial markets, and could also have a material adverse effect on the Company’s business and on the investment management business conducted by EAM.

Our controlling stockholder exercises voting control over the Company and has the ability to elect or remove from office all of our directors.

As of April 30, 2013, AB&Co. beneficially owned approximately 87.4% of the outstanding shares of the Company’s voting stock. AB&Co. is therefore able to exercise voting control with respect to all matters requiring stockholder approval, including the election or removal from office of all of our directors.

We are not subject to most of the listing standards that normally apply to companies whose shares are quoted on NASDAQ.

Our shares of common stock are quoted on the NASDAQ Global Market (“NASDAQ”). Under the NASDAQ listing standards, we are deemed to be a “controlled company” by virtue of the fact that AB&Co. has voting power with respect to more than 50% of our outstanding shares of voting stock. A controlled company is not required to have a majority of its board of directors comprised of independent directors. Director nominees are not required to be selected or recommended for the board’s selection by a majority of independent directors or a nomination committee comprised solely of independent directors, nor do the NASDAQ listing standards require a controlled company to certify the adoption of a formal written charter or board resolution, as applicable, addressing the nominations process. A controlled company is also exempt from NASDAQ’s requirements regarding the determination of officer compensation by a majority of the independent directors or a compensation committee comprised solely of independent directors. Although we currently comply with certain of the NASDAQ listing standards that do not apply to controlled companies, our compliance is voluntary, and there can be no assurance that we will continue to comply with these standards in the future.

We are subject to cyber security risks and may incur costs in connection with our efforts to enhance and ensure security from cyber security attacks.

Substantial aspects of our business depend on the secure operation of our computer systems and e-commerce websites. Security breaches could expose us to a risk of loss or misuse of sensitive information, including our own proprietary information and that of our customers and employees. While we devote substantial resources to maintaining adequate levels of cyber security, our resources and technical sophistication may not be adequate to prevent all of the rapidly evolving types of cyber attacks. Anticipated attacks and risks may cause us to incur increasing costs for technology, personnel and services to enhance security or to respond to occurrences. We maintain cyber risk insurance, but this insurance may not be sufficient to cover all of our losses from any possible future breaches of our systems.

Changes to existing accounting pronouncements or taxation rules or practices may affect how we conduct our business and affect our reported results of operations.

New accounting pronouncements or tax rules and varying interpretations of accounting pronouncements or taxation practice have occurred and may occur in the future. A change in accounting pronouncements or interpretations or taxation rules or practices can have a significant effect on our reported results and may even affect our reporting of transactions completed before the change is effective. Changes to existing rules and pronouncements, future changes, if any, or the questioning of current practices or interpretations may adversely affect our reported financial results or the way we conduct our business.

Item 1B. UNRESOLVED STAFF COMMENTS.

None.

Item 2. PROPERTIES.

The Company leases approximately 64,000 square feet of office space at 220 East 42nd Street in New York, NY. The lease was due to expire on May 31, 2013, but as further explained below, was extended to September 15, 2013. In connection with the Restructuring Transaction the Investment Management division vacated the New York premises. As a result, approximately one-fifth of the available space in the New York facility is presently not utilized. In addition to the New York office space, the Company owns a warehouse facility with approximately 85,000 square feet in New Jersey. The facility primarily serves the distribution operations of VLDC for the various Company publications and the fulfillment operations of CPWR for the publications and serves as a disaster recovery site for the Company.

On February 7, 2013, the Company and Citibank, N.A. (the “Sublandlord”) entered into a sublease agreement, pursuant to which Value Line will lease approximately 44,493 square feet of office space located on the ninth floor at 485 Lexington Ave., New York, NY (“Building” or “Premises”) beginning on or about July 1, 2013 and ending on February 27, 2017 (“Sublease”). Base rent under the Sublease will be $1,468,269 per annum 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 operating costs and real estate taxes. The Company provided a security deposit in cash in the amount of $489,423, which may be reduced to $367,067 on March 1, 2015, and to $244,712 on March 1, 2016 and fully refunded after the Sublease ends. This Building will become 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. The Sublease terms will provide for a significant decrease in the Company’s annual rental expenses.

Value Line reached an agreement with its current landlord and extended the term of the current lease for its current corporate office facility, which was due to expire on May 31, 2013, for a period of three and a half months beginning June 1, 2013 and expiring September 15, 2013 (“Lease Modification”) at a rental which approximates the Company’s monthly rent payments under the current lease obligation. Management determined the overlap payment of up to two and a half months was a necessary precaution to allow transfer of telecommunications and other technology and equipment to the new headquarters.

The Company believes the capacity of these facilities is sufficient to meet the Company’s current requirements.

Item 3. LEGAL PROCEEDINGS.

None.

Item 4. Mine Safety Disclosures

Not applicable.

Part II

Item 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES.

The Registrant’s Common Stock is traded on NASDAQ under the symbol “VALU”. The approximate number of record holders of the Registrant’s Common Stock at April 30, 2013 was 47. As of June 28, 2013, the closing stock price was $8.50.

The reported high and low prices and the dividends paid on these shares during the past two fiscal years were as follows:

Quarter Ended	High	Low	Dividend Declared Per Share
April 30, 2013	$9.40	$9.13	$0.15
January 31, 2013	$9.68	$9.43	$0.15
October 31, 2012	$9.95	$9.88	$0.15
July 31, 2012	$11.91	$11.86	$0.15

April 30, 2012	$12.17	$12.06	$0.15
January 31, 2012	$11.57	$11.20	$0.15
October 31, 2011	$13.40	$12.52	$0.20
July 31, 2011	$11.57	$10.17	$0.20

On July 18, 2013, the Board of Directors of Value Line declared a quarterly dividend of $0.15 per share to shareholders of record as of July 30, 2013 to be paid on August 9, 2013.

There are no securities of the Company authorized for issuance under equity compensation plans. The Company did not sell any unregistered shares of common stock during the fiscal year ended April 30, 2013.

Purchases of Equity Securities by the Company

The following table provides information with respect to all repurchases of common stock made by or on behalf of the Company during the fiscal quarter ended April 30, 2013. All purchases listed below were made in the open market at prevailing market prices.

ISSUER PURCHASES OF EQUITY SECURITIES
Period	(a) Total Number of Shares (or Units) Purchased	(b) Average Price Paid per Share (or Unit)	(c) Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs	(d) Maximum Number (or Approximate Dollar Value) of Shares (or Units) that May Yet Be Purchased Under the Plans or Programs
February 1, 2013 through February 28, 2013	-	-	-	$2,852,164
March 1, 2013 through March 31, 2013	-	-	-	$2,852,164
April 1, 2013 through April 30, 2013	3,623	$9.50	3,623	$2,817,747
Total	3,623	$9.50	3,623	$2,817,747

On September 19, 2012, the Company’s Board of Directors approved a new share repurchase program, authorizing the repurchase of shares of the Company’s common stock up to an aggregate purchase price of $3,000,000. The repurchases will be made from time to time on the open market at prevailing market prices, in negotiated transactions off the market, in block purchases or otherwise. The new repurchase program may be suspended or discontinued at any time at the Company’s discretion and has no set expiration date. During fiscal 2013, the Company repurchased an aggregate of 19,953 shares of the Company’s common stock for $182,254 at an average price of $9.13 per share under the repurchase program.

On January 20, 2011, the Company’s Board of Directors approved the repurchase of shares of the Company’s common stock, at such times and prices as management determined to be advisable up to an aggregate purchase amount of $3,200,000. The repurchase program expired on January 15, 2012 and was not renewed by the Company’s Board of Directors. During fiscal 2012, the Company repurchased an aggregate of 78,500 shares of the Company’s common stock for $946,000, at an average price of $12.05 per share under the repurchase program. During fiscal 2011, the Company repurchased an aggregate of 6,719 shares of the Company’s common stock for $90,000, at an average price of $13.39 per share.

Arnold Bernhard and Co. may purchase additional shares of common stock of the Company from time to time.

Item 6. SELECTED FINANCIAL DATA.

	Fiscal Years Ended April 30,


($ in thousands, except number of shares and earnings/ (loss) per share amounts)	2013		2012		2011			2010			2009
Revenues:						(1	)		(2	)
Investment periodicals and related publications	$	31,940	$	33,018	$	34,406		$	35,965		$	39,935
Copyright data fees		3,900		3,591		3,568			3,243			4,333
Total investment periodicals and related publications		35,840		36,609		37,974			39,208			44,268
Investment management fees and services		-		-		10,693			18,932			24,973
Total revenues	$	35,840	$	36,609	$	48,667		$	58,140		$	69,241
Income/(loss) from operations	$	4,120	$	5,338	$	8,533		$	(32,190	)	$	24,223
Gain from deconsolidation of subsidiaries		-		-	$	50,510			-			-
Revenues and profits interests from EAM Trust	$	6,260	$	5,890	$	2,355			-			-
Income from securities transactions, net	$	126	$	70	$	65		$	837		$	11,625
Net income/(loss)	$	6,619	$	6,925	$	37,782		$	(23,188	)	$	22,953
Earnings/(loss) per share, basic and fully diluted	$	0.67	$	0.70	$	3.79		$	(2.32	)	$	2.30
Total assets	$	84,341	$	84,369	$	87,803		$	59,985		$	117,555
Long term liabilities	$	23,962	$	24,871	$	23,133		$	4,863		$	5,255
Weighted average number of common shares outstanding		9,888,774		9,921,925		9,980,000			9,981,600			9,981,600
Cumulative cash dividends declared per share during the fiscal year	$	0.60	$	0.70	$	2.60		$	3.60		$	1.50

(1)

See Item 1, Business - “Restructuring of Asset Management and Mutual Fund Distribution Businesses” and Item 7, “Management’s Discussion and Analysis”.

(2)

Fiscal 2010 operating income included expenses of $48,106,000 related to settlement provision (see Form 10-K for fiscal year 2010 filed July 16, 2010.)

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”, Item 1A, “Risk Factors”, 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 primary business is producing investment periodicals and related publications and making available copyright data, including certain Proprietary Ranking System and other proprietary information, to third parties under written agreements for use in third-party managed and marketed investment products. Value Line markets under well-known brands including Value Line®, the Value Line logo®, The Value Line Investment Survey®, and The Most Trusted Name in Investment Research™. The name “Value Line” is used to describe the Company, its products, and its subsidiaries, and is a registered trademark of the Company. Prior to December 23, 2010, the date of the completion of the Restructuring Transaction (see “Restructuring of Asset Management and Mutual Fund Distribution Businesses” below), the Company provided investment management services to the Value Line® Mutual Funds (“Value Line Funds”), institutional and individual accounts and provided distribution, marketing, and administrative services to the Value Line Funds. Subsequent to the Restructuring Transaction, EAM provides the investment management services to the Value Line Funds. Value Line retains substantial non-voting revenues and non-voting profits interest in EAM.

The Company’s target audiences within the investment periodicals and related publications field are individual investors, colleges, libraries, and investment management professionals. Individuals come to Value Line for complete research in one package. Institutional subscribers 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. Fees for institutional subscriptions vary by the university or college enrollment, number of users, and the number of products purchased.

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 subscriptions 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.

Prior to December 23, 2010, the Company’s businesses consolidated into two reportable business segments. The investment periodicals and related publications (retail and institutional) and fees from copyright data including the Proprietary Ranking System information and other proprietary information consolidate into one segment called Publishing and the investment management services to the Value Line Funds and other managed accounts were consolidated into a second business segment called Investment Management. Subsequent to December 23, 2010, the date of the Restructuring Transaction, the Publishing segment constitutes the Company’s only reportable business segment.

Restructuring of Asset Management and Mutual Fund Distribution Businesses

The Company completed the restructuring of its asset management and mutual fund distribution businesses (the “Restructuring Transaction”) on December 23, 2010 (the “Restructuring Date”) and executed the EAM Declaration of Trust (the “EAM Declaration of Trust”). As part of the Restructuring Transaction: (1) EULAV Securities, Inc. (“ESI”), a New York corporation and wholly-owned subsidiary of the Company that acted as the distributor of the Value Line Funds was restructured into EULAV Securities LLC (“ES”), a Delaware limited liability company; (2) the Company transferred 100% of its interest in ES to EULAV Asset Management LLC (“EAM LLC”), a wholly-owned subsidiary of the Company that acted as the investment adviser to the Value Line Funds and certain separate accounts; (3) EAM LLC was converted into EAM; and (4) EAM admitted five individuals (the “Voting Profits Interest Holders”), as the initial holders of voting profits interests in EAM, with each of such individuals owning 20% of the voting profits interests of EAM, and (5) pursuant to the EAM Declaration of Trust, the Company received 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. The Voting Profits Interest Holders, who were selected by the independent directors of the Company, paid no consideration in exchange for their interests in EAM.

The business of EAM is managed by its trustees 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 will receive the other 50% of residual profits of EAM.

Pursuant to the EAM Declaration of Trust, the Company granted EAM the right to use the Value Line name for all existing Value Line Funds and agreed to supply the Value Line Proprietary Ranking System information to EAM without charge or expense.

Business Environment

During the twelve months ended April 30, 2013, the NASDAQ and the Dow Jones Industrial Average were up 9% and 12%, respectively. The risk-averse temperament of investors continues to restrain both the Company’s revenues from its research periodicals and publications and the Company’s cash flows from its non-voting revenues and non-voting profits interests in EAM.

The U.S. economy has been weaving an irregular recovery path over the past year, accelerating for a time, then just as quickly losing momentum. During the third quarter of calendar 2012, the nation’s gross domestic product jumped forward by 3.1%. A drawdown in inventories and a marked retreat in defense-related spending then combined to hold growth to a scant 0.4% for the calendar year. As we moved into 2013, expectations were that the economy would rebound smartly early in the year, which it did, as GDP climbed by 2.5%.

Now, some sluggishness in several industrial and consumer categories, coupled with the ill effects of the government’s mandated spending reductions, or sequestrations, seem likely to pare the current quarter’s growth to just 1%-2%. Encouragingly, we think these dislocations will largely, though not completely, run their course over the next few months, so that during the second half of calendar 2013, growth could well nudge back above 2%.

Unfortunately, notwithstanding the noteworthy recovery in the housing market, indications that employment will continue to track higher, and the seeming commitment of the Federal Reserve to furthering the business expansion via exceptionally accommodative monetary policies, there is every likelihood that this three steps forward, two steps back growth progression will remain in place for the balance of this year.

On the whole, however, we sense that growth will accelerate modestly and perhaps more consistently in 2014, and that this upturn, underpinned by benign inflation and historically low interest rates, will remain in force for several years thereafter. All told, this should be a solid investment backdrop in which to gradually accumulate equities.

Results of Operations for Fiscal Years 2013, 2012 and 2011

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

	Fiscal Years Ended April 30,
($ in thousands, except earnings per share)	2013		2012		2011
Income from operations	$	4,120	$	5,338	$	8,533
Revenues and profits interests from EAM Trust	$	6,260	$	5,890	$	2,355
Income from operations plus non-voting revenues and non-voting profits interests from EAM Trust	$	10,380	$	11,228	$	10,888
Operating expenses	$	31,720	$	31,271	$	40,134
Gain from deconsolidation of subsidiaries		-		-	$	50,510
Income from securities transactions, net	$	126	$	70	$	65
Income before income taxes	$	10,506	$	11,298	$	61,463
Net income	$	6,619	$	6,925	$	37,782
Earnings per share	$	0.67	$	0.70	$	3.79

During the twelve months ended April 30, 2013, the Company’s net income of $6,619,000, or $0.67 per share was $306,000 or 4.4% below net income of $6,925,000, or $0.70 per share, for the twelve months ended April 30, 2012. Income from operations was $4,120,000 for the twelve months ended April 30, 2013 and compares to income from operations of $5,338,000 for the twelve months ended April 30, 2012. Income before income taxes, which is inclusive of the non-voting revenues and non-voting profits interests from EAM, was $10,506,000 for the twelve months ended April 30, 2013, as compared to $11,298,000 for the twelve months ended April 30, 2012.

During the twelve months ended April 30, 2012, the Company’s net income of $6,925,000, or $0.70 per share, was $30,857,000 or 82% below net income of $37,782,000, or $3.79 per share, for the twelve months ended April 30, 2011. The net income of the Company during the twelve months ended April 30, 2011 included $50,510,000 of pre-tax accounting (non-cash) gain and applicable deferred income taxes of $19,462,000 on the non-cash gain from deconsolidation of Value Line’s former investment management subsidiaries, EAM LLC and ESI.

Income from operations of $5,338,000 for the twelve months ended April 30, 2012, did not include the non-voting revenues and non-voting profits interests from EAM of $5,890,000, while income from operations for the twelve months ended April 30, 2011 of $8,533,000 included $10,693,000 of advisory management fees and service distribution fees from the former Value Line subsidiaries, EAM LLC and ESI, that performed the operations of the investment management business prior to deconsolidation of these subsidiaries on December 23, 2010. During the twelve months ended April 30, 2011, the net income and income from operations included restructuring expenses of $3,764,000, non-cash post-employment compensation expense of $1,770,000 related to the grant of a voting profits interest in EAM to a former employee, $914,000 of expenses for operating lease exit costs related to the relocation of the EAM operations and a $1,767,000 reduction in the estimated cost of administration of a fund created as part of the Settlement with the SEC during fiscal 2010 (“Fair Fund”). Income before income taxes, which is inclusive of the non-voting revenues and non-voting profits interests from EAM through April 30, 2012, was $11,298,000 as compared to $61,463,000 for the twelve months ended April 30, 2011, which included the aforementioned gain on Restructuring Transaction of $50,510,000.

Total operating revenues

	Fiscal Years Ended April 30,
	2013				2012				2011				Change
($ in thousands)	$		%		$		%		$		%		13 vs. 12			12 vs. 11
Investment periodicals and related publications:
Print	$	19,027			$	20,366			$	21,625				-6.6	%		-5.8	%
Digital		12,913				12,652				12,781				2.1	%		-1.0	%
Total investment periodicals and related publications		31,940	89.1	%		33,018	90.2	%		34,406	70.7	%		-3.3	%		-4.0	%
Copyright data fees		3,900	10.9	%		3,591	9.8	%		3,568	7.3	%		8.6	%		0.6	%
Total publishing revenues		35,840				36,609				37,974				-2.1	%		-3.6	%
Investment management		-	-			-	-			10,693	22.0	%		n/a			-100.0	%
Total revenues	$	35,840			$	36,609			$	48,667				-2.1	%		-24.8	%

Total publishing revenues from investment periodicals and related publications including copyright data fees were $35,840,000 during the twelve months ended April 30, 2013, which is 2.1% below the total publishing revenues of $36,609,000 from fiscal 2012.

Total publishing revenues from investment periodicals and related publications including copyright data fees were $36,609,000 during the twelve months ended April 30, 2012, which was 3.6% below the total publishing revenues from fiscal 2011. As a result of the completion of the Restructuring Transaction on December 23, 2010, investment management activity for the twelve months ended April 30, 2013, April 30, 2012, and for the period from December 23, 2010 through April 30, 2011 during fiscal 2011, is reported as non-voting revenues and non-voting profits interests in EAM and is not included in operating revenues.

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 Orders

	Fiscal Years Ended April 30,
	2013						2012						2011
	Print			Digital			Print			Digital			Print			Digital
New Sales Orders		19.0	%		24.2	%		16.8	%		18.6	%		13.0	%		21.0	%
Conversion and Renewal Sales Orders		81.0	%		75.8	%		83.2	%		81.4	%		87.0	%		79.0	%
Total Sales Orders		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%

	As of April 30,
($ in thousands)	2013		2012		Change

Unearned subscription revenue (current and long term liabilities)	$	24,709	$	25,995		-4.9	%

Investment periodicals and related publications revenues

Investment periodicals and related publications revenues decreased 3.3% for the twelve months ended April 30, 2013, as compared to the prior fiscal year. The Company continued its efforts to attract new subscribers through various marketing channels, primarily direct mail and the internet for retail users, and by the efforts of our sales personnel in the institutional market. Total product line circulation at April 30, 2013 was 0.6% above total product line circulation at April 30, 2012, reversing a long term trend. Continuing factors that have contributed to the decline in the investment periodicals and related publications revenues include competition in the form of free or low cost investment research on the Internet and research provided by brokerage firms at no direct cost to their clients. The Company has been successful in growing revenues from digitally-delivered investment periodicals within Institutional Sales. Institutional Sales orders of $12,001,000 for the twelve months ended April 30, 2013, were $1,415,000 or 13.4% above comparable sales orders of $10,586,000, for the twelve months ended April 30, 2012. This growth continues a positive trend for Institutional Sales, but is not sufficient to wholly offset the lost revenues from retail subscribers. We have also benefited from “converting” some customers from retail to professional price services.

Print publication revenues decreased $1,339,000, or 6.6%, for the twelve months ended April 30, 2013 from fiscal 2012 for the reasons described earlier. Earned revenues from institutional print publications increased $550,000 or 49.2%, for the twelve months ended April 30, 2013 as compared to the prior fiscal year. Print publications revenues from retail subscribers decreased $1,889,000 or 9.8%, for the twelve months ended April 30, 2013, as compared to the prior fiscal year. Print products circulation declined 6.3% as of April 30, 2013 as compared to print circulation at April 30, 2012.

Digital publications revenues increased $261,000, or 2.1%, for the twelve months ended April 30, 2013 as compared to the prior fiscal year. Earned revenues from institutional digital publications increased $349,000 or 4.2%, for the twelve months ended April 30, 2013, as compared to the prior fiscal year. Digital publications revenues from retail subscribers decreased $88,000 or 2.1%, for the twelve months ended April 30, 2013, as compared to the prior fiscal year. Digital products circulation increased 21.7% as of April 30, 2013 as compared to digital circulation at April 30, 2012.

Investment periodicals and related publications revenues were down $1,388,000, or 4%, for the twelve months ended April 30, 2012, as compared to fiscal 2011. Total product line circulation at April 30, 2012 was 4.6% lower than total product line circulation at April 30, 2011. Gross institutional sales orders of $10,586,000 for the twelve months ended April 30, 2012, were $838,000 or 9% above comparable sales orders of $9,748,000, for the twelve months ended April 30, 2011.

Print publication revenues decreased $1,259,000, or 6%, for the twelve months ended April 30, 2012 from fiscal 2011. For the twelve months ended April 30, 2012, earned revenues from institutional print publications increased $182,000 or 19% as compared to fiscal 2011. For the twelve months ended April 30, 2012, print publications revenues from retail subscribers decreased $1,441,000 or 7%, as compared to fiscal 2011. Print circulation decreased 6.8% as of April 30, 2012 as compared to print circulation at April 30, 2011.

Digital publications revenues decreased $129,000, or 1%, for the twelve months ended April 30, 2012 from fiscal 2011. For the twelve months ended April 30, 2012, earned revenues from institutional digital publications increased $59,000 or 1% as compared to fiscal 2011. For the twelve months ended April 30, 2012, digital publications revenues from retail subscribers decreased $188,000 or 4%, as compared to fiscal 2011.

The Company has relied more on its institutional sales marketing efforts, and the increase in institutional combined print and digital revenues is a direct result of a focused effort to sell to colleges, libraries and corporate/investment adviser accounts. The decrease in digital and print retail publications revenues is primarily attributable to the decrease in circulation within the Company’s products.

The majority of the Company’s subscribers have traditionally been individual investors who generally receive printed publications via U.S. Mail on a weekly basis. Consistent with the experience of other print publishers in many fields, the Company has found that its roster of customers has been declining as individuals migrate to various digital services. A modest number of customers who do not qualify for retail prices have chosen to cancel their subscriptions, while the rest have converted to institutional services, at higher prices.

Individual investors interested in digitally-delivered investment information have access to free equity research from many sources. For example, most retail broker-dealers with computerized trading services offer their customers free or low cost research services that compete with the Company’s services. Revenues from the Company’s current retail online services have also declined because many competing products offer more extensive interactive features.

Notably in the fourth quarter of fiscal 2013, the Company has increased its efforts on renewing non-institutional subscriptions by increasing the number of renewal notifications including increases in e-mail and telemarketing efforts.

The Company believes that the volatility of the equity market and the sluggish economic recovery have to some extent eroded retail investor interest in equities. The Company also believes that the negative trend in overall subscription revenue could continue until new products have been developed and marketed and the Company has implemented and adapted customer-contact methods better suited to their changing needs.

The Company has established the goal of developing competitive digital products and marketing them effectively through traditional as well as internet and mobile channels. Towards that end, the Company has been modernizing legacy information technology systems. The Company is not able to predict when these efforts will result in the launch of new products or whether they will be successful in reversing the trend of declining retail publishing revenues.

During the latter part of fiscal 2012, there were a number of technology advances effected in advance of the planned launch of our new product offerings expected to begin in fiscal 2014. In December 2011, the new fulfillment system was placed in service that gives the Company the ability to perform real time order processing and grant immediate access to our digital products, as well as offering multi-tiered entitlements which will come into play in fiscal 2014 with the Company’s new product offerings. In December 2011, a new e-commerce platform and a Single Sign On module were launched which directly leverage the new fulfillment system’s capabilities for new web order entry and customers’ access to their products via a single username and password. Both of these services are a substantial progression from the previous solutions.

In addition, the Company launched a new institutional sales website ValueLinePro.com during March 2012. ValueLinePro.com provides a dedicated Internet destination for investment advisers, portfolio managers, corporate professionals and library patrons who seek to learn how Value Line’s proprietary research tools can help them research stocks, mutual funds, options, convertible securities and exchange traded funds (“ETFs”). The site thoroughly describes each of the Company’s customized products available to institutions and investment professionals. Targeted digital advertising programs have been a part of the Company’s marketing efforts to institutions, generating additional sales leads for our team of experienced sales executives and support personnel.

The Value Line Proprietary Ranking System information (the “Ranking System”), a component of the Company’s flagship product, The Value Line Investment Survey, is also utilized in the Company’s copyright data business. The Ranking System is also required to be made available to EAM for specific uses without charge or expense. The Ranking System is designed to be predictive over a six to twelve month period. For the six and twelve months ended April 30, 2013, the combined Ranking System Timeliness™ “Rank 1 & 2” stocks increased by 16.8% and 16.0%, respectively, allowing for weekly changes in Ranks, outperforming an increase of 13.1% and 14.3% in the S&P 500 Index during the comparable periods, respectively.

During the twelve months ended April 30, 2013, copyright data fees increased $309,000, or 8.6%, as compared to the prior fiscal year. As of April 30, 2013, total third party sponsored assets were attributable to four contracts for copyright data representing $2.65 billion in various products, as compared to four contracts and $3.43 billion in assets at April 30, 2012. The decrease in assets managed by third party sponsors resulted from a shift in assets in one of the underlying portfolios to a new subadvisor which was beyond Value Line’s control. The Company believes the growth of this part of the business is dependent upon the desire of third parties to use the Value Line trademarks and proprietary research for their products. This market has become significantly more competitive as a result of product diversification and increased use of indices by portfolio managers. Management is focusing on potential channels for the copyright data products, while maintaining good cooperation with current third party sponsors. However, the Company cannot predict if these efforts will be successful in reversing the trend of declining future revenues and assets managed by third party sponsors.

During the twelve months ended April 30, 2012, copyright data fees of $3,591,000 were 1% above copyright data fees for fiscal 2011. As of April 30, 2012, total third party sponsored assets were attributable to four contracts for copyright data representing $3.4 billion in various products, as compared to four contracts and $3.5 billion in assets at April 30, 2011, representing a 3% decrease in assets.

Investment management fees and services – (unconsolidated)

As of the Restructuring Date, the Company deconsolidated its asset management and mutual fund distribution businesses and its interest in these businesses was restructured as a non-voting revenues and non-voting profits interests in EAM. Accordingly, the Company no longer reports this operation as a separate business segment, although it still 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, 2013, were $2.19 billion, which is $73 million or 3.5% above total assets of $2.11 billion in the Value Line Funds managed by EAM at April 30, 2012. Total assets in the Value Line Funds managed by EAM at April 30, 2012, of $2.11 billion were 5.9% below total assets of $2.24 billion in the Value Line Funds managed by EAM at April 30, 2011. Although sales and inflows for the Value Line Equity Funds are up 20% during fiscal 2013 and 183% during fiscal 2012, the Value Line Funds continue to experience net redemptions for the last three fiscal years albeit at a much slower rate.

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. The table also illustrates the assets within the Value Line Funds broken down into equity funds, variable annuity funds and fixed income funds as of April 30, 2013, 2012 and 2011.

Value Line Mutual Funds

Total Net Assets

Asset Flows	Fiscal Years Ended April 30,
										2013			2012
										vs.			vs.
	2013			2012			2011			2012			2011
Value Line equity fund assets (excludes variable annuity)— beginning	$	1,343,996,918		$	1,398,372,388		$	1,446,104,954			-3.9	%		-3.3	%
Sales/inflows		252,728,239			210,761,258			74,397,936			19.9	%		183.3	%
Redemptions/outflows		(256,633,016	)		(277,655,817	)		(370,072,264	)		-7.6	%		-25.0	%
Dividend and Capital Gain Distributions		(48,112,709	)		(19,681,858	)		(2,683,333	)		144.5	%		633.5	%
Market value change		164,573,032			32,200,947			250,625,095			411.1	%		-87.2	%
Value Line equity fund assets (non-variable annuity)— ending		1,456,552,464			1,343,996,918			1,398,372,388			8.4	%		-3.9	%
Variable annuity fund assets — beginning	$	484,476,017		$	520,738,282		$	495,004,319			-7.0	%		5.2	%
Sales/inflows		14,173,864			11,869,956			15,170,774			19.4	%		-21.8	%
Redemptions/outflows		(66,726,410	)		(72,557,743	)		(78,046,318	)		-8.0	%		-7.0	%
Dividend and Capital Gain Distributions		(4,119,704	)		503,582			(3,815,539	)		-918.1	%		-113.2	%
Market value change		48,513,595			23,921,941			92,425,046			102.8	%		-74.1	%
Variable annuity fund assets — ending		476,317,361			484,476,017			520,738,282			-1.7	%		-7.0	%
Fixed income fund assets — beginning (1) (2)	$	217,053,704		$	236,526,222		$	249,868,326			-8.2	%		-5.3	%
Sales/inflows		11,765,917			41,239,732			27,627,007			-71.5	%		49.3	%
Redemptions/outflows		(37,643,781	)		(64,139,184	)		(44,038,991	)		-41.3	%		45.6	%
Dividend and Capital Gain Distributions		(4,524,535	)		(1,752,051	)		(1,358,551	)		158.2	%		29.0	%
Market value change		4,837,224			5,178,985			4,428,430			6.6	%		16.9	%
Fixed income fund assets — ending		191,488,529			217,053,704			236,526,222			-11.8	%		-8.2	%
Money market fund assets — ending (3)		-			67,682,443			89,356,239			-100.0	%		-24.3	%
Assets under management — ending	$	2,124,358,355		$	2,113,209,083		$	2,244,993,131			0.5	%		-5.9	%

(1)

On March 21, 2013, the shareholders of the Value Line U.S. Government Securities Fund approved the tax free reorganization of the Value Line U.S. Government Securities Fund into the Value Line Core Bond Fund. Shares of the U.S Government Securities Fund were exchanged into the Value Line Core Bond Fund effective March 22, 2013. This transaction is excluded from sales/redemptions.

(2)

On May 17, 2012, the shareholders of the Value Line New York Tax Exempt Trust approved the tax free reorganization of the Value Line New York Tax Exempt Trust into the Value Line Tax Exempt Fund. Shares of the Value Line New York Tax Exempt Trust were exchanged into the Value Line Tax Exempt Fund effective May 18, 2012. This transaction is excluded from sales/redemptions.

(3)	On October 19, 2012 the Value Line U.S. Government Money Market Fund merged into the Daily Income Fund U.S. Government Portfolio managed by Reich & Tang. Assets of $61,917,208 of the Value Line U.S. Government Money Market Fund are not included in the total assets under management in fiscal 2013.

While equity assets under management increased 5.7%, four of the six Value Line equity mutual funds, excluding SAM and Centurion are currently experiencing net redemptions and the associated net asset outflows (redemptions less new sales). However, while the Value Line Funds are experiencing net redemptions, there are less net redemptions in the twelve months ended April 30, 2013 than in the prior year due to higher gross sales in the equity/hybrid funds and better retention of existing fund assets. The Value Line Asset Allocation Fund is experiencing net inflows and was added to the Schwab Mutual Fund OneSource Select List® in August 2012. The fund is one of only seven asset allocation funds among the 23 third-party funds selected for the Additional Fund Categories section. During fiscal 2013 Value Line equity mutual funds continued to garner attention from the industry. Publications such as U.S. News and World Report included some of Value Line equity mutual funds in the Best Mutual Funds lists as well as being mentioned in Investor’s Business Daily, Street.com, Kiplinger’s and other publications.

As of April 30, 2013 three of the eight equity funds are in the top quartile of their respective peer groups for one year and six of the eight are in the top quartile for the three year period according to Lipper.

Shares of Value Line Strategic Asset Management Trust (“SAM”) and Value Line Centurion Fund (“Centurion”) are available to the public only through the purchase of certain variable annuity and variable life insurance contracts issued by The Guardian Insurance & Annuity Company, Inc. (“GIAC”).

The next table provides a breakdown of the major distribution channels for the Value Line Funds in terms of assets and shareholder accounts as of April 30, 2013.

Fund Categories	Aggregate Assets		Percentage of Assets in Category			Shareholder Accounts		Percentage of Shareholder Accounts in Category

Guardian (SAM and Centurion Funds)	$	476,317,362		21.8	%		24,138		25.6	%
VL Funds direct accounts & other dealers		809,024,029		37.0	%		34,714		36.9	%
Dealer platforms		900,934,172		41.2	%		35,305		37.5	%
Total*	$	2,186,275,563		100.0	%		94,157		100.00	%

* Total aggregate assets and shareholder accounts include $61,917,208 of total assets and 2,633 shareholder accounts, respectively, of the Value Line U.S. Government Money Market Fund which merged into the Daily Income Fund U.S. Government Portfolio managed by Reich & Tang on October 19, 2012.

During fiscal 2011 from May 1, 2010 through December 23, 2010, consolidated investment management fees and distribution service fees (which we refer to as “12b-1 fees”) from the Value Line Funds amounted to $10,584,000 after giving effect to account fee waivers for certain of the Value Line Funds. These amounts included 12b-1 fees of $2,308,000 earned for the period from May 1, 2010 through December 23, 2010. For the period from May 1, 2010 through December 23, 2010, total investment management fee waivers and reimbursements were $513,000 and total 12b-1 fee waivers were $1,651,000. The Company, EAM LLC and ESI have no right to recoup the previously waived amounts of investment management fees and 12b-1 fees. During the period from May 1, 2010 through December 1, 2010, separately managed accounts revenues were $109,000. Separately managed accounts had $23 million in assets as of December 1, 2010, including $20 million of assets in accounts managed for affiliates of the Company’s controlling shareholder AB&Co. During the third quarter of fiscal 2011, the entities affiliated with AB&Co. cancelled their separately managed account agreements with EAM LLC.

EAM Trust - Results of operations before distribution to interest holders

The overall results of EAM’s investment management operations during the twelve months ended April 30, 2013, before interest holder distributions, include total investment management fees earned from the Value Line Funds of $12,773,000, 12b-1 fees and other fees of $3,905,000 and other income of $14,000. For the same period, total investment management fee waivers and reimbursements were $379,000 and 12b-1 fee waivers for nine Value Line Funds were $2,156,000. During the twelve months ended April 30, 2013, EAM’s net income was $945,000 after giving effect to Value Line’s non-voting revenues interest of $5,781,000, but before distributions to voting profits interest holders and to the Company in respect of its 50% non-voting profits interest.

Total results of EAM’s investment management operations during the twelve months ended April 30, 2012, before interest holder distributions, include total investment management fees earned from the Value Line Funds of $12,465,000, 12b-1 fees of $3,466,000 and other income of $12,000. For the same period, total investment management fee waivers and reimbursements were $806,000 and 12b-1 fee waivers were $2,257,000. During the twelve months ended April 30, 2012, EAM’s net income was $461,000 after giving effect to Value Line’s non-voting revenues interest of $5,684,000, but before distributions to voting interest holders and to the Company in respect of its non-voting profits interest.

Total results of EAM’s investment management operations for the period from December 23, 2010 through April 30, 2011, before interest holder distributions, include total investment management fees earned from the Value Line Funds of $4,592,000, 12b-1 fees of $1,293,000 and other income of $3,100. For the same period, total investment management fee waivers and reimbursements were $303,000 and 12b-1 fee waivers were $855,000. For the period from December 23, 2010 through April 30, 2011, EAM’s net income was $336,000, after giving effect to Value Line’s non-voting revenues interest of $2,187,000, but before distributions to voting interest holders and to the Company in respect of its non-voting profits interest.

As of April 30, 2013, eight of the Value Line Funds have all or a portion of the 12b-1 fees being waived, and one fund has a partial investment management fee waiver in place. Although, under the terms of the EAM Declaration of Trust, the Company no longer receives or shares in the revenues from 12b-1 distribution fees, the Company could benefit from the fee waivers to the extent that the resulting reduction of expense ratios and enhancement of the performance of the Value Line Funds attracts new assets.

As of April 30, 2013, four of the six Value Line equity mutual funds, excluding SAM and Centurion, had an overall four or five star rating by Morningstar, Inc. The largest distribution channel for the Value Line Funds remains the fund supermarket platforms such as Guardian, Charles Schwab & Co., Inc., Fidelity, Pershing and E-Trade.

The Value Line equity fund assets and fixed income fund assets represent 91.0% and 9.0%, respectively, of total fund assets under management (“AUM”) as of April 30, 2013. At April 30, 2013, equity AUM increased by 5.7% and fixed income AUM decreased by 12.0% as compared to the prior fiscal year.

During December 2011, the Value Line Convertible Fund merged into the Value Line Income and Growth Fund. The Value Line Convertible Fund had approximately $20 million in assets under management before the merger. In May 2012, the Value Line New York Tax Exempt Trust ($15 million) combined into the Value Line Tax Exempt Fund ($90 million). The combination offers many benefits for fund shareholders.

During October 2012, the USGMMF merged into a third party fund, the Daily Income Fund, managed by Reich & Tang. EAM distributes the Daily Income Fund on behalf of Reich & Tang and maintains the shareholder accounts on behalf of the Value Line Funds’ shareholders who invest in the Daily Income Fund, but EAM is no longer subsidizing the expenses of the USGMMF resulting from the low interest rate economic environment. In addition, the merger of the USGMMF eliminated the cost of administration and fund accounting.

During December 2012, the Value Line Aggressive Income Trust changed its investment strategy and changed its name to the Value Line Core Bond Fund. In doing so, the Value Line Funds now have a core bond fund offering that still meets the fundamental investment objectives of the Aggressive Income Trust, which is maximization of current income with a secondary objective of capital appreciation, yet have broader appeal and a larger pool of investors to attract assets. Such assets may include existing shareholders of other Value Line Funds as shareholders redeem equities.

During December 2012, the Value Line Emerging Opportunities Fund changed its name to Value Line Small Cap Opportunities Fund. By changing the name, the strategy of the fund and correct category is clearly defined for investors.

During March 2013, the Value Line U.S. Government Securities Fund merged into the Value Line Core Bond Fund. This created a core bond fund with $100 million in assets, a critical threshold for many institutional money managers.

EAM - The Company’s non-voting revenues and non-voting profits interests

Following the Restructuring Transaction, the Company no longer engages, through subsidiaries, in the investment management or mutual fund distribution businesses. The Company does hold 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. EAM currently has no separately managed account clients.

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

	Fiscal Years Ended April 30,						Change
($ in thousands)	2013		2012		2011		13 vs. 12			12 vs. 11
Non-voting revenues interest	$	5,781	$	5,684	$	2,187		1.7	%		159.9	%
Non-voting profits interest		479		206		168		132.5	%		22.6	%
	$	6,260	$	5,890	$	2,355		6.3	%		150.1	%

During the twelve months ended April 30, 2013, the Company recorded revenues of $6,260,000, consisting of $5,781,000, from its non-voting revenues interest in EAM and $479,000, from its non-voting profits interest in EAM without incurring any directly related expenses.

During the twelve months ended April 30, 2012, the Company recorded revenues of $5,890,000, consisting of $5,684,000, from its non-voting revenues interest in EAM and $206,000, from its non-voting profits interest in EAM. During the period from December 23, 2010 (the Restructuring Date) through April 30, 2011, the Company recorded revenues of $2,355,000, consisting of $2,187,000, from its non-voting revenues interest in EAM and $168,000 from its non-voting profits interest in EAM.

Expenses

	Fiscal Years Ended April 30,
								Change
($ in thousands)	2013		2012		2011			13 vs. 12			12 vs. 11
Advertising and promotion	$	4,075	$	4,203	$	6,673			-3.0	%		-37.0	%
Salaries and employee benefits		15,034		15,001		17,242			0.2	%		-13.0	%
Production and distribution		5,694		4,894		4,718			16.3	%		3.7	%
Office and administration		6,917		7,173		9,504			-3.6	%		-24.5	%
Expenses related to restructuring		-		-		3,764			n/a			n/a
Provision for settlement		-		-		(1,767	)		n/a			n/a
Total expenses	$	31,720	$	31,271	$	40,134			1.4	%		-22.1	%

Expenses within the Company are categorized into advertising and promotion, salaries and employee benefits, production and distribution, and office and administration. Operating expenses of $31,720,000 for the twelve months ended April 30, 2013, increased $449,000, or 1.4%, as compared to the twelve months ended April 30, 2012. The increase in expenses resulted primarily from the additional depreciation and amortization of $828,000 related to software development costs previously incurred.

Operating expenses of $31,271,000 for the twelve months ended April 30, 2012, decreased $8,863,000, or 22%, as compared to the twelve months ended April 30, 2011. This reduction in operating expenses for fiscal 2012 as compared to fiscal 2011 resulted in part from the inclusion of $3,764,000 of expenses related to the Restructuring Transaction partially offset by a revision of $1,767,000 of the estimate for the Provision for Settlement in fiscal 2011, and the inclusion of $8,230,000 of expenses in fiscal 2011 related to the investment management business which was deconsolidated on December 23, 2010.

Advertising and promotion

Advertising and promotion expenses during the twelve months ended April 30, 2013, were $128,000 or 3.0% below fiscal 2012. The decrease was mainly due to a decrease of $136,000 in media and internet advertising and promotional costs to market the digital products and software products to institutions during fiscal 2012. The remaining decrease for the twelve months ended April 30, 2013, was related to a $60,000 reduction in postage expenses related to renewal solicitation costs which primarily resulted from migrating some renewal efforts to a digital format. These decreases were offset by an $85,000 increase in telemarketing costs as telephone marketing efforts were increased.

Advertising and promotion expenses during the twelve months ended April 30, 2012, decreased $2,470,000, or 37%, as compared to the twelve months ended April 30, 2011. Operating expenses for fiscal 2011 included $2,220,000 of expenses related to the Company’s investment management business which was deconsolidated and discontinued on December 23, 2010; these expenses were primarily for promotional payments to independent broker-dealers associated with the distribution of the Value Line Funds. The remaining decrease of $250,000 for the twelve months ended April 30, 2012, was mainly related to reduced media and internet advertising and promotion expenses of $520,000 and a $109,000 reduction in renewal solicitation costs, offset by increased direct marketing and sales commissions costs for publications.

Salaries and employee benefits

Salaries and employee benefits increased $33,000 or 0.2%, during the twelve months ended April 30, 2013, as compared to fiscal 2012. Increased expenses in salaries and employee benefits were related to the timing of personnel replacements in information technology, marketing, research, quantitative research and sales personnel in institutional sales and were offset by a decrease in profit sharing expense and the additional capitalization of $317,000 for digital project development costs for the twelve months ended April 30, 2013, as compared to the prior year. During the twelve months ended April 30, 2013, 2012 and 2011, the Company accrued profit sharing expenses of $240,000, $447,000 and $500,000, respectively.

Salaries and employee benefits decreased by $2,241,000 or 13% during the twelve months ended April 30, 2012, as compared to fiscal 2011. This decrease reflects a reduction of $3,635,000 related to the deconsolidation and discontinuance of the investment management business on December 23, 2010 including $1,049,000 related to direct overhead costs, $1,770,000 for non-cash post-employment compensation expense, and $816,000 related to previously shared costs incurred in order to provide the proprietary Ranking System information and overhead salaries to the investment management business. Pursuant to the EAM Declaration of Trust, the Company agreed to supply the proprietary Ranking System information to EAM without charge or expense so that, for periods after December 23, 2010, these previously shared costs remain within the Publishing segment subsequent to the Restructuring Date. Salaries and employee benefits in the Publishing segment increased $1,394,000 as a result of the aforementioned reallocation to the Publishing segment of $816,000 for overhead costs previously shared with the Investment Management segment. The increase in salaries and employee benefits related to additional headcount in information technology, fulfillment, marketing and institutional sales was partially offset by the capitalization of $1,346,000 for digital project development costs.

Production and distribution

Production and distribution expenses during the twelve months ended April 30, 2013, increased $800,000 or 16.3%, as compared to fiscal 2012. During the twelve months ended April 30, 2013, an increase of $872,000, resulted from additional amortization of internally developed software costs for the upgrade of our fulfillment system, single sign on, website development and new, service oriented production architecture implemented during the third quarter of fiscal 2012 and an increase in systems support of $144,000 related to the offsite relocation of the Company’s production computer systems. These increases in expenses were partially offset by a decrease in paper, printing and distribution expenses and lower costs related to outsourced data collection services.

Production and distribution expenses during the twelve months ended April 30, 2012, increased $176,000 or 4% above fiscal 2011. During the twelve months ended April 30, 2012, an increase of $136,000 resulting from additional amortization of internally developed software costs for our new fulfillment system implemented in November 2011, and an increase of $157,000 related to the third party costs to develop the new fulfillment system, which were not capitalized, were partially offset by reduced data feed expenses of $122,000.

Office and administration

Office and administration expenses during the twelve months ended April 30, 2013, decreased $256,000 or 3.6%, as compared to fiscal 2012. The decrease was primarily due to a $457,000 decline in professional and consulting fees and a $45,000 decrease in utilities costs at the Company’s corporate facility. These decreases were partially offset by a $58,000 increase in building operating expenses. In fiscal 2012, office and administrative expense were reduced due to reimbursement of $44,000 received from EAM for the month of May 2011 for rent and certain accounting and other administrative support services provided to EAM during its final month of occupancy at the Company’s office facility.

Office and administration expenses during the twelve months ended April 30, 2012, decreased $2,331,000 or 25% below fiscal 2011. This decrease reflects a reduction of $2,375,000 related to the deconsolidation and discontinuance of the investment management business, including $1,845,000 related to direct overhead costs and $530,000 related to previously shared costs incurred in order to provide the proprietary Ranking System information and related administrative services to the investment management business. Pursuant to the EAM Declaration of Trust, the Company agreed to supply the proprietary Ranking System information to EAM without charge or expense so that, for periods after December 23, 2010, these previously shared costs remain within the Publishing segment. Office and administration expenses in the Publishing segment increased $44,000 as a result of the aforementioned reallocation to the Publishing segment of $530,000 of overhead costs previously shared with the Investment Management segment along with an increase of $200,000 in professional and legal fees and an increase of $178,000 in office support related costs. These increased expenses were offset by a decrease of $1,352,000 for office space rental resulting from the classification of $439,000 of the lease payments made during fiscal 2012 as a reduction of the total lease exit obligation in the amount of $914,000 expensed in fiscal 2011 related to EAM’s relocation.

Lease Commitments

Expenses related to restructuring

In fiscal 2011, professional fees, including the cost of the proxy solicitation for the Value Line Funds, of $3,764,000 were associated with the Restructuring Transaction that was completed on December 23, 2010. The Company’s policy was to expense these costs as incurred.

Provision for Settlement

The Company recorded as a liability on its Consolidated Balance Sheet estimated expenses associated with a Fair Fund administration and other costs which the Company was required to pay in connection with a Settlement with the SEC during fiscal 2010 (see Form 10-K for fiscal 2010 filed with the SEC on July 16, 2010). During fiscal 2011, the administrator of the Fair Fund estimated that the remaining costs of administration would be less than originally determined due to a modification in the manner of administration and distribution of the Fair Fund. Accordingly, the Company reduced its liability for the costs of administration of the Fair Fund by $1,767,000 during the fourth quarter of fiscal 2011.

Segment Operating Profit

Prior to December 23, 2010, the Company’s businesses consolidated into two reportable business segments. The investment periodicals and related publications (retail and institutional) and fees from copyright data, including the Proprietary Ranking System information and other proprietary information, consolidated into one segment called Publishing, and the investment management services to the Value Line Funds and other managed accounts were consolidated into a second business segment called Investment Management. Subsequent to December 23, 2010, the date of the Restructuring Transaction, the Publishing segment constitutes the Company’s only reportable business segment. Accordingly, the Investment Management segment information reported below reflects activity only through the date of the Restructuring Transaction.

	Investment Periodicals, Publishing & Copyright Data															Investment Management
	Fiscal Years Ended April 30,															Fiscal Years Ended April 30,
	2013			2012			2011			Change						2013		2012		2011 (1)			Change
(in thousands)										13 vs. 12			12 vs. 11										13 vs. 12		12 vs. 11
Segment revenues from external customers	$	35,840		$	36,609		$	37,974			-2.1	%		-3.6	%		-		-	$	10,693			n/a		-100.0	%
Segment profit from operations	$	4,120		$	5,338		$	8,984			-22.8	%		-40.6	%		-		-	$	(448	)		n/a		-100.0	%
Segment profit margin from operations		11.5	%		14.6	%		23.7	%		-21.2	%		-38.4	%		-		-		-4.2	%		n/a		-100.0	%

(1)

Period from May 1, 2010 through December 23, 2010.

Investment Periodicals, Publishing & Copyright Data

During fiscal 2013, publishing revenues from investment periodicals and related publications including copyright data fees were $35,840,000, which is $769,000 or 2.1% below the publishing revenues from fiscal 2012.

During fiscal 2012, publishing revenues from investment periodicals and related publications including copyright data fees were $36,609,000, which is $1,365,000 or 3.6% below the publishing revenues from fiscal 2011.

During fiscal 2013, 2012 and fiscal 2011, the decrease in the operating profit margin and segment operating profits in the Publishing segment resulted primarily from the decline in investment publication and periodicals revenues without a proportionate decrease in expenses for production and administration, including semi-variable and non-variable costs. In fiscal 2013, copyright data’s revenues increased 8.6% from fiscal 2012 and in fiscal 2012 they were slightly above fiscal 2011. Costs for the Company’s copyright data products are relatively fixed costs for the Company, so that expenses do not increase or decrease proportionately to changes in revenue. The 9.1% decline in the operating profit margin in the Publishing segment in fiscal 2012, as compared to fiscal 2011 was due to decreased revenues in addition to the reallocation of costs previously shared with the Investment Management segment to the Publishing segment.

The Company believes that competition in the form of free or low cost investment research on the Internet and research provided by brokerage firms at no cost to their clients contributed to the decline in revenue in the publishing segment. In fiscal 2011, the recession and continued volatility in the markets also contributed to the decline in subscriptions to the Company’s products, as individuals reduced many forms of discretionary spending. Also, some investors may have shifted from equity investments to fixed income investments. The Company provides only limited research on fixed income investments, and this is not a core aspect of Value Line’s business.

Investment Management

Negative operating margins for the investment management business conducted by the Company during the period from May 1, 2010 through December 23, 2010 resulted primarily from the incurrence of expenses related to the Restructuring Transaction and declines in certain asset based revenues with no offsetting expense reductions. Lower management fees from the Value Line Funds for this period resulted from lower average assets under management (through December 23, 2010) and fee waivers. The Company waived management fees of $352,000 for the period from May 1, 2010 through December 23, 2010 in the USGMMF and, due to the low interest rate environment and new regulations restricting investments, that Fund generated insufficient portfolio income to cover its normalized expenses, which were subsidized by the Company. Segment operating profit and the operating profit margin for fiscal 2011 through December 23, 2010, the date of consummation of the Restructuring Transaction, includes $3,764,000 of expenses related to the Restructuring Transaction, $1,770,000 of post-employment compensation expense related to the grant of the voting profits interest in EAM to a former employee in connection with the Restructuring Transaction and $914,000 of operating lease exit costs related to the office space formerly occupied by EAM LLC. These expenses in fiscal 2011 were partially offset by a reduction of $1,767,000 in the estimated cost to administer the Fair Fund.

Income from Securities Transactions, net

	Fiscal Years Ended April 30,
										Change
($ in thousands)	2013			2012			2011			13 vs. 12			12 vs. 11
Dividend income	$	124		$	68		$	16			82.4	%		325.0	%
Interest income		4			16			118			-75.0	%		-86.4	%
Realized gains/(losses) on equity and fixed income securities available-for-sale		-			(11	)		(68	)		100.0	%		-83.8	%
Other		(2	)		(3	)		(1	)		33.3	%		-200.0	%
Total income from securities transactions, net	$	126		$	70		$	65			80.0	%		7.7	%

During the twelve months ended April 30, 2013, the Company’s income from securities transactions, net, of $126,000, which includes primarily dividend income, was $56,000 or 80.0% above income from securities transactions, net, of $70,000 during the twelve months ended April 30, 2012. During the twelve months ended April 30, 2012, income from securities transactions, net, included $68,000 of dividend income and $16,000 of interest income. During the twelve months ended April 30, 2012, realized gains from sales of equity securities were $11,000 and realized losses from sales of fixed income securities were $22,000.

During the twelve months ended April 30, 2012, the Company’s income from securities transactions, net, of $70,000 was $5,000 or 8% above income from securities transactions, net, of $65,000 during the twelve months ended April 30, 2011. There were no sales, or gains or losses from sales of equity securities during the fiscal year ended April 30, 2011. Realized losses from the sales of fixed income securities, were $68,000 during the twelve months ended April 30, 2011.

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, 2013, 2012 and 2011 were 37.0%, 38.71% and 38.53%, respectively. The annual effective tax rate will change due to a number of factors including but not limited to an increase or decrease in the ratio of items that do not have tax consequences to pre-tax income, the Company’s geographic profit mix between tax jurisdictions, new tax laws, new interpretations of existing tax laws and rulings and settlements with tax authorities. The fluctuation in the effective income tax rate during fiscal 2013 is attributable to a higher percentage of income subject to state and local taxes offset by the recognition of the domestic production tax credits and an increase in the dividends received deduction during the current fiscal year.

The change in the effective income tax rate in fiscal 2012 is attributable to the alternative minimum tax on the limitation to the Company’s net operating loss carryforward in fiscal years 2012 and 2011, and a slight decrease in state and local tax rate for fiscal 2012 primarily from EAM’s geographical income allocation.

Liquidity and Capital Resources

The Company had negative working capital, defined as current assets less current liabilities, of $10,721,000 and $8,067,000 as of April 30, 2013 and April 30, 2012, respectively. These amounts include short term unearned revenue of $22,073,000 and $21,548,000 reflected in total current liabilities at April 30, 2013 and April 30, 2012, respectively. Cash and short term securities were $13,522,000 and $15,923,000 as of April 30, 2013 and April 30, 2012, respectively.

The Company’s cash and cash equivalents include $6,312,000 and $10,848,000 at April 30, 2013 and April 30, 2012, respectively, invested primarily in Money Market Funds at brokers’ accounts, which operate under Rule 2a-7 of the 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 $1,168,000 during the twelve months ended April 30, 2013, compared to cash inflows from operations of $2,376,000 during the twelve months ended April 30, 2012. The change in cash flows from fiscal 2012 to fiscal 2013 was primarily due to the reduction in the cash inflow from earnings, an increase in prepaid expenses and timing of receipt of accounts receivable, offset by the increase in the cash inflows from the receipt of prepaid and refundable income taxes and reduced payments for settlement and restructuring related expenses.

Cash from investing activities

The Company’s cash outflows from investing activities of $253,000 during the twelve months ended April 30, 2013, compared to cash inflows from investing activities of $11,262,000 for the twelve months ended April 30, 2012. Cash inflows for the twelve months ended April 30, 2012, were higher due to the maturities and sales of fixed income securities. The Company did not hold any fixed income securities during fiscal 2013 and there were no proceeds from sales of equity securities during fiscal 2013. The Company expects that investing activities will provide cash from continued receipts from its non-voting revenues and non-voting profits interest distributions in EAM.

Cash from financing activities

The Company’s cash outflows from financing activities of $6,117,000 during the twelve months ended April 30, 2013, were 27.2% below cash outflows from financing activities of $8,398,000 for the twelve months ended April 30, 2012. Cash outflows for financing activities included $182,000 and $946,000 for the repurchase of shares of the Company’s common stock under the September 19, 2012 and the January 20, 2011 board approved common stock repurchase programs, during fiscal 2013 and 2012, respectively. Dividend payments of $0.20 per share during the first three quarters and $0.15 per share during the fourth quarter of fiscal 2012 aggregated $7,452,000 as compared to $5,935,000 in fiscal 2013, which included dividend payments of $0.15 per share for all four quarters. The Company expects financing activities to continue to include use of cash for dividend payments for the foreseeable future.

Management believes that the Company’s cash and other liquid asset resources used in its business together with the 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. Management does not anticipate making any borrowings during the next twelve months. As of April 30, 2013, retained earnings and liquid assets were approximately $33 million and $14 million, respectively.

Seasonality

Our operations are minimally seasonal in nature. Our publishing revenues are comprised of subscriptions which are generally annual subscriptions and/or multi-year subscriptions. Our cash flows from operating activities are somewhat seasonal in nature, primarily due to the timing of customer payments made for subscription renewals, which generally occur more frequently in our fiscal third quarter.

Recent Accounting Pronouncements

In June 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2011-05, Presentation of Comprehensive Income (“ASU 2011-05”), which represents an update to ASC 220, Comprehensive Income. ASU 2011-05 provides new disclosure guidance for comprehensive income, requiring presentation of each component of net income along with total net income, each component of other comprehensive income along with a total for other comprehensive income and a total amount for comprehensive income. An entity will have the option to present these items in one continuous statement or two separate but consecutive statements. An entity will no longer be permitted to present components of other comprehensive income as part of the statement of changes in stockholders’ equity. ASU 2011-05 is effective for fiscal years and interim periods within those years beginning after December 15, 2011. Portions of ASU 2011-05 were amended in December 2011. The Company adopted the provisions of ASU 2011-5 effective May 1, 2012, and it did not have a material impact on our Consolidated Financial Statements.

In December 2011, the FASB issued ASU No. 2011-11, Disclosures about Offsetting Assets and Liabilities (“ASU 2011-11”), to improve reporting and transparency of offsetting (netting) assets and liabilities and the related affects on the financial statements. ASU 2011-11 is effective for fiscal years and interim periods within those years beginning after January 1, 2013. The Company believes that the implementation of ASU 2011-11 will not have a material effect on its Consolidated Financial Statements.

In December 2011, the FASB issued ASU 2011-12, Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items Out of Accumulated Other Comprehensive Income in ASU No. 2011-05 (“ASU 2011-12”). ASU 2011-12 amends certain pending paragraphs from ASU 2011-05. This amendment allows companies to defer the effective date of the change in presentation on the face of the financial statements of reclassification adjustments for items that are reclassified from other comprehensive income to net income in the statements where the components of net income and the components of other comprehensive income are presented. The effective date for all other amendments put forth in ASU No. 2011-05 are unaffected by this update. This update is effective for fiscal years and interim periods within those years beginning after December 15, 2011. The Company adopted this guidance effective May 1, 2012, and it did not have a material impact on our Consolidated Financial Statements.

In July 2012, the FASB issued ASU No. 2012-02, Intangibles-Goodwill and Other (Topic 350): Testing Indefinite-Lived Intangible Assets for Impairment (“ASU 2012-02”), to simplify how entities test indefinite-lived intangible assets for impairment which improves consistency in impairment testing requirements among long-lived asset categories. ASU 2012-02 permits an assessment of qualitative factors to determine whether it is more likely than not that the fair value of an indefinite-lived intangible asset is less than its carrying value. For assets in which this assessment concludes it is more likely than not that the fair value is more than its carrying value, these amended standards eliminate the requirement to perform quantitative impairment testing as outlined in the previously issued standards. ASU 2012-02 is effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012, early adoption is permitted. The Company believes that the implementation of ASU 2012-02 will not have a material effect on its Consolidated Financial Statements.

In February 2013, the FASB issued ASU No. 2013-02, Comprehensive Income (Topic 220): Reporting of Amounts Reclassified out of Accumulated Other Comprehensive Income (“ASU 2013-02”), which requires an entity to report the effect of significant reclassifications out of accumulated other comprehensive income on the respective line items in net income, if the amount being reclassified is required to be reclassified in its entirety to net income. For other amounts that are not required to be reclassified in their entirety to net income in the same reporting period, an entity is required to cross-reference other disclosures required that provide additional detail about those amounts. The amendments in ASU 2013-02 supersede the presentation requirements for reclassifications out of accumulated other comprehensive income in ASU 2011-05 and ASU 2011-12. ASU 2013-02 is effective for reporting periods beginning after December 15, 2012, early adoption is permitted. The Company believes that the implementation of ASU 2013-02 will not have a material effect on its Consolidated Financial Statements.

Critical Accounting Estimates and Policies

The Company prepares its consolidated financial statements in accordance with 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:

●

Revenue recognition

●

Income taxes

Revenue Recognition

The majority of the Company’s revenues come from the sale of print and digital subscriptions and fees for copyright proprietary information, and, prior to December 23, 2010, investment management and 12b-1fees. The Company recognizes subscription revenue, net of discounts, in equal amounts over the term of the subscription, which generally ranges from three months to one year or longer, varying based on the product or service. Copyright data fees are calculated monthly based on market fluctuation and billed quarterly. Prior to the Restructuring Date, December 23, 2010, investment management fee and 12b-1 fee revenues for the Value Line Funds were recognized each month based upon the daily net asset value of each Fund. The Company believes that the estimates related to revenue recognition are critical accounting estimates, and to the extent that there are material differences between its determination of revenues and actual results, its financial condition or results of operations may be affected.

Income Taxes

The Company’s effective annual income tax expense rate is based on the U.S. federal and state and local jurisdiction tax rates on income and losses that are part of its Consolidated Financial Statements. Tax-planning opportunities, non-taxable income, expenses that are not deductible in the Company’s tax returns, and the blend of business income, including income derived from the Company’s non-voting revenue and non-voting profits interests in EAM and income from securities transactions, will impact the effective tax rate in the various jurisdictions in which the Company operates. Significant judgment is required in evaluating the Company’s tax positions.

Tax law requires items to be included in the tax return at different times from when these items are reflected in the Company’s Consolidated Financial Statements. As a result, the effective tax rate reflected in the Company’s Consolidated Financial Statements is different from the tax rate reported on the Company’s tax returns (the Company’s cash tax rate). These differences reverse over time, such as depreciation and amortization expenses. These timing differences create deferred tax assets and liabilities. Deferred tax assets and liabilities are determined based on temporary differences between the financial reporting and the tax basis of assets and liabilities.

As of April 30, 2013 and 2012, the Company had $227,000 and $442,000, respectively, of deferred tax assets. In fiscal 2012, deferred tax assets included $141,000 of short term deferred Federal, State, and local taxes, related to the net operating loss carryforwards of $360,000. In assessing the Company’s deferred tax assets, the Company considers whether it is more likely than not that some portion or all of the deferred tax assets will be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible or utilized in the Company’s tax filings.

In assessing the need for a valuation allowance, the Company considers both positive and negative evidence, including tax-planning strategies, projected future taxable income, and recent financial performance. If after future assessments of the realizability of the deferred tax assets the Company determines a lesser allowance is required, the Company would record a reduction to the income tax expense and to the valuation allowance in the period this determination was made. This would cause the Company’s income tax expense, effective tax rate, and net income to fluctuate.

In addition, the Company establishes reserves at the time that it determines that it is more likely than not that it will need to pay additional taxes related to certain matters. The Company adjusts these reserves, including any impact of the related interest and penalties, in light of changing facts and circumstances such as the progress of a tax audit. A number of years may elapse before a particular matter for which the Company has established a reserve is audited and finally resolved. The number of years with open tax audits varies depending on the tax jurisdiction. Such liabilities are recorded as income taxes payable in the Company’s Consolidated Balance Sheets. The settlement of any particular issue would usually require the use of cash. Favorable resolutions of tax matters for which the Company has previously established reserves are recognized as a reduction to the Company’s income tax expense when the amounts involved become known.

Assessing the future tax consequences of events that have been recognized in the Company’s financial statements or tax returns requires judgment. Variations in the actual outcome of these future tax consequences could materially impact the Company’s financial position, results of operations, or cash flows.

Off-Balance Sheet Arrangements

The Company is not party to any off-balance sheet arrangements, other than operating leases in the ordinary course of business, which is disclosed below in the table of contractual obligations.

Contractual Obligations

Below is a summary of certain contractual obligations of the Company ($ in thousands):

	Payments due by period
Contractual Obligations	Total		Less than 1 year		1-3 years		3-5 years		More than 5 years
Long Term Debt Obligations		-		-		-		-		-
Capital Lease Obligations		-		-		-		-		-
Operating Lease Obligations	$	5,976	$	1,816	$	2,936	$	1,224		-
Purchase Obligations		-		-		-		-		-
Total	$	5,976	$	1,816	$	2,936	$	1,224		-

Item 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

Market Risk Disclosures

The Company’s Consolidated Balance Sheet includes a substantial amount of assets whose fair values are subject to market risks. The Company’s market risks are primarily associated with interest rates and equity price risk. The following sections address the significant market risks associated with the Company’s investment activities.

Interest Rate Risk

The Company’s strategy has historically been to acquire debt securities with low credit risk and low price risk. Despite this objective, management recognizes and accepts the possibility that losses may occur. To limit the price fluctuation in these securities from interest rate changes, the Company’s management historically invested primarily in short term obligations maturing in less than one year. At April 30, 2013 and April 30, 2012, the Company did not have investments in securities with fixed maturities and therefore does not have any interest rate risk.

Equity Price Risk

The carrying values of investments subject to equity price risks are based on quoted market prices as of the balance sheet dates. Market prices are subject to fluctuation and, consequently, the amount realized in the subsequent sale of an investment may significantly differ from the reported market value. Fluctuation in the market price of a security may result from perceived changes in the underlying economic characteristics of the issuer, the relative price of alternative investments and general market conditions. Furthermore, amounts realized in the sale of a particular security may be affected by the relative quantity of the security being sold.

The Company’s equity investment strategy has been to acquire equity securities across a diverse industry group. The portfolio consists primarily of ETFs and select common stock holdings of blue chip companies with a concentration on large capitalization companies with high relative dividend yields. In order to maintain liquidity in these securities, the Company’s policy has been to invest in and hold in its portfolio, no more than 5% of the approximate average daily trading volume in any one issue. Additionally, the Company may purchase and hold non-leveraged ETFs whose performance inversely corresponds to the market value changes of investments in other ETF securities held in the equity portfolio for dividend yield.

Equity Securities							Hypothetical
							Percentage
					Estimated Fair		Increase
					Value after		(Decrease) in
				Hypothetical	Hypothetical		Shareholders’
($ in thousands)		Fair Value		Price Change	Change in Prices		Equity
As of April 30, 2013	Equity Securities and ETFs held for dividend yield	$	4,732	30% increase	$	6,152		2.80	%
				30% decrease	$	3,312		-2.80	%
As of April 30, 2013	Inverse ETF Holdings	$	1,950	30% increase	$	1,365		-1.15	%
				30% decrease	$	2,535		1.15	%
As of April 30, 2013	Total	$	6,682	30% increase	$	7,517		1.64	%
				30% decrease	$	5,847		-1.64	%

Equity Securities							Hypothetical
							Percentage
					Estimated Fair		Increase
					Value after		(Decrease) in
				Hypothetical	Hypothetical		Shareholders’
($ in thousands)		Fair Value		Price Change	Change in Prices		Equity
As of April 30, 2012	Equity Securities and ETFs held for dividend yield	$	2,565	30% increase	$	3,334		1.54	%
				30% decrease	$	1,796		-1.54	%
As of April 30, 2012	Inverse ETF Holdings	$	1,316	30% increase	$	921		-0.79	%
				30% decrease	$	1,710		0.79	%
As of April 30, 2012	Total	$	3,881	30% increase	$	4,255		0.75	%
				30% decrease	$	3,506		-0.75	%

Item 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.

The following consolidated financial statements of the registrant and its subsidiaries are included as a part of this Form 10-K:

	Page Number

Report of independent auditors	56
Consolidated balance sheets at April 30, 2013 and 2012	57
Consolidated statements of income for the fiscal years ended April 30, 2013, 2012 and 2011	58
Consolidated Statements of Comprehensive Income for the fiscal years ended April 30, 2013, 2012 and 2011	59
Consolidated statements of cash flows for the fiscal years ended April 30, 2013, 2012 and 2011	60
Consolidated statement of changes in shareholders’ equity for the fiscal years ended April 30, 2013, 2012 and 2011	61
Notes to the consolidated financial statements	62

Quarterly Results (Unaudited)

($ in thousands, except per share amounts)

	Net Revenues		Income from Operations		Gain from Deconsolidation of Subsidiaries		Revenues and Profits Interests in EAM Trust		Income/ (Loss) From Securities Trans., net			Net Income		Earnings Per Share

2013, by Quarter
First	$	8,938	$	1,352		-	$	1,473	$	26		$	1,776	$	0.18
Second		8,809		920		-		1,529		30			1,572		0.16
Third		8,946		1,088		-		1,625		37			1,747		0.18
Fourth		9,147		760		-		1,633		33			1,524		0.15
Total	$	35,840	$	4,120	$	-	$	6,260	$	126		$	6,619	$	0.67

2012, by Quarter
First	$	9,370	$	1,638		-	$	1,572	$	11		$	2,076	$	0.21
Second		9,140		1,518		-		1,343		20			1,915		0.19
Third		8,996		1,823		-		1,456		3			1,844		0.19
Fourth		9,103		359		-		1,519		36			1,090		0.11
Total	$	36,609	$	5,338	$	-	$	5,890	$	70		$	6,925	$	0.70

2011, by Quarter
First (1)	$	13,609	$	3,546		-	$	-	$	37		$	2,317	$	0.23
Second (1)		13,498		1,790		-		-		51			1,087		0.11
Third (1), (2)		12,035		229		50,510		724		(40	)		31,437		3.15
Fourth (3), (2)		9,525		2,968		-		1,631		17			2,941		0.30
Total	$	48,667	$	8,533	$	50,510	$	2,355	$	65		$	37,782	$	3.79

(1)	During the first, second and third quarters of fiscal 2011, the Company recorded expenses related to the EAM Restructuring Transaction of $1,342,000, $1,120,000 and $1,302,000, respectively.

(2)	The Company’s expenses include non-cash post-employment compensation of $1,475,000 during the third quarter and an additional $295,000 during the fourth quarter of fiscal 2011related to a grant of a voting profits interest in EAM to a former employee.

(3)

The fourth quarter of fiscal 2011includes $914,000 related to the operating lease exit costs in connection with EAM’s exit from the Company’s office facility and the reversal of $1,767,000 of previously recorded expenses associated with the Provision for Settlement due to a change in estimated costs to administer the Fair Fund.

Item 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE.

None.

Item 9A. CONTROLS AND PROCEDURES.

(a)

Evaluation of Disclosure Controls and Procedures.

The Company’s Chief Executive Officer and Vice President & Treasurer carried out an evaluation of the effectiveness of the Company’s “disclosure controls and procedures” (as defined in the Securities Exchange Act of 1934 (the “Exchange Act”) Rules 13a-15(e) or 15d-15(e)) as of April 30, 2013, as required by paragraph (b) of Exchange Act Rules 13a-15 or 15d-15. The Company’s Chief Executive Officer and Vice President & Treasurer are engaged in a comprehensive effort to review, evaluate and improve the Company’s controls; however, management does not expect that the Company’s disclosure controls or its internal controls over financial reporting can prevent all possible errors and fraud.

The Company maintains disclosure controls and procedures that are designed to ensure that information required to be disclosed in the Company’s reports filed with the SEC is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to the Company’s management, including its Chief Executive Officer and Vice President & Treasurer, as appropriate, to allow timely decisions regarding required disclosure.

The Company’s management has evaluated, with the participation of the Company’s Chief Executive Officer and, the effectiveness of the Company’s disclosure controls and procedures as of the end of the period covered by this report. Based on that evaluation, the Chief Executive Officer and Vice President & Treasurer have concluded that the Company’s disclosure controls and procedures were effective as of the end of the period covered by this report.

This Form 10-K does not include an attestation report of the Company’s registered public accounting firm regarding the Company’s internal control over financial reporting. Under applicable SEC rules, no such attestation report by the Company’s registered public accounting firm is required.

Changes in Internal Controls

In the course of the evaluation of disclosure controls and procedures, the Chief Executive Officer and Vice President & Treasurer considered certain internal control areas in which the Company has made and is continuing to make changes to improve and enhance controls. Based upon that evaluation, the Chief Executive Officer and Vice President & Treasurer of the Company concluded that there were no changes in the Company’s internal control over financial reporting identified in connection with the evaluation required by paragraph (d) of Exchange Act Rules 13a-15 or 15d-15 that occurred during the fourth quarter of fiscal 2013 that have materially affected, or are reasonably likely to materially affect, the Company’s internal controls over financial reporting.

(b)

Management’s Annual Report on Internal Control over Financial Reporting.

The Company’s management is responsible for establishing and maintaining adequate internal control over financial reporting as defined in Rule 13a-15(f) under the Exchange Act. Internal control over financial reporting is a process designed by, or under the supervision of, the Company’s principal executive and principal financial officers, and effected by the board of directors, management, and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with U.S. GAAP including those policies and procedures that: (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Company, (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with U.S. GAAP and that receipts and expenditures are being made only in accordance with

authorizations of management and directors of the Company, and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with policies and procedures may deteriorate.

Under the supervision and with the participation of management, including the Chief Executive Officer and the Vice President & Treasurer, acting as Principal Financial Officer, the Company has assessed the effectiveness of its internal control over financial reporting as of April 30, 2013. In making this assessment, management used the criteria described in Internal Control - Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). Based on this assessment and those criteria, management concluded that the Company did maintain effective internal control over financial reporting as of April 30, 2013.

Changes in Internal Control over Financial Reporting

There have been no changes in the Company’s internal control over financial reporting during the fourth quarter of fiscal 2013 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Item 9B. OTHER INFORMATION.

None.

Part III

Item 10. DIRECTORS, EXECUTIVE OFFICERS, AND CORPORATE GOVERNANCE.

(a) Names of Directors, Age as of June 28, 2013 and Principal Occupation		Director Since
Howard A. Brecher* (59). Chairman and Chief Executive Officer of the Company since October 2011; Acting Chairman and Acting Chief Executive Officer of the Company from November 2009 until October 2011; Chief Legal Officer; Vice President and Secretary of the Company from prior to 2005 until January 2010; Vice President and Secretary of the Value Line Funds from June 2008 until December 2010; Secretary of EAM LLC from February 2009 until December 2010; Director and General Counsel of AB&Co., Inc. since prior to 2005. Mr. Brecher has been an officer of the Company for more than 20 years. In addition to his current roles with the Company, he has also served as Secretary of the Company and as a senior officer of significant affiliates of the Company. Mr. Brecher is a graduate of Harvard College, Harvard Business School and Harvard Law School. He also holds a Master’s Degree in tax law from New York University.		1992
Stephen P. Davis (61). Managing Member, Davis Investigative Group, LLC since 2001. Mr. Davis served as a senior officer in the New York City Police Department and has successfully managed his own business servicing the financial services industry and other clients for more than 11 years.		2010
Alfred R. Fiore (57). Retired Chief of Police, Westport CT. Mr. Fiore served as the senior official of a municipal department with both executive and budget responsibilities. He was Chief of Police, Westport CT from 2004 to 2011 and was a member of that Police Department for more than 33 years.		2010
William E. Reed (68). President, W.E. Reed. Mr. Reed has successfully managed his own private business for over 41 years, providing a spectrum of services to real estate owners and managers regionally.		2010
Glenn J. Muenzer (56). Special Agent (Retired), Federal Bureau of Investigation (the “FBI”) since 1991. Mr. Muenzer is accomplished law enforcement professional with extensive law enforcement and financial investigative experience. Prior to joining the FBI, Mr. Muenzer was Vice President and Manager of Internal Audit at Thomson McKinnon Securities, Inc.; Assistant Vice President of Internal Audit at EF Hutton; Senior Auditor with Deloitte & Touche. Mr. Muenzer is a Certified Public Accountant.		2012
Stephen R. Anastasio* (54). Vice President of the Company since December 2010; Treasurer since September 2005 and Director since February 2010; Treasurer of each of the Value Line Funds from September 2005 to August 2008. Mr. Anastasio has been employed by Value Line, Inc. for more than 23 years. In addition to his current roles with the Company, he has served as Chief Financial Officer, Treasurer, Chief Accounting Officer and Corporate Controller of the Company. His relevant experience also includes being Treasurer of each of the Value Line Mutual Funds from 2005 to 2008. Mr. Anastasio is a graduate of Fairleigh Dickinson University and is a Certified Public Accountant.		2010
Mary Bernstein* (63). Director of Accounting of the Company since 2010; Accounting Manager of the Company from 2000 to 2010. Mrs. Bernstein holds an MBA Degree in accounting from Baruch College of CUNY and is a Certified Public Accountant. Mrs. Bernstein has been employed by Value Line, Inc. for more than 17 years.		2010

* Member of the Executive Committee of the Board of Directors.

Except as noted, the directors have held their respective positions for at least five years. Information about the experience, qualifications, attributes and skills of the directors is incorporated by reference from the section entitled “Director Qualifications” in the Company’s Proxy Statement for the 2013 Annual Meeting of Shareholders.

(b)

The information pertaining to executive officers of the Company is set forth in Part I , Item I, subsection J under the caption “Executive Officers of the Registrant” of this Form 10-K.

Audit Committee

The Company has a standing Audit Committee performing the functions described in Section 3(a) (58) (A) of the Securities Exchange Act of 1934, the members of which are: Mr. Glenn Muenzer, Mr. Stephen Davis, Mr. Alfred Fiore, and Mr. William Reed. Mr. Muenzer, a qualified financial expert, was elected by shareholders as Chairman of the Audit Committee at the annual shareholder meeting on September 19, 2012. The Board of Directors have determined that Mr. Muenzer is an “audit committee financial expert” (as defined in the rules and regulations of the SEC). The Board of Directors believes that the experience and financial sophistication of the members of the Audit Committee are sufficient to permit the members of the Audit Committee to fulfill the duties and responsibilities of the Audit Committee. All members of the Audit Committee meet the NASDAQ’s financial sophistication requirements for audit committee members.

Code of Ethics

The Company’s Code of Business Conduct and Ethics that applies to its principal executive officer, principal financial officer, all other officers, and all other employees is available on the Company’s website at www.valueline.com/About/Code of Ethics.aspx.

Procedures for Shareholders to Nominate Directors

There have been no material changes to the procedures by which shareholders of the Company may recommend nominees to the Company’s Board of Directors.

Section 16(a) Beneficial Ownership Reporting Compliance

Section 16(a) of the Securities Exchange Act of 1934 requires the Company’s executive officers and directors, and persons who own more than ten percent of a registered class of the Company’s equity securities, to file reports of ownership and changes in ownership with the SEC on Forms 3, 4 and 5. Executive officers, directors and greater than ten percent shareholders are required by SEC regulations to furnish the Company with copies of all Forms 3, 4 and 5 they file.

Based on the Company’s review of the copies of such forms that it has received and written representations from certain reporting persons confirming that they were not required to file Forms 5 for the fiscal year ended April 30, 2013, the Company believes that all its executive officers, directors and greater than ten percent shareholders complied with applicable SEC filing requirements during fiscal 2013.

Item 11. EXECUTIVE COMPENSATION.

The information required in response to this Item 11, Executive Compensation, is incorporated by reference from the section entitled “Compensation of Directors and Executive Officers” in the Company’s Proxy Statement for the 2013 Annual Meeting of Shareholders.

Item 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS.

The following table sets forth information as of April 30, 2013 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 of Beneficial Owner	Number of Shares Beneficially Owned	Percentage of Shares Beneficially Owned
Arnold Bernhard & Co., Inc.*	8,633,733	87.4%
220 East 42nd Street
New York, NY 10017

*All of the outstanding voting stock of Arnold Bernhard & Co., Inc. is owned by Jean B. Buttner.

The following table sets forth information as of April 30, 2013, 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 executive officers and directors as a group.

Name and Address of Beneficial Owner	Number of Shares Beneficially Owned		Percentage of Shares Beneficially Owned
Howard A. Brecher		800		*
Stephen R. Anastasio		200		*
Glenn J. Muenzer		200		*
William E. Reed		500		*
Stephen P. Davis		200		*
Alfred R. Fiore		300		*
Mary Bernstein		200		*
All directors and executive officers as a group (7 persons)		2,400		*

* Less than one percent

Securities Authorized for Issuance under Equity Compensation Plans

There are no securities of the Company authorized for issuance under equity compensation plans.

Item 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS AND DIRECTOR INDEPENDENCE.

AB&Co., which owns approximately 87.4% of the outstanding shares of the Company’s common stock, utilizes the services of officers and employees of the Company to the extent necessary to conduct its business. The Company and AB&Co. allocate costs for office space, equipment and supplies and shared staff pursuant to a servicing and reimbursement agreement. During the fiscal year ended April 30, 2013, the Company was reimbursed $220,000 for payments it made on behalf of and services it provided to AB&Co. During the fiscal year ended April 30, 2012, the Company was reimbursed $268,000 for payments it made on behalf of and services it provided to AB&Co. There were no receivables due from the Parent at April 30, 2013 or April 30, 2012. In addition, a tax-sharing arrangement allocates the tax liabilities of the two companies between them. The Company is included in the consolidated federal income tax return filed by AB&Co. The Company pays to AB&Co. an amount equal to the Company’s liability as if it filed a separate federal income tax return. For the years ended April 30, 2013 and 2012, the Company made payments to AB&Co. for federal income taxes amounting to $1,877,000 and $845,000, respectively.

As a result of the completion of the Restructuring Transaction on December 23, 2010, the Company no longer receives investment management or distribution services revenues from the Value Line Mutual Funds. For the period from May 1, 2010 through December 23, 2010, investment management fees and distribution fees amounted to $10,584,000 after taking into account fee waivers for certain of the Value Line Funds. These amounts included distribution fees of $2,308,000, earned by ESI for the period from May 1, 2010 through December 23, 2010. For the period from May 1, 2010 through December 23, 2010, total management fee waivers and reimbursements were $513,000 and distribution fee waivers were $1,651,000. The Company also managed a fixed income portfolio for AB&Co. for which it received an asset based fee of $29,000 during fiscal 2011. That agreement was terminated effective December 1, 2010.

During the transitional period from December 23, 2010 to May 28, 2011, EAM and ES occupied a portion of the premises that the Company leases from a third party. The Company received $189,000 during the period from December 23, 2010 to April 30, 2011 and $44,000 during the month of May 2011 for rent and certain accounting and other administrative support services provided to EAM on a transitional basis. In accordance with the terms of the Restructuring Transaction and the EAM Declaration of Trust, EAM vacated the Company’s premises before June 1, 2011.

Included in the Company’s Investment in EAM Trust are receivables due from EAM of $1,621,000 and $497,000 at April 30, 2013 and April 30, 2012, respectively, for the unpaid portion of Value Line’s non-voting revenues and profits interests. The non-voting revenues interest due from EAM are payable to Value Line quarterly under the provisions of the EAM Declaration of Trust.

The Company has adopted a written Related Party Transactions Policy as part of its Code of Business Conduct and Ethics. This policy requires that any related party transaction which would be required to be disclosed under Item 404(a) of Regulation S-K must be approved or ratified by the Audit Committee of the Board of Directors. Transactions covered for the fiscal year ended April 30, 2013 include the matters described in the preceding paragraphs of this Item 13.

Director Independence

The information required with respect to director independence and related matters are incorporated by reference from the section entitled “Compensation of Directors and Executive Officers” in the Company’s Proxy Statement for the 2013 Annual Meeting of Shareholders.

Item 14. PRINCIPAL ACCOUNTING FEES AND SERVICES.

Audit and Non-Audit Fees

The following table illustrates the fees paid to the Company’s independent auditor, Horowitz & Ullmann P.C., for services provided:

	Fiscal Years Ended April 30,
	2013		2012
Audit fees	$	134,000	$	159,260
Audit-related fees		-		35,145
Tax fees		76,430		144,465
Total	$	210,430	$	338,870

In the above table, in accordance with the SEC’s definitions and rules, “audit fees” are fees the Company paid Horowitz & Ullmann, P.C. for professional services for the audit of the Company’s consolidated financial statements for the fiscal years ended April 30, 2013 and 2012 included in Form 10-K and the review of consolidated condensed financial statements and included in Form 10-Qs and for services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements; “audit-related fees” are fees for assurance and related services that are reasonably related to the performance of the audit or review of the Company’s consolidated financial statements; and “tax fees” are fees for tax compliance, tax advice and tax planning.

Audit Committee Pre-Approval Policies and Procedures

The Audit Committee of the Company’s Board of Directors approves all services provided by Horowitz & Ullmann, P.C., prior to the provision of those services. The Audit Committee has not adopted any specific pre-approval policies and procedures.

Part IV

Item 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES.

(a) (1) Financial Statements- See Part II Item 8.

All other Schedules are omitted because they are not applicable or the required information is shown in the financial statements or notes thereto.

(b) Exhibits

3.1

Certificate of Incorporation of the Company, as amended through April 7, 1983, is incorporated by reference to Exhibit 3.1 to the Registration Statement on Form S-1 of Value Line, Inc. filed with the SEC on April 7, 1983.

3.2

Certificate of Amendment of Certificate of Incorporation dated October 24, 1989 is incorporated by reference to Exhibit 3.2 to the Amended Annual Report on Form 10-K/A for the year ended April 30, 2008 filed with the SEC on June 5, 2009.

3.3

By-laws of the Company, as amended through January 18, 1996, are incorporated by reference to Exhibit 3.1 to the Amended Quarterly Report on Form 10-Q/A for the quarter ended January 31, 1996 filed with the SEC on March 19, 1996.

10.1

Form of tax allocation arrangement between the Company and AB&Co. is incorporated by reference to Exhibit 10.8 to the Registration Statement on Form S-1 of Value Line, Inc. filed with the SEC on April 7, 1983.

10.2

Form of Servicing and Reimbursement Agreement between the Company and AB&Co., dated as of November 1, 1982, is incorporated by reference to Exhibit 10.9 to the Registration Statement on Form S-1 of Value Line, Inc. filed with the SEC on April 7, 1983.

10.3(a)

Lease, dated as of June 4, 1993, for the Company’s premises at 220 East 42nd Street, New York, NY, is incorporated by reference to Exhibit 10.13 to the Annual Report on Form 10-K for the year ended April 30, 1994 filed with the SEC on June 17, 1994.

10.3(b)

Amendment to Lease, dated September 14, 2000, is incorporated by reference to Exhibit 10.14 to the Amended Annual Report on Form 10-K/A for the year ended April 30, 2001 filed with the SEC on August 17, 2001.

10.3(c)

Amendment to Lease, dated April 23, 2007, is incorporated by reference to Exhibit 10.14 to the Annual Report on Form 10-K for the year ended April 30, 2007 filed with the SEC on July 20, 2007.

10.3(d)

Lease Modification, dated as of February 7, 2013, is incorporated by reference to Exhibit 10.2 to the Quarterly Report on Form 10-Q for the quarter ended January 31, 2013 filed with the SEC on March 13, 2013.

10.4

Form of indemnification agreement, dated July 13, 2010, by and between the Company and each of Howard A. Brecher, Stephen Davis, Alfred Fiore, William E. Reed, Mitchell E. Appel, Stephen R. Anastasio and Thomas T. Sarkany is incorporated by reference to Exhibit 10.15 to the Annual Report on Form 10-K for the year ended April 30, 2010 filed with the SEC on July 16, 2010.

10.5

EULAV Asset Management Declaration of Trust dated as of December 23, 2010 is incorporated by reference to Exhibit 10.16 to the Quarterly Report on Form 10-Q for the quarter ended January 31, 2011 filed with the SEC on March 24, 2011.

10.6

Agreement of Sublease, dated as of February 7, 2013, for the Company’s premises at 485 Lexington Ave., New York, NY, is incorporated by reference to Exhibit 10.1 to the Quarterly Report on Form 10-Q for the quarter ended January 31, 2013 filed with the SEC on March 13, 2013.

14.1

Code of Business Conduct and Ethics is incorporated by reference to Exhibit 14.1 to the Quarterly Report on Form 10-Q for the quarter ended January 31, 2011 filed with the SEC on March 24, 2011.

List of subsidiaries of Value Line, Inc.*

31.1

Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*

31.2

Certification of Principal Financial Officer and Principal Accounting Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*

32.1

Certification of the Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. This exhibit shall not be deemed “filed” as a part of this Annual Report on Form 10-K.*

32.2

Certification of the Principal Financial Officer and Principal Accounting Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. This exhibit shall not be deemed “filed” as a part of this Annual Report on Form 10-K.*

99.1

EULAV Asset Management Audited Consolidated Financial Statements as of April 30, 2013. Separate financial statements of subsidiaries not consolidated and fifty percent or less owned persons.*

* Filed herewith.

101.INS

101.SCH

101.CAL

101.DEF

101.LAB

101.PRE

XBRL Instance Document

XBRL Taxonomy Extension Schema Document

XBRL Taxonomy Extension Calculation Linkbase Document

XBRL Taxonomy Extension Definition Linkbase Document

XBRL Taxonomy Extension Label Linkbase Document

XBRL Taxonomy Extension Presentation Linkbase Document

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

VALUE LINE, INC.

(Registrant)

By:	/s/ Howard A. Brecher
		Howard A. Brecher
		Chairman & Chief Executive Officer
		(Principal 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/ Howard A. Brecher
		Howard A. Brecher
		Chairman & Chief Executive Officer and Director
		(Principal Executive Officer)

By:	/s/ Stephen R. Anastasio
		Stephen R. Anastasio
		Vice President & Treasurer and Director
		(Principal Financial Officer and Principal Accounting Officer)

Dated: July 26, 2013

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed by the undersigned on behalf of the Registrant as Directors of the Registrant.

/s/ Glenn J. Muenzer
Glenn J. Muenzer
Director

/s/ William E. Reed
William E. Reed
Director

/s/ Stephen P. Davis
Stephen P. Davis
Director

/s/ Alfred R. Fiore
Alfred R. Fiore
Director

/s/ Mary Bernstein
Mary Bernstein
Director

Dated: July 26, 2013

HOROWITZ & ULLMANN, P.C.

Certified Public Accountants

A member of the	275 Madison Avenue
AICPA Center for Audit Quality	New York, NY 10016
New York State Society of CPAs	Telephone: (212) 532-3736
PCAOB registered	Facsimile: (212) 545-8997
	E-mail: cpas@horowitz-ullmann.com

Report of Independent Accountants

To the Board of Directors

of Value Line, Inc.

Introductory Paragraph

We have audited the accompanying financial statements of Value Line, Inc. and Subsidiaries, which comprise the consolidated balance sheets as of April 30, 2013, and 2012, and the related consolidated statements of income, comprehensive income, changes in shareholders’ equity, and cash flows for each of the years in the three-year period ended April 30, 2013, and the related notes to the financial statements.

Management’s Responsibility

Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America. This includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

Auditor’s Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and in accordance with standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Value Line, Inc. and Subsidiaries as of April 30, 2013, and 2012, and the results of its operations and its cash flows for each of the years in the three-year period ended April 30, 2013, in accordance with accounting principles generally accepted in the United States of America.

New York, NY

July 18, 2013

Part II
Item 8.

Value Line, Inc.
Consolidated Balance Sheets
(in thousands, except share amounts)

	April 30, 2013			April 30, 2012

Assets
Current Assets:
Cash and cash equivalents (including short term investments of $6,312 and $10,848, respectively)	$	6,840		$	12,042
Securities available-for-sale		6,682			3,881
Accounts receivable, net of allowance for doubtful accounts of $17 and $44, respectively		1,278			902
Prepaid and refundable income taxes		-			779
Prepaid expenses and other current assets		1,646			1,071
Deferred income taxes		227			442
Total current assets		16,673			19,117

Long term assets:
Investment in EAM Trust		57,511			56,331
Property and equipment, net		3,930			3,854
Capitalized software and other intangible assets, net		6,227			5,067
Total long term assets		67,668			65,252

Total assets	$	84,341		$	84,369

Liabilities and Shareholders’ Equity
Current Liabilities:
Accounts payable and accrued liabilities	$	2,460		$	2,948
Accrued salaries		1,200			1,108
Dividends payable		1,481			1,484
Accrued taxes on income		180			96
Unearned revenue		22,073			21,548
Total current liabilities		27,394			27,184

Long term liabilities:
Unearned revenue		2,636			4,447
Deferred income taxes		21,326			20,424
Total long term liabilities		23,962			24,871
Total liabilities		51,356			52,055

Shareholders’ Equity:
Common stock, $0.10 par value; authorized 30,000,000 shares; issued 10,000,000 shares		1,000			1,000
Additional paid-in capital		991			991
Retained earnings		32,315			31,628
Treasury stock, at cost (123,572 shares and 103,619 shares, respectively)		(1,572	)		(1,390	)
Accumulated other comprehensive income, net of tax		251			85
Total shareholders’ equity		32,985			32,314

Total liabilities and shareholders’ equity	$	84,341		$	84,369

See independent auditor’s report and accompanying notes to the consolidated financial statements.

Part II

Item 8.

Value Line, Inc.

Consolidated Statements of Income
(in thousands, except share & per share amounts)

	For the Fiscal Years Ended
	April 30,
	2013		2012		2011

Revenues:
Investment periodicals and related publications	$	31,940	$	33,018	$	34,406
Copyright data fees		3,900		3,591		3,568
Investment management fees & services		-		-		10,693
Total revenues		35,840		36,609		48,667

Expenses:
Advertising and promotion		4,075		4,203		6,673
Salaries and employee benefits		15,034		15,001		17,242
Production and distribution		5,694		4,894		4,718
Office and administration		6,917		7,173		9,504
Expenses related to restructuring		-		-		3,764
Provision for settlement		-		-		(1,767	)
Total expenses		31,720		31,271		40,134
Income from operations		4,120		5,338		8,533

Gain on deconsolidation of subsidiaries		-		-		50,510
Revenues and profits interests in EAM Trust		6,260		5,890		2,355
Income from securities transactions, net		126		70		65
Income before income taxes		10,506		11,298		61,463
Income tax provision		3,887		4,373		23,681
Net income	$	6,619	$	6,925	$	37,782

Earnings per share, basic & fully diluted	$	0.67	$	0.70	$	3.79

Weighted average number of common shares		9,888,774		9,921,925		9,980,000

See independent auditor’s report and accompanying notes to the consolidated financial statements.

Part II

Item 8.

Value Line, Inc.

Consolidated Statements of Comprehensive Income
(in thousands)

	For the Fiscal Years Ended
	April 30,
	2013		2012		2011

Net income	$	6,619	$	6,925	$	37,782

Other comprehensive income, net of tax:
Change in unrealized gains on securities, net of taxes		166		22		65
Other comprehensive income		166		22		65
Comprehensive income	$	6,785	$	6,947	$	37,847

See independent auditor’s report and accompanying notes to the consolidated financial statements.

Part II

Item 8.

Value Line, Inc.

Consolidated Statements of Cash Flows
(in thousands)

	For the Fiscal Years Ended
	April 30,
	2013			2012			2011
Cash flows from operating activities:
Net income	$	6,619		$	6,925		$	37,782
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		1,552			724			593
Amortization of bond premium		-			-			13
Gain on deconsolidation of subsidiaries		-			-			(50,510	)
Post-employment non-cash compensation		-			-			1,770
Non-voting revenues interest in EAM Trust		(5,781	)		(5,684	)		(2,187	)
Non-voting profits interest in EAM Trust		(479	)		(206	)		(168	)
Realized and unrealized losses on securities available-for-sale		-			11			63
Deferred income taxes		1,078			4,288			23,738
Expenses for operating lease exit obligation		-			-			914
Changes in operating assets and liabilities:
Unearned revenue		(1,286	)		(1,006	)		(176	)
Reserve for settlement		(32	)		(1,189	)		(2,783	)
Operating lease exit obligation		(439	)		(439	)		-
Accounts payable & accrued expenses		(17	)		(1,154	)		(1,524	)
Accrued salaries		92			195			(318	)
Accrued taxes on income		33			(60	)		91
Prepaid and refundable income taxes		779			(720	)		1,970
Prepaid expenses and other current assets		(575	)		(43	)		(35	)
Accounts receivable		(376	)		697			82
Receivable from affiliates		-			37			1,345
Total adjustments		(5,451	)		(4,549	)		(27,122	)
Net cash provided by operating activities		1,168			2,376			10,660

Cash flows from investing activities:
Purchases/sales of securities classified as available-for-sale:
Maturities and sales of fixed income securities		-			11,196			38,021
Proceeds from sales of equity securities		-			89			-
Purchases of fixed income securities		-			-			(27,310	)
Purchases of equity securities		(2,545	)		(2,468	)		(1,360	)
Cash contribution to deconsolidated subsidiary capital		-			-			(5,484	)
Distributions received from EAM Trust		5,080			5,876			1,793
Acquisition of property and equipment		(331	)		(48	)		(106	)
Expenditures for capitalized software		(2,457	)		(3,383	)		(1,801	)
Net cash (used) provided by investing activities		(253	)		11,262			3,753

Cash flows from financing activities:
Purchase of treasury stock at cost		(182	)		(946	)		(90	)
Dividends paid		(5,935	)		(7,452	)		(23,956	)
Net cash used by financing activities		(6,117	)		(8,398	)		(24,046	)
Net change in cash and cash equivalents		(5,202	)		5,240			(9,633	)
Cash and cash equivalents at beginning of year		12,042			6,802			16,435
Cash and cash equivalents at end of year	$	6,840		$	12,042		$	6,802

See independent auditor’s report and accompanying notes to the consolidated financial statements.

Part II

Item 8.

Value Line, Inc.

Consolidated Statements of Changes in Shareholders’ Equity
For the Fiscal Years Ended April 30, 2013, 2012 and 2011
(in thousands, except share amounts)

					Additional											Accumulated Other
	Common stock				paid-in		Treasury Stock						Retained			Comprehensive
	Shares		Amount		capital		Shares			Amount			earnings			income (loss)			Total
Balance as of April 30, 2010		10,000,000	$	1,000	$	991		(18,400	)	$	(354	)	$	19,813		$	(2	)	$	21,448

Net income														37,782						37,782
Change in unrealized gains on
securities, net of taxes																	65			65
Purchase of treasury stock								(6,719	)		(90	)								(90	)
Dividends declared														(25,951	)					(25,951	)
Balance as of April 30, 2011		10,000,000	$	1,000	$	991		(25,119	)	$	(444	)	$	31,644		$	63		$	33,254

Dividends declared per share were $0.20 for each of the three months ending July 31, 2010, January 31, 2011 and April 30, 2011, and $2.00 for the three months ending October 31, 2010.

					Additional											Accumulated Other
	Common stock				paid-in		Treasury Stock						Retained			Comprehensive
	Shares		Amount		capital		Shares			Amount			earnings			income (loss)			Total
Balance as of April 30, 2011		10,000,000	$	1,000	$	991		(25,119	)	$	(444	)	$	31,644		$	63		$	33,254

Net income														6,925						6,925
Change in unrealized gains on
securities, net of taxes																	22			22
Purchase of treasury stock								(78,500	)		(946	)								(946	)
Dividends declared														(6,941	)					(6,941	)
Balance as of April 30, 2012		10,000,000	$	1,000	$	991		(103,619	)	$	(1,390	)	$	31,628		$	85		$	32,314

Dividends declared per share were $0.20 for each of the three months ending July 31, 2011 and October 31, 2011 and $0.15 for each of the three months ending January 31, 2012 and April 30, 2012.

					Additional											Accumulated Other
	Common stock				paid-in		Treasury Stock						Retained			Comprehensive
	Shares		Amount		capital		Shares			Amount			earnings			income (loss)			Total
Balance as of April 30, 2012		10,000,000	$	1,000	$	991		(103,619	)	$	(1,390	)	$	31,628		$	85		$	32,314

Net income														6,619						6,619
Change in unrealized gains on
securities, net of taxes																	166			166
Purchase of treasury stock								(19,953	)		(182	)								(182	)
Dividends declared														(5,932	)					(5,932	)
Balance as of April 30, 2013		10,000,000	$	1,000	$	991		(123,572	)	$	(1,572	)	$	32,315		$	251		$	32,985

Dividends declared per share were $0.15 for each of the three months ending July 31, 2012, October, 31, 2012, January 31, 2013 and April 30, 2013.

See independent auditor’s report and accompanying notes to the consolidated financial statements.

Value Line, Inc.

Notes to Consolidated Financial Statements


Note 1-Organization and Summary of Significant Accounting Policies:

Value Line, Inc. (“Value Line” or “VLI”, and collectively with its subsidiaries, the “Company”) is incorporated in the State of New York. The name “Value Line” as used to describe the Company, its products, and its subsidiaries, is a registered trademark of the Company. The Company’s primary business is producing investment periodicals and related publications and making available copyright data including certain Value Line trademarks and Value Line Proprietary Ranking System information to third parties under written agreements for use in third party managed and marketed investment products.
Prior to December 23, 2010 (the “Restructuring Date”), VLI, through its direct subsidiary EULAV Asset Management LLC (“EAM LLC”), provided investment management services to the Value Line Mutual Funds (“Value Line Funds” or the “Funds”), institutions and individual accounts, and, through EAM LLC’s subsidiary EULAV Securities, Inc. (“ESI”), provided distribution, marketing, and administrative services to the Value Line Funds. On December 23, 2010, the Company deconsolidated the asset management and mutual fund distribution subsidiaries and exchanged its controlling interest in these subsidiaries for a non-voting revenues interest and a non-voting profits interest in EULAV Asset Management Trust, a Delaware business statutory trust (“EAM” or “EAM Trust”), the successor to EAM LLC and the sole member of EULAV Securities LLC (“ES”), the successor to ESI, (the “Restructuring Transaction”). During fiscal 2011, VLI also recorded as post-employment compensation expense the value of a voting profits interest in EAM granted to one of the trustees of EAM, a former VLI employee. Pursuant to the EAM Declaration of Trust dated as of December 23, 2010 (the “EAM Trust Agreement”), VLI granted EAM the right to use the Value Line name for all existing Value Line Funds and agreed to supply, without charge or expense, the Value Line Proprietary Ranking System information to EAM for use in managing the Value Line Funds. The name “Value Line” as used to describe the Company, its products, and its subsidiaries, is a registered trademark of the Company.
Use of Estimates:
The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results may differ from those estimates.
Principles of Consolidation:

The Company follows the guidance in the Financial Accounting Standards Board’s (“FASB”) Topic 810 “Consolidation” to determine if it should consolidate its investment in a variable interest entity (“VIE”). A VIE is a legal entity in which either (i) equity investors do not have sufficient equity investment at risk to enable the entity to finance its activities independently or (ii) the equity holders at risk lack the obligation to absorb losses, the right to receive residual returns or the right to make decisions about the entity’s activities that most significantly affect the entity’s economic performance. A holder of a variable interest in a VIE is required to consolidate the entity if it is determined that it has a controlling financial interest in the VIE and is therefore the primary beneficiary. The determination of a controlling financial interest in a VIE is based on a qualitative assessment to identify the variable interest holder, if any, that has (i) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance, and (ii) either the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE. The accounting guidance requires the Company to perform an ongoing assessment of whether the Company is the primary beneficiary of a VIE and the Company has determined it is not the primary beneficiary of a VIE (see Note 5).
In accordance with FASB’s Topic 810, the assets, liabilities, and results of operations of subsidiaries in which the Company has a controlling interest have been consolidated. All significant intercompany accounts and transactions have been eliminated in consolidation. On December 23, 2010, the Company completed the Restructuring Transaction and deconsolidated the related affiliates in accordance with FASB’s Topic 810. As part of the Restructuring Transaction, the Company received a significant non-voting revenues interest (excluding distribution revenues) and a non-voting profits interest in the new entity, EAM. The Company relied on the guidance in FASB’s ASC Topics 323 and 810 in its determination not to consolidate its investment in EAM and to account for such investment under the equity method of accounting. The Company reports the amount it receives for its non-voting revenues and non-voting profits interests as a separate line item below operating income in the Consolidated Statements of Income.

Revenue Recognition:

Depending upon the product, subscription fulfillment for Value Line periodicals and related publications is available in print or digitally, via internet access. The length of a subscription varies by product and offer received by the subscriber. Generally, subscriptions are offered as annual subscriptions. Subscription revenues, net of discounts, are recognized ratably on a straight line basis when the product is served to the client over the life of the subscription. Accordingly, the amount of subscription fees to be earned by fulfilling subscriptions after the date of the balance sheets are shown as unearned revenue within current and long term liabilities.
Copyright data revenues are derived from providing certain Value Line trademarks and the Value Line Proprietary Ranking System information to third parties under written agreements for use in selecting securities for third party marketed products, including unit investment trusts, annuities and exchange traded funds (“ETFs”). The Company earns asset-based copyright data fees as specified in the individual agreements. Revenue is recognized monthly over the term of the agreement and, because it is asset-based, will fluctuate as the market value of the underlying portfolio increases or decreases in value.

Value Line, Inc.

Notes to Consolidated Financial Statements

Prior to the Restructuring Date, the Company earned investment management fees that consisted of management fees from the Value Line Funds and from asset management clients. Investment management fees for the Funds were earned on a monthly basis as services were performed. The fees were calculated based on the average daily net assets of the Funds in accordance with each Fund’s advisory agreement (see Note 3 “Related Party Transactions”).
The management fees and average daily net assets for the Value Line Funds are calculated by State Street Bank, which serves as the fund accountant, fund administrator, and custodian of the Value Line Funds.
The Value Line Funds are open-end management companies registered under the Investment Company Act of 1940 (the “1940 Act”). Shareholder transactions for the Value Line Funds are processed each business day by the third party transfer agent of the Funds. Shares can be redeemed without advance notice upon request of the shareowners each day that the New York Stock Exchange is open. Prior to December 1, 2010, EAM LLC, in addition to managing the Value Line Funds, separately managed accounts of institutions and high net worth individuals for which it was paid advisory fees. EAM had no separately managed accounts as of April 30, 2013 or April 30, 2012. Assets within the separately managed accounts were held at third party custodians and were subject to the terms of the applicable advisory agreements and did not have any advance notice requirement for withdrawals.
Also, prior to the Restructuring Date, service and distribution fees were received from the Value Line Funds in accordance with service and distribution plans under rule 12b-1 of the Investment Company Act of 1940. These plans are compensation plans, which means that the distributor’s fees under these plans are payable without regard to actual expenses incurred by the distributor, and therefore the distributor may earn a profit under the plan. Expenses incurred by ESI, the distributor of the Value Line Funds prior to the Restructuring Date, included payments to securities dealers, banks, financial institutions and other organizations that provided distribution, marketing, and administrative services with respect to the Value Line Funds. Service and distribution fees are received by the distributor on a monthly basis and calculated based upon the average daily net assets of the respective Fund in accordance with each Fund’s prospectus (see Note 3 “Related Party Transactions”).
Investment in Unconsolidated Entities:

The Company accounts for its investment in its unconsolidated entity, EAM, using the equity method of accounting in accordance with FASB’s ASC 323. The equity method is an appropriate means of recognizing increases or decreases measured by GAAP in the economic resources underlying the investments. Under the equity method, an investor recognizes its share of the earnings or losses of an investee in the periods for which they are reported by the investee in its financial statements rather than in the period in which an investee declares a dividend or distribution. An investor adjusts the carrying amount of an investment for its share of the earnings or losses recognized by the investee.
The Company’s “interests” in EAM, the investment adviser to and the sole member of the distributor of the Value Line Funds, consist of a “non-voting revenues interest” and a “non-voting profits interest” in EAM as defined in the EAM Trust Agreement. The non-voting revenues interest entitles the Company to receive a range of 41% to 55%, based on the amount of EAM’s adjusted gross revenues, excluding ES’s distribution revenues (“Revenues Interest”). The non-voting profits interest entitles the Company to receive 50% of EAM’s profits, subject to certain limited adjustments as defined in the EAM Trust Agreement (“Profits Interest”). The Revenues Interest and at least 90% of the Profits Interest are to be distributed each quarter to all interest holders of EAM, including Value Line. Subsequent to the Restructuring Date, the Company’s Revenues Interest in EAM excludes participation in the service and distribution fees of EAM’s subsidiary ES. The Company reflects its non-voting revenues and non-voting profits interests in EAM as non-operating income under the equity method of accounting subsequent to the Restructuring Transaction. Although the Company does not have control over the operating and financial policies of EAM, pursuant to the EAM Trust Agreement, the Company has a contractual right to receive its share of EAM’s revenues and profits.
Valuation of Securities:

The Company’s securities classified as cash equivalents and available-for-sale consist of shares of money market funds that invest primarily in short-term U.S. Government securities, investments in ETFs, shares of equity securities in various publicly traded companies and bank certificates of deposits and are valued in accordance with the requirements of the Fair Value Measurements Topic of the FASB’s ASC 820. The securities classified available-for-sale reflected in the Consolidated Balance Sheets are valued at market and unrealized gains and losses, net of applicable taxes, are reported as a separate component of shareholders’ equity. Realized gains and losses on sales of the securities classified as available-for-sale are recorded in earnings as of the trade date and are determined on the identified cost method.
The Company classifies its securities available-for-sale as current assets to properly reflect its liquidity and to recognize the fact that it has liquid assets available-for-sale should the need arise.
Market valuations of securities listed on a securities exchange and ETF shares are based on the closing sales prices on the last business day of each month. The market value of the Company’s fixed maturity U.S. Government debt securities is determined utilizing publicly quoted market prices. Cash equivalents consist of investments in money market funds that invest primarily in U.S. Government securities valued in accordance with rule 2a-7 under the 1940 Act.

Value Line, Inc.

Notes to Consolidated Financial Statements

The Fair Value Measurements Topic of FASB’s ASC defines fair value as the price that the Company would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market for the investment. The Fair Value Measurements Topic established a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the information that market participants would use in pricing the asset or liability, including assumptions about risk. Risks include those inherent in a particular valuation technique, such as the uncertainty inherent in the variables used by the valuation technique. Inputs are classified as observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the factors market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.
The three-tier hierarchy of inputs is summarized in the three broad levels listed below.
Level 1 – quoted prices in active markets for identical investments
Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)
Level 3 – significant unobservable inputs (including the Company’s own assumptions in determining the fair value of investments)
The following summarizes the levels of fair value measurements of the Company’s investments:

		As of April 30, 2013
($ in thousands)	Level 1	Level 2	Level 3	Total
Cash equivalents	$ 6,312	$ -	$ -	$ 6,312

Securities available-for-sale	6,682	-	-	6,682
	$ 12,994	$ -	$ -	$ 12,994

		As of April 30, 2012
($ in thousands)	Level 1	Level 2	Level 3	Total
Cash equivalents	$ 10,848	$ -	$ -	$ 10,848

Securities available-for-sale	3,881	-	-	3,881
	$ 14,729	$ -	$ -	$ 14,729

The Company had no other financial instruments such as futures, forwards and swap contracts. For the periods ended April 30, 2013 and April 30, 2012, there were no Level 2 nor Level 3 investments. The Company does not have any liabilities subject to fair value measurement.

Advertising expenses:

The Company expenses advertising costs as incurred.

Income Taxes:

The Company computes its income tax provision in accordance with the Income Tax Topic of the FASB’s ASC. Deferred tax liabilities and assets are recognized for the expected future tax consequences of events that have been reflected in the Consolidated Financial Statements. Deferred tax liabilities and assets are determined based on the differences between the book values and the tax bases of particular assets and liabilities, using tax rates currently in effect for the years in which the differences are expected to reverse.
The Income Tax Topic of the FASB’s ASC establishes for all entities, a minimum threshold for financial statement recognition of the benefit of positions taken in filing tax returns (including whether an entity is taxable in a particular jurisdiction), and requires certain expanded tax disclosures. As of April 30, 2013, management has reviewed the tax positions for the years still subject to tax audit under the statute of limitations, evaluated the implications, and determined that there is no material impact to the Company’s financial statements.

Value Line, Inc.

Notes to Consolidated Financial Statements

Earnings per share:

Earnings per share are based on the weighted average number of shares of common stock and common stock equivalents outstanding during each period. Any shares that are reacquired during the period are weighted for the portion of the period that they are outstanding. The Company does not have any potentially dilutive common shares from outstanding stock options, warrants, restricted stock, or restricted stock units.

Cash and Cash Equivalents:

For purposes of the Consolidated Statements of Cash Flows, the Company considers all cash held at banks and short term liquid investments with an original maturity of less than three months to be cash and cash equivalents. As of April 30, 2013 and April 30, 2012, cash equivalents included $6,312,000 and $10,848,000, respectively, for amounts invested in savings accounts at large commercial banks, held as bank certificates of deposits, and investments in money market mutual funds that invest in short term U.S. government securities.

Expenses Related to Restructuring:

During fiscal 2011, the Company expensed all costs associated with the Restructuring Transaction as incurred (see Note 15 “Restructuring Expenses and Provision for Settlement”). In addition, the Company recorded as non-cash post-employment compensation expense the value of the voting profits interest in EAM granted to a former employee.

Note 2-Supplementary Cash Flow Information:

	Fiscal Years Ended April 30,
($ in thousands)	2013			2012			2011
State and local income tax payments	$	(120	)	$	(159	)	$	(15	)
Federal income tax payments to the Parent	$	(1,877	)	$	(845	)	$	(348	)
Federal income tax refunds from the Parent	$	-		$	-		$	1,598

Interest payments	$	-		$	-		$	(2	)

The Company also received $1,598,000 of federal income tax refunds during the first quarter of fiscal 2011, which was included as prepaid and refundable income taxes in the Consolidated Balance Sheet of April 30, 2010.
On December 23, 2010, the Company completed the Restructuring Transaction which included the receipt of a non-voting revenues interest and a non-voting profits interest in EAM in exchange for VLI’s voting shares in EAM LLC and ESI. This investment, classified as Investment in EAM Trust on the Consolidated Balance Sheets, was valued at $55,805,000 as of December 23, 2010, which included $5,484,000 of cash and $1,516,000 of FDIC insured corporate notes, contributed by VLI to EAM as part of the Restructuring Transaction. The Company satisfied its non-cash post-employment compensation obligation, valued at $1,770,000, by granting a voting profits interest in EAM to a former employee in connection with the Restructuring Transaction.

See Note 3-Related Party Transactions for tax amounts associated with Arnold Bernhard and Co., Inc. (“AB&Co.” or the “Parent”).

Note 3-Related Party Transactions:

Investment Management (overview):

On December 23, 2010, the Company deconsolidated its asset management and mutual fund distribution businesses and its interest in these businesses was restructured as a non-voting revenues and non-voting profits interests in EAM. Accordingly, the Company no longer reports this operation as a separate business segment, although it still maintains a significant interest in the cash flows generated by this business and will receive non-voting revenues and non-voting profits interests going forward, as discussed below.
Total assets in the Value Line Funds managed and/or distributed by EAM at April 30, 2013, were $2.19 billion, which is $73 million or 3.5% above total assets of $2.11 billion in the Value Line Funds managed by EAM at April 30, 2012.
Total assets in the Value Line Funds managed by EAM at April 30, 2012, were $2.11 billion, 5.9% below total assets of $2.24 billion in the Value Line Funds managed by EAM at April 30, 2011. Overall assets in the Value Line Funds at April 30, 2012, decreased $132 million since April 30, 2011, as a result of net redemptions within the Value Line Funds for the twelve months ended April 30, 2012.
During December 2011, the Value Line Convertible Fund merged into the Value Line Income and Growth Fund. The Value Line Convertible Fund had approximately $20 million in assets under management before the merger. In May 2012, the Value Line New York Tax Exempt Trust ($15 million) combined into the Value Line Tax Exempt Fund ($90 million). The combination offers many benefits for fund shareholders.
During October 2012, the USGMMF merged into a third party fund, the Daily Income Fund, managed by Reich & Tang. EAM distributes the Daily Income Fund on behalf of Reich & Tang and maintains the shareholder accounts on behalf of the Value Line Funds shareholders who invest in the Daily Income Fund, but EAM is no longer subsidizing the expenses of the USGMMF resulting from the low interest rate economic environment. In addition, the merger of the USGMMF eliminated the cost of administration and fund accounting.

Value Line, Inc.

Notes to Consolidated Financial Statements

During December 2012, the Value Line Aggressive Income Trust changed its investment strategy and changed its name to the Value Line Core Bond Fund. In doing so, the Value Line Funds now have a core bond fund offering that still meets the fundamental investment objectives of the Aggressive Income Trust, which is maximization of current income with a secondary objective of capital appreciation, yet have broader appeal and a larger pool of investors to attract assets. Such assets may include existing shareholders of other Value Line Funds as shareholders redeem equities.
During December 2012, the Value Line Emerging Opportunities Fund changed its name to Value Line Small Cap Opportunities Fund. By changing the name, the strategy of the fund and correct category is clearly defined for investors.
During March 2013, the Value Line U.S. Government Securities Fund merged into the Value Line Core Bond Fund. This created a core bond fund with $100 million in assets, a critical threshold for many institutional money managers.
The non-voting revenues and 90% of the Company’s non-voting profits interests due from EAM to the Company are payable each fiscal quarter under the provisions of the EAM Trust Agreement. The distributable amounts earned through the balance sheet date, which is included in the Investment in EAM Trust on the Consolidated Balance Sheets, and not yet paid, were $1,621,000 and $497,000 at April 30, 2013 and April 30, 2012, respectively.
EAM Trust - VLI’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. EAM currently has no separately managed account clients. During the period from December 23, 2010 until May 28, 2011, EAM occupied a portion of the premises that the Company leases from a third party. The Company received $44,000 for the month of May, 2011 for rent and certain accounting and other administrative support services provided to EAM during the transitional period. The Company recorded income from its non-voting revenues interest and its non-voting profits interests in EAM as follows:

	Fiscal Years Ended April 30,
($ in thousands)	2013		2012		2011
Non-voting revenues interest in EAM	$	5,781	$	5,684	$	2,187

Non-voting profits interest in EAM		479		206		168
	$	6,260	$	5,890	$	2,355

Transactions with Parent:

For the fiscal years ended April 30, 2013, 2012 and 2011, the Company was reimbursed $220,000, $268,000, and $356,000, respectively, for payments it made on behalf of and for services the Company provided to the Parent. There were no receivables due from the Parent at April 30, 2013 or April 30, 2012.
The Company is a party to a tax-sharing arrangement with the Parent which allocates the tax liabilities of the two Companies between them. For the years ended April 30, 2013, 2012, and 2011, the Company made payments to the Parent for federal income tax amounting to $1,877,000, $845,000, and $348,000, respectively. At April 30, 2013 and April 30, 2012, prepaid and refundable income taxes in the Consolidated Balance Sheets included $0 and $530,000, respectively, for prepaid federal income tax due from the Parent.
From time to time, the Parent has purchased additional shares of common stock of the Company in the market when and as the Parent has determined it to be appropriate. The Parent may make additional purchases of common stock of the Company from time to time in the future. As of April 30, 2013, the Parent owned approximately 87.4% of the outstanding shares of common stock of the Company.
Note 4-Investments:

Securities Available-for-Sale:
Investments held by the Company and its subsidiaries are classified as securities available-for-sale in accordance with FASB’s ASC 320, Investments - Debt and Equity Securities. All of the Company’s securities classified as available-for-sale were readily marketable or had a maturity of twelve months or less and are classified as current assets on the Consolidated Balance Sheets.

Value Line, Inc.

Notes to Consolidated Financial Statements

Equity Securities:

Equity securities classified as available-for-sale, consist of investments in common stocks, ETFs that attempt to replicate the performance of certain equity indexes, ETFs that attempt to replicate the inverse of the price performance of certain equity indexes and ETFs that hold preferred shares primarily of financial institutions. As of April 30, 2013 and April 30, 2012, the Company held equity securities consisting primarily of ETFs and select common stock holdings of blue chip companies with a concentration on large capitalization companies with high relative dividend yields, all classified as securities available-for-sale on the Consolidated Balance Sheets. Additionally, as of April 30, 2013 and April 30, 2012, the Company held non-leveraged ETFs, classified as securities available-for-sale, whose performance inversely corresponds to the market value changes of investments in other ETF securities held in the equity portfolio for dividend yield.

As of April 30, 2013 and April 30, 2012, the aggregate cost of the equity securities classified as available-for-sale, which consist of investments in the iShares Dow Jones Select Dividend Index (DVY), SPDR S&P Dividend (SDY), First Trust Value Line Dividend Index (FVD), PowerShares Financial Preferred (PGF), certain common shares of equity securities and inverse equity index ETFs, was $6,295,000 and $3,749,000, respectively, and the fair value was $6,682,000 and $3,881,000, respectively. There were no sales or proceeds from sales of equity securities during the fiscal year ended April 30, 2013. The increases in gross unrealized gains on equity securities classified as available-for-sale of $255,000, net of deferred taxes of $89,000, were included in Shareholders’ Equity at April 30, 2013.

Proceeds from sales of equity securities classified as available-for-sale during the twelve months ended April 30, 2012 were $89,000 and the related capital gains of $11,000 were reclassified from Accumulated Other Comprehensive Income in the Balance Sheet to the Consolidated Statement of Income. There were no sales or proceeds from sales of equity securities during the fiscal year ended April 30, 2011. The increases in gross unrealized gains on equity securities classified as available-for-sale due to changes in market conditions of $24,000 and $106,000, net of deferred taxes of $9,000 and $37,000, respectively, were included in Shareholders’ Equity at April 30, 2012 and 2011, respectively.

The carrying value and fair value of securities available-for-sale at April 30, 2013 were as follows:


($ in thousands)	Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Common stocks	$	103	$	27	$	(16	)	$	114
ETFs - equities		3,878		740		-			4,618
Inverse ETFs - equities		2,314		-		(364	)		1,950
	$	6,295	$	767	$	(380	)	$	6,682

The carrying value and fair value of securities available-for-sale at April 30, 2012 were as follows:

($ in thousands)	Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Common stocks	$	103	$	14	$	(5	)	$	112
ETFs - equities		2,257		201		(5	)		2,453
Inverse ETFs - equities		1,389		-		(73	)		1,316
	$	3,749	$	215	$	(83	)	$	3,881

Government Debt Securities (Fixed Income Securities):

Fixed income securities consist of government debt securities issued by the United States federal government. There were no fixed income securities as of April 30, 2013 or April 30, 2012.

During the twelve months ended April 30, 2012 and April 30, 2011, proceeds from maturities and sales of government debt securities classified as available-for-sale were $11,196,000 and $38,021,000, respectively. During fiscal years 2012 and 2011, losses on sales of fixed income securities of $22,000 and $68,000, respectively, were reclassified from Accumulated Other Comprehensive Income in the Consolidated Balance Sheets to the Consolidated Statements of Income.

Value Line, Inc.

Notes to Consolidated Financial Statements

Income from securities transactions was comprised of the following:

	Fiscal Years Ended April 30,
($ in thousands)	2013			2012			2011
Dividend income	$	124		$	68		$	16
Interest income (1)		4			16			118
Realized and unrealized gains (losses) on securities available-for-sale (2)		-			(11	)		(63	)
Interest expense		-			-			(2	)
Other		(2	)		(3	)		(4	)
Total income from securities transactions, net	$	126		$	70		$	65

(1) Interest income was recorded net of bond premium amortization of $14,000 during fiscal year 2011.

(2) These amounts were reclassified from Accumulated Other Comprehensive Income in the Consolidated Balance Sheets to the Consolidated Statements of Income.

The changes in the value of equity and fixed income securities investments are recorded in Other Comprehensive Income in the Consolidated Financial Statements. Realized gains and losses are recorded on the trade date in the Consolidated Statements of Income when securities are sold, mature or are redeemed. As of April 30, 2013 and April 30, 2012, gross unrealized gains of $387,000 and $131,000, net of deferred taxes of $136,000 and $46,000, respectively, are recorded in Accumulated Other Comprehensive Income in the Consolidated Balance Sheets.

Investment in Unconsolidated Entities:

Equity Method Investment:

As of April 30, 2013 and April 30, 2012, the Company’s investment in EAM Trust, on the Consolidated Balance Sheets was $57,511,000 and $56,331,000, respectively.

The value of VLI’s investment in EAM at April 30, 2013 and April 30, 2012 reflects the fair value of contributed capital of $55,805,000 at inception, plus $5,820,000 of cash and liquid securities in excess of working capital requirements contributed to EAM’s capital account by VLI, plus VLI’s share of non-voting revenues and non-voting profits from EAM less distributions, made quarterly to VLI by EAM, during the period subsequent to its initial investment through the dates of the Consolidated Balance Sheets.

It is anticipated that EAM will have sufficient liquidity and earn enough profit to conduct its current and future operations so the management of EAM will not need additional funding. Although the distributor had historically received, from the Value Line Funds under the compensation plans it had in place with the Funds, amounts in excess of its actual expenditures, in more recent years the distributor has been spending amounts on promotion of the Value Line Funds in excess of the compensation received from the Funds. Over time, EAM anticipates that its total future expenditures on such promotion will equal or exceed its total future revenues under the Funds’ distribution plans. However, if that should not occur, EAM has no obligation to reimburse the Value Line Funds.

The Company monitors its Investment in EAM Trust for impairment to determine whether an event or change in circumstances has occurred that may have a significant adverse effect on the fair value of the investment. Impairment indicators include, but are not limited to the following: (a) a significant deterioration in the earnings performance, asset quality, or business prospects of the investee, (b) a significant adverse change in the regulatory, economic, or technological environment of the investee, (c) a significant adverse change in the general market condition of the industry in which the investee operates, or (d) factors that raise significant concerns about the investee’s ability to continue as a going concern such as negative cash flows, working capital deficiencies, or noncompliance with statutory capital and regulatory requirements. EAM did not record any impairment losses for its assets during the fiscal years 2013 or 2012.

Value Line, Inc.

Notes to Consolidated Financial Statements

The components of EAM’s investment management operations, provided to the Company by EAM, were as follows:

	Fiscal Years Ended April 30,
($ in thousands)	2013		2012		2011 (1)
Investment management fees earned from the Value Line Funds, net of waivers shown below	$	12,773	$	12,465	$	4,592
12b-1 fees and other fees, net of waivers shown below	$	3,905	$	3,466	$	1,293
Other income	$	14	$	12	$	3
Investment management fee waivers and reimbursements (2)	$	379	$	806	$	303
12b-1 fee waivers (2)	$	2,156	$	2,257	$	855
Value Line’s non-voting revenues interest	$	5,781	$	5,684	$	2,187
EAM’s net income (3)	$	945	$	461	$	336

(1) Total results of EAM’s investment management operations was for the period from December 23, 2010 through April 30, 2011.

(2) During fiscal 2013 investment management fee waivers and reimbursements primarily related to the Value Line Core Bond Fund and the U.S. Government Money Market Fund (“USGMMF”) which was merged into a third party fund, the Daily Income Fund, managed by Reich & Tang, effective October 19, 2012. The 12b-1 fee waivers related to nine of the Value Line Mutual Funds. In fiscal 2012, investment management fee waivers and reimbursements primarily related to the USGMMF and the 12b-1 fee waivers related to eleven of the Value Line Mutual Funds.

(3) Represents EAM’s net income, after giving effect to Value Line’s non-voting revenues interest, but before distributions to voting profits interest holders and to the Company in respect of its 50% non-voting profits interest.

	Fiscal Years Ended April 30,
($ in thousands)	2013			2012
EAM’s total assets	$	59,349		$	57,482
EAM’s total liabilities (1)		(2,814	)		(663	)
EAM’s total equity	$	56,535		$	56,819

(1) At April 30, 2013, EAM’s total liabilities included a payable to VLI for its accrued non-voting revenues and non-voting profits interests of $1,621,000.

Note 5: Variable Interest Entity

The Company retained a non-voting revenues interest and a 50% non-voting profits interest in EAM, which was formed, as a result of the Restructuring Transaction on December 23, 2010, to carry on the asset management and mutual fund distribution businesses formerly conducted by the Company. EAM is considered to be a VIE. The Company makes its determination for consolidation of EAM as a VIE based on a qualitative assessment of the purpose and design of EAM, the terms and characteristics of the variable interests in EAM, and the risks EAM is designed to originate and pass through to holders of variable interests. Other than EAM, the Company does not have an interest in any other VIEs.

The Company has determined that it does not have a controlling financial interest in EAM because it does not have the power to direct the activities of EAM that most significantly impact its economic performance. Value Line does not hold any voting stock of EAM and it does not have any involvement in the day-to-day activities or operations of EAM. Although the EAM Trust Agreement provides Value Line with certain consent rights and contains certain restrictive covenants related to the activities of EAM, these are considered to be protective rights and therefore Value Line does not maintain control over EAM.

In addition, although EAM is expected to be profitable, there is a risk that it could operate at a loss. While all of the profit interest shareholders in EAM are subject to variability based on EAM’s operations risk, Value Line’s non-voting revenues interest in EAM is a preferred interest in the revenues of EAM, rather than a profits interest in EAM, and Value Line accordingly believes it is subject to proportionately less risk than other holders of the profits interests.

The Company has not provided any explicit or implicit financial or other support to EAM other than what was contractually agreed to in the EAM Trust Agreement. Value Line has no obligation to fund EAM in the future and, as a result, has no exposure to loss beyond its initial investment and any undistributed revenues and profits interests retained in EAM. The following table presents the total assets of EAM, the maximum exposure to loss due to involvement with EAM, as well as the value of the assets and liabilities the Company has recorded on its Consolidated Balance Sheets for its interest in EAM.

Value Line, Inc.

Notes to Consolidated Financial Statements

			Value Line
($ in thousands)	VIE Assets		Investment in EAM Trust (1)		Liabilities		Maximum Exposure to Loss
As of April 30, 2013	$	59,349	$	57,511	$	-	$	57,511
As of April 30, 2012	$	57,482	$	56,331	$	-	$	56,331

(1) Reported within Long Term Assets on Consolidated Balance Sheets.

Note 6-Property and Equipment:

Property and equipment are carried at cost. Depreciation and amortization are provided using the straight-line method over the estimated useful lives of the assets, or in the case of leasehold improvements, over the remaining terms of the leases. For income tax purposes, depreciation of furniture and equipment is computed using accelerated methods and buildings and leasehold improvements are depreciated over prescribed extended tax lives. Property and equipment, net, on the Consolidated Sheets was comprised of the following:

	As of April 30,
($ in thousands)	2013			2012

Land	$	726		$	726
Building and leasehold improvements		7,391			7,283
Furniture and equipment		11,180			10,955
		19,297			18,964
Accumulated depreciation and amortization		(15,367	)		(15,110	)
Total property and equipment, net	$	3,930		$	3,854

Note 7-Federal, State and Local Income Taxes:

In accordance with the requirements of the Income Tax Topic of the FASB’s ASC, the Company’s provision for income taxes includes the following:

	Fiscal Years Ended April 30,
($ in thousands)	2013		2012			2011
Current tax expense (benefit):
Federal	$	2,679	$	139		$	356
State and local		130		(54	)		(413	)
		2,809		85			(57	)
Deferred tax expense:
Federal		728		3,785			20,535
State and local		350		503			3,203
		1,078		4,288			23,738
Income tax provision:	$	3,887	$	4,373		$	23,681

Deferred income taxes are provided for temporary differences between the financial reporting basis and the tax basis of the Company’s assets and liabilities. The tax effect of temporary differences giving rise to the Company’s deferred tax asset and deferred tax liability are as follows:

	As of April 30,
($ in thousands)	2013			2012
Federal tax benefit (liability):
Net operating loss	$	-		$	126
Unrealized gains on securities available-for-sale		(136	)		(46	)
Operating lease exit obligation		13			153
Deferred professional fees		49			80
Deferred charges		265			76
Total federal tax benefit		191			389

State and local tax benefits:
Net operating loss		-			15
Other		36			38
Total state and local tax benefits		36			53
Deferred tax asset, short term	$	227		$	442

Value Line, Inc.

Notes to Consolidated Financial Statements

	As of April 30,
($ in thousands)	2013			2012
Federal tax liability (benefit):
Deferred gain on deconsolidation of EAM	$	17,679		$	17,679
Deferred non-cash post-employment compensation		(619	)		(619	)
Depreciation and amortization		1,642			1,032
Other		262			120
Total federal tax liability		18,964			18,212

State and local tax liabilities (benefits):
Deferred gain on deconsolidation of EAM		2,243			2,182
Deferred non-cash post-employment compensation		(79	)		(76	)
Depreciation and amortization		208			127
Deferred professional fees		(10	)		(21	)
Total state and local tax liabilities		2,362			2,212
Deferred tax liability, long term	$	21,326		$	20,424

The Company’s net operating loss carryforward from fiscal 2012 of approximately $360,000 was fully utilized during the twelve months ended April 30, 2013.

The Company’s net operating loss carryforward of approximately $7.3 million was mostly utilized during the twelve months ended April 30, 2012. The tax effect of temporary differences giving rise to the Company’s long term deferred tax liability is primarily a result of the federal, state, and local taxes related to the $50,510,000 gain from deconsolidation of the Company’s asset management and mutual fund distribution subsidiaries, partially offset by the long term tax benefit related to the non-cash post-employment compensation of $1,770,000 granted to VLI’s former employee and the tax benefits related to the Company’s exit lease obligation of $914,000 all recognized in fiscal 2011.

The Company uses the effective income tax rate determined to provide for income taxes on a year-to-date basis and reflects the tax effect of any tax law changes and certain other discrete events in the period in which they occur.

The provision for income taxes differs from the amount of income tax determined by applying the applicable U.S. statutory income tax rate to pretax income as a result of the following:

	Fiscal Years Ended April 30,
	2013			2012			2011
U.S. statutory federal rate		35.00	%		35.00	%		35.00	%
Increase (decrease) in tax rate from:
State and local income taxes, net of federal income tax benefit		2.96	%		2.58	%		2.95	%
Effect of dividends received deductions		-0.27	%		-			-
Alternative minimum tax - net operating loss limitation		-			1.23	%		0.58	%
Domestic production tax credit		-0.52	%		-			-
Other, net		-0.17	%		-0.10	%		-
Effective income tax rate		37.00	%		38.71	%		38.53	%

The Company believes that, as of April 30, 2013, there were no material uncertain tax positions that would require disclosure under GAAP.

The Company is included in the consolidated federal income tax return of the Parent. The Company has a tax sharing agreement which requires it to make tax payments to the Parent equal to the Company’s liability/(benefit) as if it filed a separate return.

The Company’s federal income tax returns (included in the Parent’s consolidated returns) and state and city tax returns for fiscal years 2009, 2010, and 2011 are subject to examination by the tax authorities, generally for three years after they were filed with the tax authorities. In February 2012, the Internal Revenue Service (“IRS”) has concluded its examination of the Company’s federal income tax returns through the fiscal year 2010, which resulted in no changes that had any adverse effect on the Company’s financial statements. The Company’s tax returns for the fiscal years ended April 30, 2010 and 2011 are being examined by the City of New York. The Company does not expect the audit examination to have a material effect on its financial statements.

Value Line, Inc.

Notes to Consolidated Financial Statements

Note 8-Employees’ Profit Sharing and Savings Plan:

Substantially all employees of the Company and its subsidiaries are members of the Value Line, Inc. Profit Sharing and Savings Plan (the “Plan”). In general, this is a qualified, contributory plan which provides for a discretionary annual Company contribution which is determined by a formula based on the salaries of eligible employees and the amount of consolidated net operating income as defined in the Plan. For the fiscal years ended April 30, 2013, 2012, and 2011, the estimated profit sharing plan contribution, which is included as an expense in salaries and employee benefits in the Consolidated Statements of Income, was $240,000, $447,000 and $500,000, respectively.

Note 9-Lease Commitments:

On June 4, 1993, the Company entered into a 15 year lease agreement to provide primary office space. The lease included free rental periods as well as scheduled base rent escalations over the term of the lease. In April 2007, the Company extended the term for 5 additional years at a market rental rate to May 2013. The total amount of the base rent payments is being charged to expense on the straight-line method over the term of the lease. The Company recorded a deferred charge on its Consolidated Balance Sheets to reflect the excess of annual rental expense over cash payments since inception of the lease.

On February 7, 2013, the Company and Citibank, N.A. (the “Sublandlord”) entered into a sublease agreement, pursuant to which Value Line will lease approximately 44,493 square feet of office space located on the ninth floor at 485 Lexington Ave., New York, NY (“Building” or “Premises”) beginning on or about July 1, 2013 and ending on February 27, 2017 (“Sublease”). Base rent under the Sublease will be $1,468,269 per annum, subject to customary concessions in the Company’s favor and pass-through of certain increases in operating costs and real estate taxes. The Company provided a security deposit in cash in the amount of $489,423. This Building will become 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. The Sublease terms will provide for a significant decrease in the Company’s annual rental expenses.

Value Line reached an agreement with its current landlord to extend the term of the current lease for its current corporate office facility, which was due to expire on May 31, 2013, for a period of three and a half months beginning June 1, 2013 and expiring September 15, 2013 (“Lease Modification”) at a rental which approximates the Company’s monthly rent payments under the current lease obligation.

Future minimum payments, exclusive of potential increases in real estate taxes and operating cost escalations, under operating leases for office space, with remaining terms of one year or more, are as follows:

Fiscal Years Ending April 30,		Current Lease		New Sublease		Total
				($ in thousands)

	2014	$	1,326	$	490	$	1,816
	2015		-		1,468		1,468
	2016		-		1,468		1,468
	2017		-		1,224		1,224
		$	1,326	$	4,650	$	5,976

Rental expense for the years ended April 30, 2013, 2012, and 2011 under the current operating lease covering office space was $2,509,000, $2,509,000, and $3,862,000, respectively. During fiscal years of 2013 and 2012, office space rental decreased as a result of the classification of a portion of the lease payments as a reduction of the accrued lease exit obligation related to EAM’s relocation in fiscal 2011. The increase in fiscal 2011 rent expenses was a result of an accrual of $914,000 for operating lease exit costs related to the deconsolidation of EAM from the operating facility of the Company. As of April 30, 2013 and 2012, the remaining lease exit obligation related to EAM’s relocation was $37,000 and $475,000, respectively. For the fiscal year ended April 30, 2011, $914,000 of the accrued lease exit obligation related to EAM’s relocation, was included as an expense in office and administration in the Consolidated Statements of Income.

Note 10-Business Segments:

Prior to December 23, 2010, (the Restructuring Transaction date), the Company operated two reportable business segments: (1) Publishing and (2) Investment Management. The Publishing segment, the Company’s only reportable segment subsequent to the Restructuring Transaction date, produces investment periodicals and related publications (retail and institutional) in both print and electronic form, and includes copyright data fees for the Value Line Proprietary Ranking System information and other proprietary information. The Investment Management segment provided advisory services to the Value Line Funds, as well as institutional and individual accounts. The segments were differentiated by the products and services they offered. The accounting policies of the segments are the same as those described in the summary of significant accounting policies.

As more fully described in Note 1 - Organization and Summary of Significant Accounting Policies, the Company deconsolidated its investment management business on December 23, 2010 and therefore no longer reports the investment management operation as a separate business unit. Although VLI continues to receive significant cash flows from these operations through its non-controlling investment in EAM, it no longer considers this to be a reportable business segment due to its lack of control over the operating and financial policies of EAM. Accordingly, the Investment Management segment reflects activity only through the date of the Restructuring Transaction.

Value Line, Inc.

Notes to Consolidated Financial Statements

Disclosure of reportable segment information for the twelve months ended April 30, 2011 was as follows:

($ in thousands)	Publishing			Investment Management			Consolidated Total
Revenues from external customers	$	37,974		$	10,693		$	48,667
Intersegment revenues		7			-			7
Total revenues for reportable segments		37,981			10,693			48,674
Elimination of intersegment revenues		(7	)		-			(7	)
Total consolidated revenues	$	37,974		$	10,693		$	48,667


Depreciation and amortization	$	579		$	14		$	593
Depreciation related to corporate assets	$	(3	)		-		$	(3	)

Gain from deconsolidation of subsidiaries (1)	$	-		$	50,510		$	50,510
Income from securities transactions		-			6			6
Segment profit (loss) from operations (2)		8,984			(448	)		8,536
Profit for reportable segments	$	8,984		$	50,068		$	59,052

Revenues and profits interests in EAM Trust								2,355
Income from securities transactions related to corporate assets								59
Depreciation related to corporate assets								(3	)
Income before income taxes							$	61,463

(1) Represents the gain of $50,510,000 from deconsolidation of the asset management and Value Line Mutual Fund Distribution subsidiaries.

(2) Included in the Investment Management business segment in fiscal 2011 are expenses of $3,764,000 related to the Company’s restructure of its Investment Management business segment, $914,000 of expenses related to its exit lease obligation for the office space previously occupied by EAM LLC, and non-cash post-employment compensation expense of $1,770,000 related to the value of the voting profits interest in EAM granted by VLI to a former employee of the Company who is presently the CEO of EAM. Fiscal 2011 Investment Management segment expenses included the reversal of $1,767,000 of previously recorded expenses associated with the Provision for Settlement due to a change in estimated costs to administer the Fair Fund.

As of April 30, 2011, additional reportable segment information was as follows:

($ in thousands)	Assets		Expenditures for Segment Assets
Publishing	$	11,827	$	1,897
Investment Management		-		10
Corporate assets		75,976		-
Consolidated total	$	87,803	$	1,907

Note 11-Disclosure of Credit Risk of Financial Instruments with Off-Balance Sheet Risk:

Other than EAM and the Value Line Funds as explained in Note 3-Related Party Transactions, no single customer accounted for a significant portion of the Company’s sales in fiscal 2013, 2012, or 2011, nor its accounts receivable as of April 30, 2013 or 2012.

Note 12-Comprehensive Income:

The FASB’s ASC Comprehensive Income topic requires the reporting of comprehensive income in addition to net income from operations. Comprehensive income is a more inclusive financial reporting methodology that includes disclosure of certain financial information that otherwise would not be recognized in the calculation of net income.

In May 2012, the Company adopted the provisions of Accounting Standards Update 2011-05 to reflect comprehensive income in two statements which include the components of net income and total net income in the first statement, immediately followed by a financial statement that presents the components of other comprehensive income, a total for other comprehensive income and a total for comprehensive income.

As of April 30, 2013, and April 30, 2012, the Company held equity securities consisting primarily of ETFs and select common stock holdings of blue chip companies with a concentration on large capitalization companies with high relative dividend yields that are classified as securities available-for-sale on the Consolidated Balance Sheets. Additionally, as of April 30, 2013, and April 30, 2012, the Company held non-leveraged ETFs, classified as securities available-for-sale, whose performance inversely corresponds to the market value changes of investments in other ETF securities held in the equity portfolio for dividend yield. The change in valuation of these securities, net of deferred income taxes, has been recorded in accumulated other comprehensive income in the Company’s Consolidated Balance Sheets.

Value Line, Inc.

Notes to Consolidated Financial Statements

The components of comprehensive income that are included in the Consolidated Statement of Changes in Shareholders’ Equity for the twelve months ending April 30, 2013 are as follows:


($ in thousands)	Amount Before Tax		Tax Expense			Tax Benefit		Amount Net of Tax
Change in unrealized gains on securities	$	255	$	(195	)	$	106	$	166
	$	255	$	(195	)	$	106	$	166

The components of comprehensive income that are included in the Consolidated Statement of Changes in Shareholders’ Equity for the twelve months ending April 30, 2012 are as follows:


($ in thousands)	Amount Before Tax		Tax Expense			Tax Benefit		Amount Net of Tax
Change in unrealized gains on securities	$	24	$	(33	)	$	24	$	15
Add: Losses realized in net income		11		(4	)		-		7
	$	35	$	(37	)	$	24	$	22

The components of comprehensive income that are included in the Consolidated Statement of Changes in Shareholders’ Equity for the twelve months ending April 30, 2011 are as follows:


($ in thousands)	Amount Before Tax		Tax Expense			Tax Benefit		Amount Net of Tax
Change in unrealized gains on securities	$	32	$	(14	)	$	3	$	21
Add: Losses realized in net income		68		(24	)		-		44
	$	100	$	(38	)	$	3	$	65

At April 30, 2011, the Company held both equity and U.S. Government debt securities that are classified as available-for-sale on the Consolidated Balance Sheets. The change in valuation of these securities, net of deferred income taxes, has been recorded in Accumulated Other Comprehensive Income in the Company’s Consolidated Balance Sheets.

Note 13-Accounting for the Costs of Computer Software Developed for Internal Use:

The Company has adopted the provisions of the Statement of Position 98-1 (SOP 98-1), “Accounting for the Costs of Computer Software Developed for Internal Use”. SOP 98-1 requires companies to capitalize as long-lived assets many of the costs associated with developing or obtaining software for internal use and amortize those costs over the software’s estimated useful life in a systematic and rational manner.

The Company capitalized $2,457,000 and $3,383,000 related to the development of software for internal use for the twelve months ended April 30, 2013 and 2012, respectively, of which $2,326,000 and $2,153,000 related to development costs for the digital production software project and $131,000 and $1,230,000 related to a new fulfillment system, respectively. Such costs are capitalized and amortized over the expected useful life of the asset which is approximately from 3 to 5 years. Amortization expense for the years ended April 30, 2013, 2012, and 2011 was $1,295,000, $446,000, and $332,000, respectively.

The new fulfillment system was placed in service on December 1, 2011. The Company’s refreshed website, Single Sign On (“SSO”) and new e-commerce and website shopping cart were also placed in service during December 2011. A new institutional sales website ValueLinePro.com was launched by the Company during March 2012.

Note 14 - Treasury Stock and Repurchase Program:

Value Line, Inc.

Notes to Consolidated Financial Statements

Treasury stock, at cost, consists of the following:


($ in thousands except for cost per share)	Shares		Total Average Cost Assigned		Average Cost per Share		Aggregate Purchase Price Remaining Under the Program
Balance as of April 30, 2010 (1)		18,400	$	354	$	19.24		n/a
Purchases effected in open market		6,719		90	$	13.39	$	3,110
Balance as of April 30, 2011		25,119	$	444	$	17.67	$	3,110
Purchases effected in open market		78,500		946	$	12.05	$	2,165
Balance as of April 30, 2012 (2)		103,619	$	1,390	$	13.41	$	-
Purchases effected in open market (3)		19,953		182	$	9.13	$	2,818
Balance as of April 30, 2013		123,572	$	1,572	$	12.72	$	2,818

(1) Were acquired prior to the repurchase program authorized in January 2011.

(2) Includes 85,219 shares with a total average cost of $1,036,000 that were acquired during the former repurchase program, which was authorized in January 2011 and expired in January 2012.

(3) Were acquired during the new repurchase program authorized in September 2012.

Note 15- Restructuring Expenses and Provision for Settlement:

In fiscal 2011, expenses for professional fees including the cost of the proxy solicitation for the Value Line Funds, of $3,764,000 were associated with the Restructuring Transaction that was completed on December 23, 2010. The Company’s policy was to expense those costs as incurred.

In November 2009, the Company concluded a negotiated settlement with the SEC as a result of an investigation into former brokerage practices (the “Settlement”). To comply with the SEC order, the Company during fiscal 2011 disassociated itself from the former Investment Adviser and broker-dealer operations in the previously defined Restructuring Transaction.

As required by the Settlement, the SEC created a “Fair Fund” pursuant to Section 308(a) of the Sarbanes-Oxley Act of 2002. The Fair Fund is being used to reimburse shareholders who owned shares in the affected Value Line Funds in the period covered by the Settlement. The Company is required to bear all costs associated with the Fair Fund administration, including compensating a third party consultant appointed by the SEC to administer the Fair Fund distribution. The SEC has appointed A.B. Data, Ltd., which has no affiliation with the Company, as the Administrator of the Fair Fund. During fiscal 2011, the Company reduced its estimate of the remaining costs of administration of the Fair Fund and other costs associated with the Settlement by $1,767,000. The provision for settlement included anticipated costs of Fair Fund administration as well as certain fees and costs arising from the Settlement and the Restructuring Transaction. During fiscal 2013, 2012 and 2011, the Company made payments to the Administrator of the Fair Fund aggregating $32,000, $1,189,000 and $2,783,000, respectively. The Company believes that the outstanding provision for settlement in the amount of $243,000 reflected as a liability in the Consolidated Balance Sheet at April 30, 2013, is sufficient to meet the remaining obligations of the Fair Fund administration.

EX-21.1 2 ex21-1.htm EXHIBIT 21.1

Exhibit 21.1

Subsidiaries of the Registrant

	State of Incorporation		Percentage of Voting Securities Owned By Registrant

Value Line Publishing LLC		Delaware	100%

Compupower Corporation		Delaware	100%

The Vanderbilt Advertising Agency, Inc.		New York	100%

Value Line Distribution Center, Inc.		New Jersey	100%

EX-31.1 3 ex31-1.htm EXHIBIT 31.1

Exhibit 31.1

RULE 13a-14(a)/15d-14(a) CERTIFICATION

I, Howard A. Brecher, certify that:


1.	I have reviewed this report on Form 10-K of Value Line, Inc;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.	The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

	a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

	b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

	c)	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

	d)	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.	The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

		a)	all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

		b)	any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: July 26, 2013	By:	/s/ Howard A. Brecher
		Howard A. Brecher
		Chairman & Chief Executive Officer
		(Principal Executive Officer)

EX-31.2 4 ex31-2.htm EXHIBIT 31.2

Exhibit 31.2

RULE 13a-14(a)/15d-14(a) CERTIFICATION

I, Stephen R. Anastasio, certify that:

1.	I have reviewed this report on Form 10-K of Value Line, Inc;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.	The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

	a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

	b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

	c)	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

	d)	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.	The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

		a)	all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

		b)	any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: July 26, 2013	By:	/s/ Stephen R. Anastasio
		Stephen R. Anastasio
		Vice President & Treasurer
		(Principal Financial Officer and Principal Accounting Officer)

EX-32.1 5 ex32-1.htm EXHIBIT 32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Annual Report on Form 10-K of Value Line, Inc. (the “Company”), for the fiscal year ended April 30, 2013 (the “Report”), I, Howard A. Brecher, Chairman & Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, as of the date hereof, to my knowledge:

1)	the Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”); and

2)	the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company at the dates and for the periods presented.

	This Certification accompanies this Report pursuant to Section 906 of the Act and shall not, except to the extent required by such Act, be deemed to be “filed’ under the Exchange Act. This Certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except to the extent that the Company specifically incorporates it by reference.

Date: July 26, 2013	By:	/s/ Howard A. Brecher
		Howard A. Brecher
		Chairman & Chief Executive Officer
		(Principal Executive Officer)

EX-32.2 6 ex32-2.htm EXHIBIT 32.2

Exhibit 32.2

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Annual Report on Form 10-K of Value Line, Inc. (the “Company”), for the fiscal year ended April 30, 2013 (the “Report”), I, Stephen R. Anastasio, Vice President & Treasurer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, as of the date hereof, to my knowledge:

1)	the Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”); and

2)	the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company at the dates and for the periods presented.

	This Certification accompanies this Report pursuant to Section 906 of the Act and shall not, except to the extent required by such Act, be deemed to be “filed’ under the Exchange Act. This Certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except to the extent that the Company specifically incorporates it by reference.

Date: July 26, 2013	By:	/s/ Stephen R. Anastasio
		Stephen R. Anastasio
		Vice President & Treasurer
		(Principal Financial Officer and Principal Accounting Officer)

EX-99.1 7 ex99-1.htm EXHIBIT 99.1

Exhibit 99.1

EULAV ASSET MANAGEMENT

CONSOLIDATED FINANCIAL STATEMENTS

APRIL 30, 2013

INDEPENDENT AUDITORS' REPORT

To the Trustees of

EULAV Asset Management

Report on the Consolidated Financial Statements

We have audited the accompanying consolidated financial statements of EULAV Asset Management which comprise the consolidated statement of financial condition as of April 30, 2013, and the related consolidated statements of income, changes in owners' equity, and cash flows for the year then ended, and the related notes to the consolidated financial statements.

Management's Responsibility for the Consolidated Financial Statements

Management is responsible for the preparation and fair presentation of these consolidated financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the consolidated financial position of EULAV Asset Management as of April 30, 2013, and the consolidated results of their operations and their cash flows for the year then ended in accordance with accounting principles generally accepted in the United States of America.

/s/ EISNERAMPER LLP

New York, New York

July 11, 2013

EULAV ASSET MANAGEMENT

Consolidated Statement of Financial Condition

April 30, 2013

ASSETS
Cash and cash equivalents	$	6,408,757
Investments, fair value		1,750,000
Receivable from affiliates		1,435,442
Prepaid expenses and other assets		416,001

Total current assets		10,010,200

Furniture and equipment, net		141,353
Intangible asset - management contracts		49,197,117

	$	59,348,670

LIABILITIES AND OWNERS' EQUITY
Accounts payable and accrued liabilities	$	940,292
Due to Owners		1,827,720

Total current liabilities		2,768,012

Deferred rent		45,952

Owners' equity		56,534,706

	$	59,348,670

See notes to consolidated financial statements

EULAV ASSET MANAGEMENT

Consolidated Statement of Income

For the Year Ended April 30, 2013

Revenues:
Investment management fees	$	12,773,335
12b-1 fees		3,571,730
Sub-transfer agency fees		332,512
Dividends, interest and other		14,242

Total revenues		16,691,819

Expenses:
Marketing and distribution		4,696,213
Compensation and benefits		2,829,116
Office and administration		1,320,902
Professional fees		981,968


Total expenses		9,828,199

Net income before New York City income taxes		6,863,620
Provision for New York City income taxes		137,173

Net income	$	6,726,447

See notes to consolidated financial statements

EULAV ASSET MANAGEMENT

Consolidated Statement of Changes in Owners' Equity

For the Year Ended April 30, 2013

	April 30,		Net					April 30,
	2012		Income		Distributions			2013

Non-voting revenue interest and non-voting
profit interest	$	56,134,989	$	6,253,792	$	(6,203,473	)	$	56,185,308
Class A voting profit interest		169,665		425,390		(254,102	)		340,953
Class B voting profit interest		3,413		47,265		(42,233	)		8,445

	$	56,308,067	$	6,726,447	$	(6,499,808	)	$	56,534,706

See notes to consolidated financial statements

EULAV ASSET MANAGEMENT

Consolidated Statement of Cash Flows

For the Year Ended April 30, 2013

Cash flows from operating activities:
Net income	$	6,726,447
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation expense		36,795
Changes in:
Increase in receivable from affiliates		(93,795	)
Increase in prepaid expenses and other assets		(71,290	)
Increase in accounts payable and accrued liabilities		326,762
Increase in due to Owners		119,425
Deferred rent		(3,613	)

Net cash provided by operating activities		7,040,731

Cash flows from investing activities:
Change in investments, net		501,635
Purchase of furniture and equipment		(43,419	)

Net cash provided by investing activities		458,216

Cash flows from financing activities:
Distributions		(5,301,994	)

Net increase in cash and cash equivalents		2,196,953
Cash and cash equivalents - April 30, 2012		4,211,804

Cash and cash equivalents - April 30, 2013	$	6,408,757


Supplemental disclosure of cash flow information:
Cash paid for New York City income taxes	$	140,000

Non-cash financing activities:
Due to Owners	$	1,708,295

See notes to consolidated financial statements

EULAV ASSET MANAGEMENT

Notes to Consolidated Financial Statements

April 30, 2013

Note A - Organization and Transactions with Affiliates

EULAV Asset Management (the "Company"), a Delaware statutory trust, with no fixed term, was formed on December 23, 2010 as a result of Value Line, Inc. ("VLI") completing the restructuring of its asset management and broker-dealer businesses (the "Restructuring Transaction"). As part of the Restructuring Transaction, EULAV Securities, Inc., a New York corporation and wholly-owned subsidiary of VLI that acted as the distributor of the Value Line mutual funds ("Value Line Funds"), merged into EULAV Securities LLC ("ESLLC"), a Delaware limited liability company. VLI transferred 100% of its interest in ESLLC to EULAV Asset Management LLC, a wholly-owned subsidiary of VLI that acted as the investment adviser to the Value Line Funds and certain separate accounts. EULAV Asset Management LLC then converted into the Company, which still acts as the investment adviser to the Value Line Funds. ESLLC, a wholly-owned subsidiary of the Company, is a broker-dealer registered with the Securities and Exchange Commission and is a member of the Financial Industry Regulatory Authority. ESLLC claims the exemption from the provisions of SEC Rule 15c3-3 under paragraph (k)(1).

VLI granted the Company the right to use the Value Line name for all existing Value Line Funds and to supply without charge or expense the Value Line proprietary ranking system information for so long as the Company is the investment adviser to the Value Line Funds.

Each of the Value Line Funds has an investment advisory agreement with the Company pursuant to which the Company serves as investment adviser to the Value Line Funds. The Company receives investment management fees from each of the Value Line Funds managed by the Company. The Company and certain of the Value Line Funds have agreed that the Company would waive a portion of the fund's respective advisory fees. The fees received by the Company from the Value Line Funds are net of any contractual fee waivers as described in Note D.

Each of the Value Line Funds has a distribution agreement with the Company's wholly owned subsidiary ESLLC pursuant to which ESLLC acts as principal underwriter and distributor of the Value Line Funds for the sale and distribution of their shares. ESLLC is eligible to receive service and distribution fees under Rule 12b-1 of the Investment Company Act of 1940 from the Value Line Funds managed by the Company. ESLLC and certain of the Value Line Funds have agreed to waive all or a portion of the fund's respective Rule 12b-1 fees. The fees received by the ESLLC from the Value Line Funds are net of any contractual fee waivers as described in Note D.

Effective July 5, 2012, the Company began receiving sub-transfer agency fees from certain of the Value Line Funds to compensate financial intermediaries that provide sub-transfer agency and related services to investors that hold their fund shares in omnibus accounts maintained by the financial intermediaries with the Value Line Funds (see Note B[4]).

Note B - Summary of Significant Accounting Policies

[1]

Use of estimates:

The preparation of consolidated financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates.

[2]

Cash and cash equivalents:

The Company considers all cash held at banks and in money market mutual funds to be cash and cash equivalents. As of April 30, 2013, cash and cash equivalents included $568,937 invested in the Daily Income Fund - U.S. Government Portfolio. The Company maintains cash balances in a financial institution which, at times, may exceed federally insured limits. In the event of a financial institution's insolvency, recovery of cash may be limited.

[3]

Consolidation:

The consolidated financial statements include the accounts of the Company and ESLLC after elimination of inter-company balances and transactions.

EULAV ASSET MANAGEMENT

Notes to Consolidated Financial Statements

April 30, 2013

Note B - Summary of Significant Accounting Policies (continued)

[4]

Revenues:

Investment management fees consist of management fees from the Value Line Funds. Investment management fees for the Value Line Funds are earned on a monthly basis as services are performed and the fees, which generally range from 0.40% to 0.75%, are calculated based on average daily net assets of the Value Line Funds in accordance with each fund's advisory agreement.

The management fees and average daily net assets for the Value Line Funds are calculated by State Street Bank, which serves as the fund accountant, fund administrator and custodian of the Value Line Funds. Shareholder servicing for the Value Line Funds is performed by BFDS, an affiliate of State Street Bank. The Value Line Funds are open-end management companies registered under the Investment Company Act of 1940.

Service and distribution fees are received from the Value Line Funds in accordance with service and distribution plans under Rule 12b-1 of the Investment Company Act of 1940. The plans are compensation plans, which means that ESLLC's fees under the plans are payable without regard to actual expenses incurred by ESLLC. ESLLC may earn a profit under the plan. Service and distribution fees are received on a monthly basis and calculated by State Street Bank based on the average daily net assets of each of the Value Line Funds in accordance with each fund's prospectus. Expenses incurred by ESLLC include payments to securities dealers, banks, financial institutions and other organizations that provide distribution, marketing, and administrative services with respect to the distribution of the Value Line Funds' shares.

Sub-transfer agency fees are received from the Value Line Funds in accordance with the sub-transfer agency plan approved by the Board of the Value Line Funds. The sub-transfer agency fee, which may be paid directly to the financial intermediary or indirectly via ESLLC, is equal to the lower of (i) the aggregate amount of additional transfer agency fees and expenses that the Value Line Funds would otherwise pay to the Value Line Funds’ transfer agent, if each subaccount in the omnibus account maintained by the financial intermediary with the fund were a direct account with the fund and (ii) the amount by which the fees charged by the financial intermediary for including the fund on its platform and providing shareholder, sub-transfer agency and related services exceed the amount paid under the fund’s plan with respect to fund assets attributable to shares held by the financial intermediary in the omnibus account. In addition, the amount of sub-transfer agency fees payable by the Value Line Funds to all financial intermediaries in the aggregate is subject to a maximum cap of 0.05% of the fund’s average daily net assets. If the sub-transfer agency fee is paid to financial intermediaries indirectly via ESLLC, ESLLC does not retain any amount thereof and such fee otherwise reduces the amount that ESLLC is contractually obligated to pay to the financial intermediary.

[5]

Income taxes:

The Company, as a trust, has elected to be taxed as a pass-through entity similar to a partnership for federal and state income tax purposes and, accordingly, is not subject to federal and state income taxes. The Company is subject to New York City unincorporated business tax.

The Company may recognize tax benefits from any uncertain positions only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The Company's policy is to recognize interest and penalties in general and administration expense. The Company has not recognized in these consolidated financial statements any interest or penalties related to income taxes, and has no material unrecognized tax benefits. The Company is subject to U.S. federal, state and local tax examinations by tax authorities since inception. There are currently no income tax returns under examination.

Tax laws are complex and subject to different interpretations by the taxpayer and taxing authorities. Significant judgment is required when evaluating tax provisions and related uncertainties. Future events such as changes in tax legislation could require a provision for income taxes. Any such changes could significantly affect the amounts reported in the consolidated statement of income.

EULAV ASSET MANAGEMENT

Notes to Consolidated Financial Statements

April 30, 2013

Note B - Summary of Significant Accounting Policies (continued)

[6] Fair value of financial instruments:

Authoritative accounting guidance defines fair value, establishes a framework for measuring fair value, and establishes a fair value hierarchy which prioritizes the inputs to valuation techniques. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A fair value measurement assumes that the transaction to sell the asset or transfer the liability occurs in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market. Valuation techniques that are consistent with the market, income or cost approach are used to measure fair value. The fair value hierarchy ranks the quality and reliability of the information used to determine fair values. Financial assets and liabilities carried at fair value are classified within the following three categories:

Level 1 Unadjusted quoted prices in active markets for identical assets or liabilities.

Level 2 Inputs other than quoted market prices that are observable, either directly or indirectly, and reasonably available. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability and are developed based on market data obtained from independent sources.

Level 3 Unobservable inputs. Unobservable inputs reflect the assumptions that the management develops based on available information about what market participants would use in valuing the asset or liability.

An asset's or liability's level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Availability of observable inputs can vary and is affected by a variety of factors. The Company's management uses judgment in determining fair value of assets and liabilities and Level 3 assets and liabilities involve greater judgment than Level 1 or Level 2 assets and liabilities.

Money market funds are valued at the closing net asset value in an active market.

The following table presents information about the Company's assets measured at fair value as of April 30, 2013:

				Fair Value
	Country	Fair Value		Hierarchy

Assets:
Money Markets	United States	$	1,078,156		Level 1
Certificates of Deposit	United States		1,750,000		Level 1

Total		$	2,828,156

[7]

Intangible assets:

The value of the intangible asset received as part of the Restructuring Transaction was derived primarily from revenue streams to be earned from management contracts contributed and from the right to use the Value Line name for all existing Value Line Funds and access the Value Line Proprietary Ranking information. This intangible asset was valued at approximately $49,197,000, which is not deductible for tax purposes, has an indefinite useful life, and is not being amortized. VLI utilized the services of a third party valuation firm (the "Valuator") to assist in the determination of the fair value of the intangible asset at the time of the Restructuring Transaction.

EULAV ASSET MANAGEMENT

Notes to Consolidated Financial Statements

April 30, 2013

Note B - Summary of Significant Accounting Policies (continued)

[7] Intangible assets: (continued)

The Valuator employed several analytical methodologies which were used by the Company to assist in its determination of the fair value of the intangible asset. These methodologies included two market approach methods which referenced actual transactions in the equity of similar enterprises that are traded in private and public markets and one income approach method utilizing discounted cash flows to determine the present value of the future earning capacity that is available to investors in the entity. The Company assesses the recoverability of its intangible asset by determining whether the carrying amount can be recovered through discounted forecasted cash flows if events or changes in circumstances indicate that the asset may be impaired. If discounted forecasted cash flows indicate that the carrying amount will not be recovered, an adjustment will be made to reduce such amounts to fair value based on forecasted future cash discounted at a rate commensurate with the risk associated with achieving such cash flows. Future cash flows are based on trends of historical performance and the Company's estimate of future performance, giving consideration to existing and anticipated competitive and economic conditions. The Company has elected to perform its annual analysis at April 30, its fiscal year-end. No indicators of impairment were identified during the year ended April 30, 2013.

Note C - Owners' Equity

Mitchell Appel, Avi T. Aronovitz, Richard Berenger, Robert E. Rice and R. Alastair Short are each Trustees and holders of the voting profits interests of the Company and Value Line, Inc. ("VLI") owns non-voting revenue interests and non-voting profits interests of the Company. The Trustees delegated the authority to manage the day-to-day business to the Company's senior executive, Mr. Appel.

Collectively, the voting profits interests receive 50% of the residual profit of the business, in which the share of
Mr. Appel (Class A voting profits interest) is 45% and the others (Class B voting profits interest) each 1.25%, subject to temporary adjustments in certain circumstances, as defined in the Trust agreement. VLI retains a nonvoting profits interest representing 50% of residual profits, subject to temporary adjustments in certain circumstances and has no power to vote for the election, removal or replacement of the Trustees of the Company. VLI also has an interest in non-distribution revenues of the business ranging from 41% at non-distribution fee revenue levels of $9 million or less to 55% at such revenue levels of $35 million or more. The Company will make distributions to the owners and holders of the revenue interests no later than the tenth day after each respective quarter end, as defined in the Trust agreement.

Note D - Related Party Transactions

The management fees, as described in Note A, are received from related parties and are reflected within receivable from affiliates on the consolidated statement of financial condition. For the year ended April 30, 2013, total management fee waivers were approximately $190,000.

The 12b-1 fees, as described in Note A, are received from related parties. For the year ended April 30, 2013, total service and distributions fee waivers were approximately $2,156,000.

Note E - Furniture and Equipment

Furniture and equipment are carried at cost. Depreciation is provided using the straight-line method over the estimated useful lives of five to seven years.

Furniture and equipment, net, consist of the following:

Furniture and equipment	$	209,870
Less accumulated depreciation		(68,517	)

	$	141,353

EULAV ASSET MANAGEMENT

Notes to Consolidated Financial Statements

April 30, 2013

Note F - Regulatory Requirements

For regulatory purposes, ESLLC is subject to the net capital provisions of Rule 15c3-1 under the Securities Exchange Act of 1934, which requires the maintenance of minimum net capital of $100,000 or one-fifteenth of aggregate indebtedness, if larger. At April 30, 2013, ESLLC's net capital, as defined, of approximately $1,100,000 exceeded required net capital by approximately $1,000,000 and the ratio of aggregate indebtedness to net capital was 0.78 to 1.

Note G - Employees' Profit Sharing and Savings Plan

The employees of the Company are eligible to be members of the Company's 401(k) Plan and Profit Sharing Plan. In general, for the year ended April 30, 2013, the Company matches 50% of the first 4% of each eligible employee’s salary for the 401(k) Plan and may at its discretion contribute to the Profit Sharing Plan. For the year ended April 30, 2013, the Company made no contributions to the Profit Sharing Plan and made $42,138 in matching contributions to the 401(k) Plan.

Note H - Co-Employee Agreement

The Company has a client service agreement with ADP TotalSource as Co-employer (as defined in the client service agreement). ADP TotalSource is an unrelated entity. The Company's employees are on the Co-employer's payroll and withholding system which is responsible for providing the payroll and tax withholding payments and reports for the Company's employees. In exchange, the Co-employer receives an administrative fee.

Note I - Commitment

[1]

Lease:

Minimum future rental commitment under a non-cancellable operating lease expiring May 2016 is as follows:

Year Ending
April 30,		Office

	2014	$	271,487
	2015		294,592
	2016		294,592
	2017		24,549

		$	885,220

Rent expense charged to operations for the year ended April 30, 2013 totaled $242,383.

Note J - Subsequent Events

Management has evaluated all subsequent transactions and events through July 11, 2013, the date on which these consolidated financial statements were available to be issued.

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<table style="width: 100%; font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0"> <tr> <td align="left" valign="bottom" width="125%" colspan="8"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; font-weight: bold; display: inline;">Note 1-Organization and Summary of Significant Accounting Policies:</font></div> </td> </tr> <tr> <td valign="bottom" width="57%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="14%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="15%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="22%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="10%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> </tr> <tr> <td valign="top" width="125%" colspan="8"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Value Line, Inc. (“Value Line” or “VLI”, and collectively with its subsidiaries, the “Company”) is incorporated in the State of New York.  The name “Value Line” as used to describe the Company, its products, and its subsidiaries, is a registered trademark of the Company.  The Company’s primary business is producing investment periodicals and related publications and making available copyright data including certain Value Line trademarks and Value Line Proprietary Ranking System information to third parties under written agreements for use in third party managed and marketed investment products.</font></div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> </div> </td> </tr> <tr> <td valign="top" width="125%" colspan="8"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Prior to December 23, 2010 (the “Restructuring Date”), VLI, through its direct subsidiary EULAV Asset Management LLC (“EAM LLC”), provided investment management services to the Value Line Mutual Funds (“Value Line Funds” or the “Funds”), institutions and individual accounts, and, through EAM LLC’s subsidiary EULAV Securities, Inc. (“ESI”), provided distribution, marketing, and administrative services to the Value Line Funds.  On December 23, 2010, the Company deconsolidated the asset management and mutual fund distribution subsidiaries and exchanged its controlling interest in these subsidiaries for a non-voting revenues interest and a non-voting profits interest in EULAV Asset Management Trust, a Delaware business statutory trust (“EAM” or “EAM Trust”), the successor to EAM LLC and the sole member of EULAV Securities LLC (“ES”), the successor to ESI, (the “Restructuring Transaction”).  During fiscal 2011, VLI also recorded as post-employment compensation expense the value of a voting profits interest in EAM granted to one of the trustees of EAM, a former VLI employee.  Pursuant to the EAM Declaration of Trust dated as of December 23, 2010 (the “EAM Trust Agreement”), VLI granted EAM the right to use the Value Line name for all existing Value Line Funds and agreed to supply, without charge or expense, the Value Line Proprietary Ranking System information to EAM for use in managing the Value Line Funds.  The name “Value Line” as used to describe the Company, its products, and its subsidiaries, is a registered trademark of the Company.</font></div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> </div> <div style="height: 0px; width: 0px; display: none;">6155799223l30i71g61jig5436kljg43</div> </td> </tr> <tr> <td align="left" valign="bottom" width="125%" colspan="8"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; font-weight: bold; display: inline;">Use of Estimates:</font></div> </td> </tr> <tr> <td valign="top" width="125%" colspan="8"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results may differ from those estimates.</font></div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> </div> </td> </tr> <tr> <td align="left" valign="bottom" width="125%" colspan="8"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; font-weight: bold; display: inline;">Principles of Consolidation:</font></div> </td> </tr> <tr> <td valign="bottom" width="57%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="14%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="15%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="22%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="10%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> </tr> <tr bgcolor="#ffffff"> <td valign="top" width="125%" colspan="8"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">The Company follows the guidance in the Financial Accounting Standards Board’s (“FASB”) Topic 810 “Consolidation” to determine if it should consolidate its investment in a variable interest entity (“VIE”). A VIE is a legal entity in which either (i) equity investors do not have sufficient equity investment at risk to enable the entity to finance its activities independently or (ii) the equity holders at risk lack the obligation to absorb losses, the right to receive residual returns or the right to make decisions about the entity’s activities that most significantly affect the entity’s economic performance.  A holder of a variable interest in a VIE is required to consolidate the entity if it is determined that it has a controlling financial interest in the VIE and is therefore the primary beneficiary.  The determination of a controlling financial interest in a VIE is based on a qualitative assessment to identify the variable interest holder, if any, that has (i) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance, and (ii) either the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE.  The accounting guidance requires the Company to perform an ongoing assessment of whether the Company is the primary beneficiary of a VIE and the Company has determined it is not the primary beneficiary of a VIE (see Note 5).</font></div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> </div> </td> </tr> <tr> <td valign="top" width="125%" colspan="8"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">In accordance with FASB’s Topic 810, the assets, liabilities, and results of operations of subsidiaries in which the Company has a controlling interest have been consolidated.  All significant intercompany accounts and transactions have been eliminated in consolidation.  On December 23, 2010, the Company completed the Restructuring Transaction and deconsolidated the related affiliates in accordance with FASB’s Topic 810.  As part of the Restructuring Transaction, the Company received a significant non-voting revenues interest (excluding distribution revenues) and a non-voting profits interest in the new entity, EAM.  The Company relied on the guidance in FASB’s ASC Topics 323 and 810 in its determination not to consolidate its investment in EAM and to account for such investment under the equity method of accounting. The Company reports the amount it receives for its non-voting revenues and non-voting profits interests as a separate line item below operating income in the Consolidated  Statements of Income.</font></div> </td> </tr> <tr> <td valign="bottom" width="57%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="14%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="15%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="22%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="10%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> </tr> <tr> <td align="left" valign="bottom" width="125%" colspan="8"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; font-weight: bold; display: inline;">Revenue Recognition:</font></div> </td> </tr> <tr> <td valign="bottom" width="57%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="14%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="15%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="22%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="10%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> </tr> <tr> <td valign="top" width="125%" colspan="8"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Depending upon the product, subscription fulfillment for Value Line periodicals and related publications is available in print or digitally, via internet access.  The length of a subscription varies by product and offer received by the subscriber.  Generally, subscriptions are offered as annual subscriptions.  Subscription revenues, net of discounts, are recognized ratably on a straight line basis when the product is served to the client over the life of the subscription.  Accordingly, the amount of subscription fees to be earned by fulfilling subscriptions after the date of the balance sheets are shown as unearned revenue within current and long term liabilities.</font></div> <div style="text-indent: 0pt; display: block;"> </div> </td> </tr> <tr> <td valign="top" width="125%" colspan="8"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Copyright data revenues are derived from providing certain Value Line trademarks and the Value Line Proprietary Ranking System information to third parties under written agreements for use in selecting securities for third party marketed products, including unit investment trusts, annuities and exchange traded funds (“ETFs”).  The Company earns asset-based copyright data fees as specified in the individual agreements.  Revenue is recognized monthly over the term of the agreement and, because it is asset-based, will fluctuate as the market value of the underlying portfolio increases or decreases in value.</font></div> </td> </tr> </table> <div> </div> <table style="width: 100%; font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0"> <tr> <td valign="top" width="125%" colspan="8"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Prior to the Restructuring Date, the Company earned investment management fees that consisted of management fees from the Value Line Funds and from asset management clients.  Investment management fees for the Funds were earned on a monthly basis as services were performed.  The fees were calculated based on the average daily net assets of the Funds in accordance with each Fund’s advisory agreement (see Note 3 “Related Party Transactions”).</font></div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> </div> </td> </tr> <tr> <td valign="top" width="125%" colspan="8"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">The management fees and average daily net assets for the Value Line Funds are calculated by State Street Bank, which serves as the fund accountant, fund administrator, and custodian of the Value Line Funds.</font></div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> </div> </td> </tr> <tr> <td valign="top" width="125%" colspan="8"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">The Value Line Funds are open-end management companies registered under the Investment Company Act of 1940 (the “1940 Act”).  Shareholder transactions for the Value Line Funds are processed each business day by the third party transfer agent of the Funds.  Shares can be redeemed without advance notice upon request of the shareowners each day that the New York Stock Exchange is open.  Prior to December 1, 2010, EAM LLC, in addition to managing the Value Line Funds, separately managed accounts of institutions and high net worth individuals for which it was paid advisory fees.  EAM had no separately managed accounts as of April 30, 2013 or April 30, 2012.  Assets within the separately managed accounts were held at third party custodians and were subject to the terms of the applicable advisory agreements and did not have any advance notice requirement for withdrawals.</font></div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> </div> </td> </tr> <tr> <td valign="top" width="125%" colspan="8"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Also, prior to the Restructuring Date, service and distribution fees were received from the Value Line Funds in accordance with service and distribution plans under rule 12b-1 of the Investment Company Act of 1940.  These plans are compensation plans, which means that the distributor’s fees under these plans are payable without regard to actual expenses incurred by the distributor, and therefore the distributor may earn a profit under the plan.  Expenses incurred by ESI, the distributor of the Value Line Funds prior to the Restructuring Date, included payments to securities dealers, banks, financial institutions and other organizations that provided distribution, marketing, and administrative services with respect to the Value Line Funds.  Service and distribution fees are received by the distributor on a monthly basis and calculated based upon the average daily net assets of the respective Fund in accordance with each Fund’s prospectus (see Note 3 “Related Party Transactions”).</font></div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> </div> </td> </tr> <tr> <td align="left" valign="bottom" width="125%" colspan="8"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; font-weight: bold; display: inline;">Investment in Unconsolidated Entities:</font></div> </td> </tr> <tr> <td valign="bottom" width="57%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="14%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="15%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="22%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="10%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> </tr> <tr> <td valign="top" width="125%" colspan="8"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">The Company accounts for its investment in its unconsolidated entity, EAM, using the equity method of accounting in accordance with FASB’s ASC 323.  The equity method is an appropriate means of recognizing increases or decreases measured by GAAP in the economic resources underlying the investments.  Under the equity method, an investor recognizes its share of the earnings or losses of an investee in the periods for which they are reported by the investee in its financial statements rather than in the period in which an investee declares a dividend or distribution. An investor adjusts the carrying amount of an investment for its share of the earnings or losses recognized by the investee.</font></div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> </div> </td> </tr> <tr> <td valign="top" width="125%" colspan="8"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">The Company’s “interests” in EAM, the investment adviser to and the sole member of the distributor of the Value Line Funds, consist of a “non-voting revenues interest” and a “non-voting profits interest” in EAM as defined in the EAM Trust Agreement.  The non-voting revenues interest entitles the Company to receive a range of 41% to 55%, based on the amount of EAM’s adjusted gross revenues, excluding ES’s distribution revenues (“Revenues Interest”).  The non-voting profits interest entitles the Company to receive 50% of EAM’s profits, subject to certain limited adjustments as defined in the EAM Trust Agreement (“Profits Interest”).  The Revenues Interest and at least 90% of the Profits Interest are to be distributed each quarter to all interest holders of EAM, including Value Line.  Subsequent to the Restructuring Date, the Company’s Revenues Interest in EAM excludes participation in the service and distribution fees of EAM’s subsidiary ES.  The Company reflects its non-voting revenues and non-voting profits interests in EAM as non-operating income under the equity method of accounting subsequent to the Restructuring Transaction.  Although the Company does not have control over the operating and financial policies of EAM, pursuant to the EAM Trust Agreement, the Company has a contractual right to receive its share of EAM’s revenues and profits.</font></div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> </div> </td> </tr> <tr> <td align="left" valign="bottom" width="125%" colspan="8"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; font-weight: bold; display: inline;">Valuation of Securities:</font></div> </td> </tr> <tr> <td valign="bottom" width="57%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="14%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="15%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="22%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="10%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> </tr> <tr> <td valign="top" width="125%" colspan="8"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">The Company’s securities classified as cash equivalents and available-for-sale consist of shares of money market funds that invest primarily in short-term U.S. Government securities, investments in ETFs, shares of equity securities in various publicly traded companies and bank certificates of deposits and are valued in accordance with the requirements of the Fair Value Measurements Topic of the FASB’s ASC 820.  The securities classified available-for-sale reflected in the Consolidated Balance Sheets are valued at market and unrealized gains and losses, net of applicable taxes, are reported as a separate component of shareholders’ equity. Realized gains and losses on sales of the securities classified as available-for-sale are recorded in earnings as of the trade date and are determined on the identified cost method.</font></div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> </div> </td> </tr> <tr> <td valign="top" width="125%" colspan="8"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">The Company classifies its securities available-for-sale as current assets to properly reflect its liquidity and to recognize the fact that it has liquid assets available-for-sale should the need arise.</font></div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> </div> </td> </tr> <tr> <td valign="top" width="125%" colspan="8"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Market valuations of securities listed on a securities exchange and ETF shares are based on the closing sales prices on the last business day of each month. The market value of the Company’s fixed maturity U.S. Government debt securities is determined utilizing publicly quoted market prices.  Cash equivalents consist of investments in money market funds that invest primarily in U.S. Government securities valued in accordance with rule 2a-7 under the 1940 Act.</font></div> </td> </tr> </table> <div> </div> <table style="width: 100%; font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0"> <tr> <td valign="top" width="125%" colspan="8"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">The Fair Value Measurements Topic of FASB’s ASC defines fair value as the price that the Company would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market for the investment. The  Fair Value Measurements Topic established a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the information that market participants would use in pricing the asset or liability, including assumptions about risk. Risks include those inherent in a particular valuation technique, such as the uncertainty inherent in the variables used by the valuation technique. Inputs are classified as observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the factors market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.</font></div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"></font> </div> </td> </tr> <tr> <td valign="top" width="125%" colspan="8"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">The three-tier hierarchy of inputs is summarized in the three broad levels listed below.</font></div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> </div> </td> </tr> <tr> <td valign="top" width="125%" colspan="8"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Level 1 – quoted prices in active markets for identical investments</font></div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> </div> </td> </tr> <tr> <td valign="top" width="125%" colspan="8"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)</font></div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> </div> </td> </tr> <tr> <td valign="top" width="125%" colspan="8"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Level 3 – significant unobservable inputs (including the Company’s own assumptions in determining the fair value of investments)</font></div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> </div> </td> </tr> <tr> <td valign="top" width="125%" colspan="8"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">The following summarizes the levels of fair value measurements of the Company’s investments:</font></div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> </div> </td> </tr> </table> <div> </div> <div align="left"> <table style="width: 85%; font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0"> <tr> <td valign="middle" width="31%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="middle" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="middle" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="middle" width="12%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="middle" width="12%"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">As of April 30, 2013</font></div> </td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="middle" width="12%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="middle" width="12%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="top" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> </tr> <tr> <td align="left" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="middle" width="33%" colspan="2"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> ($ in thousands)</font></div> </td> <td align="left" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="middle" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="middle" width="12%"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Level 1</font></div> </td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="middle" width="12%"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Level 2</font></div> </td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="middle" width="12%"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Level 3</font></div> </td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="middle" width="12%"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Total</font></div> </td> <td valign="top" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> </tr> <tr> <td align="left" valign="middle" width="33%" colspan="2"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Cash equivalents</font></div> </td> <td valign="middle" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td align="right" valign="middle" width="12%"> <div align="right" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> $                  6,312</font></div> </td> <td align="right" valign="middle" width="12%"> <div align="right" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> $                 -</font></div> </td> <td align="right" valign="middle" width="12%"> <div align="right" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> $                -</font></div> </td> <td align="right" valign="middle" width="12%"> <div align="right" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> $          6,312  </font></div> </td> <td valign="top" width="2%"> </td> </tr> <tr> <td align="left" valign="middle" width="35%" colspan="3"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" valign="middle" width="12%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" valign="middle" width="12%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" valign="middle" width="12%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" valign="middle" width="12%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td valign="top" width="2%"> </td> </tr> <tr> <td align="left" valign="middle" width="35%" colspan="3"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Securities available-for-sale</font></div> </td> <td align="right" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="middle" width="12%"> <div align="right" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">                    6,682</font></div> </td> <td align="right" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="middle" width="12%"> <div align="right" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">                    -</font></div> </td> <td align="right" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="middle" width="12%"> <div align="right" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">                   -</font></div> </td> <td align="right" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="middle" width="12%"> <div align="right" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">            6,682  </font></div> </td> <td valign="top" width="2%"> </td> </tr> <tr> <td valign="middle" width="31%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="middle" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="middle" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td align="right" style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="middle" width="12%"> <div align="right" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> $                12,994</font></div> </td> <td align="right" style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="middle" width="12%"> <div align="right" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> $                 -</font></div> </td> <td align="right" style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="middle" width="12%"> <div align="right" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> $                -</font></div> </td> <td align="right" style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="middle" width="12%"> <div align="right" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> $        12,994  </font></div> </td> <td valign="top" width="2%"> </td> </tr> <tr> <td valign="top" width="31%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="top" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="top" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="top" width="12%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="top" width="12%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="top" width="12%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="top" width="12%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="top" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> </tr> <tr> <td valign="middle" width="31%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="middle" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="middle" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="middle" width="12%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="middle" width="12%"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">As of April 30, 2012</font></div> </td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="middle" width="12%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="middle" width="12%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="top" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> </tr> <tr> <td align="left" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="middle" width="33%" colspan="2"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> ($ in thousands)</font></div> </td> <td align="left" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="middle" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="middle" width="12%"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Level 1</font></div> </td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="middle" width="12%"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Level 2</font></div> </td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="middle" width="12%"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Level 3</font></div> </td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="middle" width="12%"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Total</font></div> </td> <td valign="top" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> </tr> <tr> <td align="left" valign="middle" width="33%" colspan="2"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Cash equivalents</font></div> </td> <td valign="middle" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td align="right" valign="middle" width="12%"> <div align="right" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> $                10,848</font></div> </td> <td align="right" valign="middle" width="12%"> <div align="right" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> $                 -</font></div> </td> <td align="right" valign="middle" width="12%"> <div align="right" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> $                -</font></div> </td> <td align="right" valign="middle" width="12%"> <div align="right" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> $        10,848  </font></div> </td> <td valign="top" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> </tr> <tr> <td align="left" valign="middle" width="35%" colspan="3"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" valign="middle" width="12%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" valign="middle" width="12%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" valign="middle" width="12%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" valign="middle" width="12%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td valign="top" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" valign="middle" width="35%" colspan="3"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Securities available-for-sale</font></div> </td> <td align="right" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="middle" width="12%"> <div align="right" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">                    3,881</font></div> </td> <td align="right" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="middle" width="12%"> <div align="right" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">                    -</font></div> </td> <td align="right" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="middle" width="12%"> <div align="right" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">                   -</font></div> </td> <td align="right" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="middle" width="12%"> <div align="right" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">            3,881  </font></div> </td> <td valign="top" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> </tr> <tr> <td valign="middle" width="31%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="middle" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="middle" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td align="right" style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="middle" width="12%"> <div align="right" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> $                14,729</font></div> </td> <td align="right" style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="middle" width="12%"> <div align="right" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> $                 -</font></div> </td> <td align="right" style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="middle" width="12%"> <div align="right" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> $                -</font></div> </td> <td align="right" style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="middle" width="12%"> <div align="right" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> $        14,729  </font></div> </td> <td valign="top" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> </tr> </table> </div> <div> </div> <table style="width: 100%; font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0"> <tr> <td valign="top" width="125%" colspan="8"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">The Company had no other financial instruments such as futures, forwards and swap contracts. For the periods ended April 30, 2013 and April 30, 2012, there were no Level 2 nor Level 3 investments. The Company does not have any liabilities subject to fair value measurement.</font></div> </td> </tr> <tr> <td valign="bottom" width="57%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="14%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="15%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="22%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="10%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> </tr> <tr> <td align="left" valign="bottom" width="125%" colspan="8"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; font-weight: bold; display: inline;">Advertising expenses:</font></div> </td> </tr> <tr> <td valign="bottom" width="57%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="14%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="15%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="22%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="10%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> </tr> <tr> <td align="left" valign="bottom" width="75%" colspan="4"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">The Company expenses advertising costs as incurred.</font></div> </td> <td valign="bottom" width="15%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="22%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="10%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> </tr> <tr> <td valign="bottom" width="57%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="14%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="15%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="22%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="10%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> </tr> <tr> <td align="left" valign="bottom" width="125%" colspan="8"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; font-weight: bold; display: inline;">Income Taxes:</font></div> </td> </tr> <tr> <td valign="bottom" width="57%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="14%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="15%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="22%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="10%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> </tr> <tr> <td valign="top" width="125%" colspan="8"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">The Company computes its income tax provision in accordance with the Income Tax Topic of the FASB’s ASC.  Deferred tax liabilities and assets are recognized for the expected future tax consequences of events that have been reflected in the Consolidated  Financial Statements. Deferred tax liabilities and assets are determined based on the differences between the book values and the tax bases of particular assets and liabilities, using tax rates currently in effect for the years in which the differences are expected to reverse.</font></div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> </div> </td> </tr> <tr> <td valign="top" width="125%" colspan="8"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">The Income Tax Topic of the FASB’s ASC establishes for all entities, a minimum threshold for financial statement recognition of the benefit of positions taken in filing tax returns (including whether an entity is taxable in a particular jurisdiction), and requires certain expanded tax disclosures.  As of April 30, 2013, management has reviewed the tax positions for the years still subject to tax audit under the statute of limitations, evaluated the implications, and determined that there is no material impact to the Company’s financial statements.</font></div> </td> </tr> </table> <div> </div> <table style="width: 100%; font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0"> <tr> <td align="left" valign="bottom" width="125%" colspan="8"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; font-weight: bold; display: inline;">Earnings per share:</font></div> </td> </tr> <tr> <td valign="bottom" width="57%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="14%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="15%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="22%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="10%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> </tr> <tr> <td valign="top" width="125%" colspan="8"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Earnings per share are based on the weighted average number of shares of common stock and common stock equivalents outstanding during each period. Any shares that are reacquired during the period are weighted for the portion of the period that they are outstanding.  The Company does not have any potentially dilutive common shares from outstanding stock options, warrants, restricted stock, or restricted stock units.</font></div> </td> </tr> <tr> <td valign="bottom" width="57%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="14%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="15%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="22%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="10%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> </tr> <tr> <td align="left" valign="bottom" width="125%" colspan="8"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; font-weight: bold; display: inline;">Cash and Cash Equivalents:</font></div> </td> </tr> <tr> <td valign="bottom" width="57%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="14%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="15%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="22%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="10%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> </tr> <tr bgcolor="#ffffff"> <td valign="top" width="125%" colspan="8"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">For purposes of the Consolidated Statements of Cash Flows, the Company considers all cash held at banks and short term liquid investments with an original maturity of less than three months to be cash and cash equivalents. As of April 30, 2013 and April 30, 2012, cash equivalents included $6,312,000 and $10,848,000, respectively, for amounts invested in savings accounts at large commercial banks, held as bank certificates of deposits, and investments in money market mutual funds that invest in short term U.S. government securities.</font></div> </td> </tr> <tr> <td valign="bottom" width="57%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="14%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="15%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="22%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="10%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> </tr> <tr> <td align="left" valign="bottom" width="125%" colspan="8"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; font-weight: bold; display: inline;">Expenses Related to Restructuring:</font></div> </td> </tr> <tr> <td valign="bottom" width="57%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="14%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="15%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="22%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="10%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> </tr> <tr> <td valign="top" width="125%" colspan="8"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">During fiscal 2011, the Company expensed  all costs associated with the Restructuring Transaction as incurred (see Note 15 “Restructuring Expenses and Provision for Settlement”). In addition, the Company recorded as non-cash post-employment compensation expense the value of the voting profits interest in EAM granted to a former employee.</font></div> </td> </tr> </table>

<div> <table style="width: 100%; font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0"> <tr bgcolor="#ffffff"> <td valign="top" width="125%" colspan="8"> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> </div> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> </div> </td> </tr> <tr> <td align="left" valign="bottom" width="59%" colspan="2"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;">Note 4-Investments:</font></div> </td> <td valign="bottom" width="2%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td> <td valign="bottom" width="14%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td> <td valign="bottom" width="15%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td> <td valign="bottom" width="22%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td> <td valign="bottom" width="10%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td> <td valign="bottom" width="2%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td> </tr> <tr> <td valign="bottom" width="57%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td> <td valign="bottom" width="2%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td> <td valign="bottom" width="2%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td> <td valign="bottom" width="14%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td> <td valign="bottom" width="15%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td> <td valign="bottom" width="22%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td> <td valign="bottom" width="10%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td> <td valign="bottom" width="2%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td> </tr> <tr> <td valign="top" width="125%" colspan="8"> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="font-style: italic; display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;">Securities Available-for-Sale:</font></div> </td> </tr> <tr> <td valign="top" width="125%" colspan="8"> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Investments held by the Company and its subsidiaries are classified as securities available-for-sale in accordance with FASB’s ASC 320, Investments - Debt and Equity Securities.  All of the Company’s securities classified as available-for-sale were readily marketable or had a maturity of twelve months or less and are classified as current assets on the Consolidated Balance Sheets.</font></div> </td> </tr> </table> </div> <div style="text-indent: 0pt; display: block;"> </div> <div> <div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <font style="font-style: italic; display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;">Equity Securities:</font></div> </div> <div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> </div> <div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Equity securities classified as available-for-sale, consist of investments in common stocks, ETFs that attempt to replicate the performance of certain equity indexes, ETFs that attempt to replicate the inverse of the price performance of certain equity indexes and ETFs that hold preferred shares primarily of financial institutions.  As of April 30, 2013 and April 30, 2012, the Company held equity securities consisting primarily of ETFs and select common stock holdings of blue chip companies with a concentration on large capitalization companies with high relative dividend yields, all classified as securities available-for-sale on the Consolidated Balance Sheets.  Additionally, as of April 30, 2013 and April 30, 2012, the Company held non-leveraged ETFs, classified as securities available-for-sale, whose performance inversely corresponds to the market value changes of investments in other ETF securities held in the equity portfolio for dividend yield.</font></div> <div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> </div> <div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">As of April 30, 2013 and April 30, 2012, the aggregate cost of the equity securities classified as available-for-sale, which consist of investments in the iShares Dow Jones Select Dividend Index (DVY), SPDR S&P Dividend (SDY), First Trust Value Line Dividend Index (FVD), PowerShares Financial Preferred (PGF), certain common shares of equity securities and inverse equity index ETFs,  was $6,295,000 and $3,749,000, respectively, and the fair value was $6,682,000 and $3,881,000, respectively.  There were no sales or proceeds from sales of equity securities during the fiscal year ended April 30, 2013.  The increases in gross unrealized gains on equity securities classified as available-for-sale of $255,000, net of deferred  taxes of $89,000, were included in Shareholders<font style="display: inline; font-family: times new roman;">’</font> Equity at April 30, 2013.</font></div> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> </div> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Proceeds from sales of equity securities classified as available-for-sale during the twelve months ended April 30, 2012 were $89,000 and the related capital gains of $11,000 were reclassified from Accumulated Other Comprehensive Income in the Balance Sheet to the Consolidated Statement of Income.  There were no sales or proceeds from sales of equity securities during the fiscal year ended April 30, 2011.  The increases in gross unrealized gains on equity securities classified as available-for-sale due to changes in market conditions of $24,000 and $106,000, net of deferred  taxes of $9,000 and $37,000, respectively, were included in Shareholders’ Equity at April 30, 2012 and 2011, respectively.</font></div> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> </div> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">The carrying value and fair value of securities available-for-sale at April 30, 2013 were as follows:</font></div> </div> </div> </div> </div> <div> <div align="left"> <table style="width: 80%; font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0"> <tr> <td valign="bottom" width="32%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td valign="bottom" width="10%" colspan="2"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td valign="bottom" width="10%" colspan="2"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td valign="bottom" width="10%" colspan="2"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td valign="bottom" width="10%" colspan="2"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> <tr> <td align="left" style="border-bottom: black 2px solid;" valign="bottom" width="32%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">($ in thousands)</font></div> </td> <td style="border-bottom: black 2px solid;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Cost</font></div> </td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Gross</font></div> <div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font: 10pt times new roman;">Unrealized</font></div> <div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font: 10pt times new roman;">Gains</font></div> </td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Gross</font></div> <div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font: 10pt times new roman;">Unrealized</font></div> <div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font: 10pt times new roman;">Losses</font></div> </td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Fair Value</font></div> </td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="32%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Common stocks</font></div> </td> <td align="right" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">103</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">27</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">(16</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;">)</font></td> <td align="right" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">114</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="32%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">ETFs - equities</font></div> </td> <td align="right" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">3,878</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">740</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">-</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">4,618</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="32%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Inverse ETFs - equities</font></div> </td> <td align="right" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">2,314</font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="right" style="border-bottom: black 2px solid;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">-</font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="right" style="border-bottom: black 2px solid;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">(364</font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;">)</font></td> <td align="right" style="border-bottom: black 2px solid;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">1,950</font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> <tr> <td style="padding-bottom: 4px;" valign="bottom" width="32%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td> <td align="right" style="padding-bottom: 4px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="border-bottom: black 4px double; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">6,295</font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="right" style="border-bottom: black 4px double;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="border-bottom: black 4px double; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">767</font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="right" style="border-bottom: black 4px double;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="border-bottom: black 4px double; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">(380</font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;">)</font></td> <td align="right" style="border-bottom: black 4px double;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="border-bottom: black 4px double; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">6,682</font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> <tr bgcolor="#ffffff"> <td valign="bottom" width="32%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> <tr> <td valign="bottom" width="67%" colspan="16"> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">The carrying value and fair value of securities available-for-sale at April 30, 2012 were as follows:</font></div> </td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> <tr> <td valign="bottom" width="32%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> <tr> <td align="left" style="border-bottom: black 2px solid;" valign="bottom" width="32%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">($ in thousands)</font></div> </td> <td style="border-bottom: black 2px solid;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Cost</font></div> </td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Gross</font></div> <div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font: 10pt times new roman;">Unrealized</font></div> <div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font: 10pt times new roman;">Gains</font></div> </td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Gross</font></div> <div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font: 10pt times new roman;">Unrealized</font></div> <div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font: 10pt times new roman;">Losses</font></div> </td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Fair Value</font></div> </td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="32%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Common stocks</font></div> </td> <td align="right" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">103</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">14</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">(5</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;">)</font></td> <td align="right" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">112</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="32%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">ETFs - equities</font></div> </td> <td align="right" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">2,257</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">201</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">(5</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;">)</font></td> <td align="right" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">2,453</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> <tr> <td align="left" style="padding-bottom: 2px;" valign="bottom" width="32%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Inverse ETFs - equities</font></div> </td> <td align="right" style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">1,389</font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="right" style="border-bottom: black 2px solid;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">-</font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="right" style="border-bottom: black 2px solid;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">(73</font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;">)</font></td> <td align="right" style="border-bottom: black 2px solid;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">1,316</font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> <tr> <td style="padding-bottom: 4px;" valign="bottom" width="32%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td> <td align="right" style="padding-bottom: 4px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="border-bottom: black 4px double; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">3,749</font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="right" style="border-bottom: black 4px double;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="border-bottom: black 4px double; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">215</font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="right" style="border-bottom: black 4px double;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="border-bottom: black 4px double; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">(83</font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;">)</font></td> <td align="right" style="border-bottom: black 4px double;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="border-bottom: black 4px double; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">3,881</font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> </table> </div> <div> </div> <div> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="font-style: italic; display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;">Government Debt Securities (Fixed Income Securities):</font></div> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> </div> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Fixed income securities consist of government debt securities issued by the United States federal government.  There were no fixed income securities as of April 30, 2013 or April 30, 2012.</font></div> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> </div> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">During  the twelve months ended April 30, 2012 and April 30, 2011, proceeds from maturities and sales of government debt securities classified as available-for-sale  were $11,196,000 and $38,021,000, respectively.  During fiscal years 2012 and 2011, losses on sales of fixed income securities of $22,000 and $68,000, respectively, were reclassified from Accumulated Other Comprehensive Income in the Consolidated Balance Sheets to the Consolidated Statements of Income.</font></div> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> </div> <strong></strong> </div> </div> </div> </div> <div> <div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Income from securities transactions was comprised of the following:</font></div> </div> </div> <div> </div> <div align="left"> <table style="width: 80%; font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0"> <tr> <td style="padding-bottom: 2px;" valign="bottom" width="44%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td> <td align="left" style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: center;" valign="bottom" width="10%" colspan="10"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font> <font style="display: inline; font-family: times new roman; font-size: 10pt;">Fiscal Years Ended April 30,</font></td> <td style="border-bottom: black 2px solid; text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> <tr> <td align="left" style="border-bottom: black 2px solid;" valign="bottom" width="44%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">($ in thousands)</font></div> </td> <td style="border-bottom: black 2px solid;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">2013</font></div> </td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">2012</font></div> </td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">2011</font></div> </td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> <tr> <td align="left" bgcolor="#ffffff" valign="bottom" width="44%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Dividend income</font></div> </td> <td align="right" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="text-align: right;" bgcolor="#ffffff" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">124</font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="text-align: right;" bgcolor="#ffffff" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">68</font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="text-align: right;" bgcolor="#ffffff" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">16</font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> <tr> <td align="left" bgcolor="#ffffff" valign="bottom" width="44%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Interest income (1)</font></div> </td> <td align="right" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" bgcolor="#ffffff" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">4</font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" bgcolor="#ffffff" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">16</font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" bgcolor="#ffffff" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">118</font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> <tr> <td align="left" bgcolor="#ffffff" valign="bottom" width="44%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Realized and unrealized gains (losses) on securities available-for-sale (2)</font></div> </td> <td align="right" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" bgcolor="#ffffff" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">-</font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" bgcolor="#ffffff" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">(11</font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;">)</font></td> <td align="right" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" bgcolor="#ffffff" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">(63</font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;">)</font></td> </tr> <tr> <td align="left" bgcolor="#ffffff" valign="bottom" width="44%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Interest expense</font></div> </td> <td align="right" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" bgcolor="#ffffff" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">-</font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" bgcolor="#ffffff" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">-</font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" bgcolor="#ffffff" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">(2</font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;">)</font></td> </tr> <tr> <td align="left" style="padding-bottom: 2px;" bgcolor="#ffffff" valign="bottom" width="44%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Other</font></div> </td> <td align="right" style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" bgcolor="#ffffff" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">(2</font></td> <td style="border-bottom: black 2px solid; text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;">)</font></td> <td align="right" style="border-bottom: black 2px solid;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" bgcolor="#ffffff" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">(3</font></td> <td style="border-bottom: black 2px solid; text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;">)</font></td> <td align="right" style="border-bottom: black 2px solid;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" bgcolor="#ffffff" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">(4</font></td> <td style="border-bottom: black 2px solid; text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;">)</font></td> </tr> <tr> <td align="left" style="padding-bottom: 4px;" bgcolor="#ffffff" valign="bottom" width="44%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Total income from securities transactions, net</font></div> </td> <td align="right" style="padding-bottom: 4px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 4px double; text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="border-bottom: black 4px double; text-align: right;" bgcolor="#ffffff" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">126</font></td> <td style="border-bottom: black 4px double; text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="right" style="border-bottom: black 4px double;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 4px double; text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="border-bottom: black 4px double; text-align: right;" bgcolor="#ffffff" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">70</font></td> <td style="border-bottom: black 4px double; text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="right" style="border-bottom: black 4px double;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 4px double; text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="border-bottom: black 4px double; text-align: right;" bgcolor="#ffffff" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">65</font></td> <td style="border-bottom: black 4px double; text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> </table> </div> <div> </div> <div> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">(1) Interest income was recorded net of bond premium amortization of $14,000 during fiscal year 2011.</font></div> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">(2) These amounts were reclassified from Accumulated Other Comprehensive Income in the Consolidated  Balance Sheets to the Consolidated  Statements of Income.</font></div> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> </div> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">The changes in the value of equity and fixed income securities investments are recorded in Other Comprehensive Income in the Consolidated Financial Statements.  Realized gains and losses are recorded on the trade date in the Consolidated Statements of Income when securities are sold, mature or are redeemed.  As of April 30, 2013 and April 30, 2012, gross unrealized gains of $387,000 and $131,000, net of deferred taxes of $136,000 and $46,000, respectively, are recorded in Accumulated Other Comprehensive Income in the Consolidated Balance Sheets.</font></div> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> </div> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="font: 10pt times new roman;"><b><i>Investment in Unconsolidated Entities:</i></b></font> </div> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="font-style: italic; display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;">Equity Method Investment:</font></div> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> </div> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">As of April 30, 2013 and April 30, 2012, the Company’s investment in EAM Trust, on the Consolidated Balance Sheets was $57,511,000 and $56,331,000, respectively.</font></div> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> </div> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">The value of VLI’s investment in EAM at April 30, 2013 and April 30, 2012 reflects the fair value of contributed capital of $55,805,000 at inception, plus $5,820,000 of cash and liquid securities in excess of working capital requirements contributed to EAM’s capital account by VLI, plus VLI’s share of non-voting revenues and non-voting profits from EAM less distributions, made quarterly to VLI by EAM, during the period subsequent to its initial investment through the dates of the Consolidated Balance Sheets.</font></div> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> </div> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">It is anticipated that EAM will have sufficient liquidity and earn enough profit to conduct its current and future operations so the management of EAM will not need additional funding. Although the distributor had historically received, from the Value Line Funds under the compensation plans it had in place with the Funds, amounts in excess of its actual expenditures, in more recent years the distributor has been spending amounts on promotion of the Value Line Funds in excess of the compensation received from the Funds.  Over time, EAM anticipates that its total future expenditures on such promotion will equal or exceed its total future revenues under the Funds’ distribution plans.  However, if that should not occur, EAM has no obligation to reimburse the Value Line Funds.</font></div> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> </div> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">The Company monitors its Investment in EAM Trust for impairment to determine whether an event or change in circumstances has occurred that may have a significant adverse effect on the fair value of the investment.  Impairment indicators include, but are not limited to the following: (a) a significant deterioration in the earnings performance, asset quality, or business prospects of the investee, (b) a significant adverse change in the regulatory, economic, or technological environment of the investee, (c) a significant adverse change in the general market condition of the industry in which the investee operates, or (d) factors that raise significant concerns about the investee’s ability to continue as a going concern such as negative cash flows, working capital deficiencies, or noncompliance with statutory capital and regulatory requirements.  EAM did not record any impairment losses for its assets during the fiscal years 2013 or 2012.</font></div> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> </div>  </div> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">The components of EAM’s investment management operations, provided to the Company by EAM, were as follows:</font></div> </div> </div> </div> </div> </div> </div> </div> </div> </div> </div> <div align="left"> <div> </div> <div align="left"> <table style="width: 90%; font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0"> <tr> <td valign="bottom" width="44%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: center;" valign="bottom" width="34%" colspan="10"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font> <font style="display: inline; font-family: times new roman; font-size: 10pt;">Fiscal Years Ended April 30,</font></td> <td style="border-bottom: black 2px solid; text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> <tr> <td align="left" style="border-bottom: black 2px solid;" valign="bottom" width="44%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">($ in thousands)</font></div> </td> <td style="border-bottom: black 2px solid;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">2013</font></div> </td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">2012</font></div> </td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">2011 (1)</font></div> </td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> <tr bgcolor="#ffffff"> <td align="left" valign="bottom" width="44%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Investment management fees earned from the Value Line Funds, net of waivers shown below</font></div> </td> <td align="right" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">12,773</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">12,465</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">4,592</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> <tr bgcolor="#ffffff"> <td align="left" valign="bottom" width="44%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">12b-1 fees and other fees, net of waivers shown below</font></div> </td> <td align="right" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">3,905</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">3,466</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">1,293</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> <tr bgcolor="#ffffff"> <td align="left" valign="bottom" width="44%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Other income</font></div> </td> <td align="right" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">14</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">12</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">3</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> <tr bgcolor="#ffffff"> <td align="left" valign="bottom" width="44%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Investment management fee waivers and reimbursements (2)</font></div> </td> <td align="right" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">379</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">806</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">303</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> <tr bgcolor="#ffffff"> <td align="left" valign="bottom" width="44%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">12b-1 fee waivers (2)</font></div> </td> <td align="right" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">2,156</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">2,257</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">855</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> <tr bgcolor="#ffffff"> <td align="left" valign="bottom" width="44%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Value Line’s non-voting revenues interest</font></div> </td> <td align="right" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">5,781</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">5,684</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">2,187</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> <tr bgcolor="#ffffff"> <td align="left" valign="bottom" width="44%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">EAM’s net income (3)</font></div> </td> <td align="right" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">945</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">461</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">336</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> </table> </div> </div> <div> </div> <div> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">(1) Total results of EAM’s investment management operations was for the period from December 23, 2010 through April 30, 2011.</font></div> </div> <div> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">(2) During fiscal 2013 investment management fee waivers and reimbursements primarily related to the Value Line Core Bond Fund and the U.S. Government Money Market Fund (<font style="display: inline; font-family: times new roman;">“</font>USGMMF<font style="display: inline; font-family: times new roman;">”</font>) which was merged into a third party fund, the Daily Income Fund, managed by Reich & Tang, effective October 19, 2012.  The 12b-1 fee waivers related to nine of the Value Line Mutual Funds.  In fiscal 2012, investment management fee waivers and reimbursements primarily related to the USGMMF and the 12b-1 fee waivers related to eleven of the Value Line Mutual Funds.</font></div> </div> <div> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">(3) Represents EAM’s net income, after giving effect to Value Line’s non-voting revenues interest, but before distributions to voting profits interest holders and to the Company in respect of its 50% non-voting profits interest.</font></div> </div> <div> </div> <div align="left"> <table style="width: 60%; font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0"> <tr> <td bgcolor="#ffffff" valign="bottom" width="36%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: center;" valign="bottom" width="10%" colspan="6"> <div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Fiscal Years Ended April 30,</font></div> </td> <td style="border-bottom: black 2px solid; text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> <tr> <td align="left" style="border-bottom: black 2px solid;" bgcolor="#ffffff" valign="bottom" width="36%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">($ in thousands)</font></div> </td> <td style="border-bottom: black 2px solid;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">2013</font></div> </td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">2012</font></div> </td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> <tr> <td align="left" bgcolor="#ffffff" valign="bottom" width="36%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">    EAM’s total assets</font></div> </td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="text-align: right;" bgcolor="#ffffff" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">59,349</font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="text-align: right;" bgcolor="#ffffff" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">57,482</font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> <tr> <td align="left" style="padding-bottom: 2px;" bgcolor="#ffffff" valign="bottom" width="36%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">    EAM’s total liabilities (1)</font></div> </td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" bgcolor="#ffffff" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">(2,814</font></td> <td style="border-bottom: black 2px solid; text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;">)</font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" bgcolor="#ffffff" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">(663</font></td> <td style="border-bottom: black 2px solid; text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;">)</font></td> </tr> <tr> <td align="left" style="padding-bottom: 4px;" bgcolor="#ffffff" valign="bottom" width="36%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">    EAM’s total equity</font></div> </td> <td style="padding-bottom: 4px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 4px double; text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="border-bottom: black 4px double; text-align: right;" bgcolor="#ffffff" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">56,535</font></td> <td style="border-bottom: black 4px double; text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 4px double;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 4px double; text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="border-bottom: black 4px double; text-align: right;" bgcolor="#ffffff" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">56,819</font></td> <td style="border-bottom: black 4px double; text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> </table> </div> <div> </div> <div> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">(1) At April 30, 2013, EAM’s total liabilities included a payable to VLI for its accrued non-voting revenues and non-voting profits interests of $1,621,000.</font></div> </div> </div> </div>

<div> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; font-weight: bold; display: inline;">Note 5: Variable Interest Entity</font></div> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> </div><div style='height:0px;width:0px;display:none'>6155799223l30i71g61jig5436kljg43</div> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">The Company retained a  non-voting revenues interest and a 50% non-voting profits interest in EAM, which was formed, as a result of the Restructuring Transaction on December 23, 2010, to carry on the asset management and mutual fund distribution businesses formerly conducted by the Company.  EAM is considered to be a VIE.  The Company makes its determination for consolidation of EAM as a VIE based on a qualitative assessment of the purpose and design of EAM, the terms and characteristics of the variable interests in EAM, and the risks EAM is designed to originate and pass through to holders of variable interests.  Other than EAM, the Company does not have an interest in any other VIEs.</font></div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> </div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">The Company has determined that it does not have a controlling financial interest in EAM because it does not have the power to direct the activities of EAM that most significantly impact its economic performance.  Value Line does not hold any voting stock of EAM and it does not have any involvement in the day-to-day activities or operations of EAM.  Although the EAM Trust Agreement provides Value Line with certain consent rights and contains certain restrictive covenants related to the activities of EAM, these are considered to be protective rights and therefore Value Line does not maintain control over EAM.</font></div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> </div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">In addition, although EAM is expected to be profitable, there is a risk that it could operate at a loss.   While all of the profit interest shareholders in EAM are subject to variability based on EAM’s operations risk, Value Line’s non-voting revenues interest in EAM is a preferred interest in the revenues of EAM, rather than a profits interest in EAM, and Value Line accordingly believes it is subject to proportionately less risk than other holders of the profits interests.</font></div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> </div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">The Company has not provided any explicit or implicit financial or other support to EAM other than what was contractually agreed to in the EAM Trust Agreement.  Value Line has no obligation to fund EAM in the future and, as a result, has no exposure to loss beyond its initial investment and any undistributed revenues and profits interests retained in EAM.  The following table presents the total assets of EAM, the maximum exposure to loss due to involvement with EAM, as well as the value of the assets and liabilities the Company has recorded on its Consolidated Balance Sheets for its interest in EAM.</font></div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> </div> </div> </div> </div> </div> </div> </div> <div align="left"> <table style="width: 90%; font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0"> <tr> <td valign="bottom" width="42%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="10%" colspan="2"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="34%" colspan="10"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Value Line</font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td style="text-align: left; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="42%"> <div style="text-align: left; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">($ in thousands)</font></div> </td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">VIE Assets</font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Investment in<br /> EAM Trust </font></div> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(1)</font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: center; vertical-align: middle; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" width="10%" colspan="2"> <div style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Liabilities</font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Maximum <br /> Exposure to <br /> Loss</font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td style="text-align: left; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt;" valign="bottom" width="42%"> <div style="text-align: left; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">As of April 30, 2013</font></div> </td> <td align="right" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" bgcolor="#ffffff" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">59,349</font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" bgcolor="#ffffff" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">57,511</font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">-</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">57,511</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td style="text-align: left; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt;" valign="bottom" width="42%"> <div style="text-align: left; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">As of April 30, 2012</font></div> </td> <td align="right" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" bgcolor="#ffffff" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">57,482</font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" bgcolor="#ffffff" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">56,331</font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">-</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">56,331</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> </table> </div> <div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(1) Reported within Long Term Assets on Consolidated Balance Sheets.</font></div> </div>

<table style="width: 100%; font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0"> <tr> <td align="left" valign="bottom" width="75%" colspan="4"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; font-weight: bold; display: inline;">Note 2-Supplementary Cash Flow Information:</font></div> </td> <td valign="bottom" width="15%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="22%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="10%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> </tr> </table> <div> </div><div style='height:0px;width:0px;display:none'>6155799223l30i71g61jig5436kljg43</div> <div align="left"> <table style="font: 10pt/normal times new roman; width: 85%; font-size-adjust: none; font-stretch: normal;" cellspacing="0" cellpadding="0"> <tr> <td style="padding-bottom: 2px; vertical-align: bottom; background-color: #ffffff;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td style="vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="vertical-align: bottom; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="10"> <div style="text-align: center; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font: 10pt/normal times new roman; display: inline; font-size-adjust: none; font-stretch: normal;">Fiscal Years Ended April 30,</font></div> </td> <td style="text-align: left; vertical-align: bottom; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; background-color: #ffffff;" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td style="text-align: left; vertical-align: bottom; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> ($ in thousands)</font></div> </td> <td style="vertical-align: bottom; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="vertical-align: bottom; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2013</font></div> </td> <td style="text-align: left; vertical-align: bottom; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="vertical-align: bottom; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="vertical-align: bottom; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2012</font></div> </td> <td style="text-align: left; vertical-align: bottom; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="vertical-align: bottom; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="vertical-align: bottom; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2011</font></div> </td> <td style="text-align: left; vertical-align: bottom; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td style="width: 40%; text-align: left; vertical-align: bottom;"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">State and local income tax payments</font></div> </td> <td style="width: 1%; text-align: left; vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="width: 1%; text-align: left; vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="width: 12%; text-align: right; vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(120</font></td> <td style="width: 1%; text-align: left; vertical-align: bottom;" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;">)</font></td> <td style="width: 1%; text-align: left; vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="width: 1%; text-align: left; vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="width: 12%; text-align: right; vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(159</font></td> <td style="width: 1%; text-align: left; vertical-align: bottom;" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;">)</font></td> <td style="width: 1%; text-align: left; vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="width: 1%; text-align: left; vertical-align: bottom; background-color: #ffffff;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="width: 12%; text-align: right; vertical-align: bottom; background-color: #ffffff;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(15</font></td> <td style="width: 1%; text-align: left; vertical-align: bottom; background-color: #ffffff;" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;">)</font></td> </tr> <tr> <td style="text-align: left; vertical-align: bottom;"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Federal income tax payments to the Parent</font></div> </td> <td style="text-align: left; vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(1,877</font></td> <td style="text-align: left; vertical-align: bottom;" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;">)</font></td> <td style="text-align: left; vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(845</font></td> <td style="text-align: left; vertical-align: bottom;" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;">)</font></td> <td style="text-align: left; vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; vertical-align: bottom; background-color: #ffffff;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; vertical-align: bottom; background-color: #ffffff;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(348</font></td> <td style="text-align: left; vertical-align: bottom; background-color: #ffffff;" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;">)</font></td> </tr> <tr> <td style="text-align: left; vertical-align: bottom;"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Federal income tax refunds from the Parent</font></div> </td> <td style="text-align: left; vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">-</font></td> <td style="text-align: left; vertical-align: bottom;" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">-</font></td> <td style="text-align: left; vertical-align: bottom;" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">1,598</font></td> <td style="text-align: left; vertical-align: bottom;" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td style="vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td style="vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; vertical-align: bottom;" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; vertical-align: bottom;" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; vertical-align: bottom;" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td style="text-align: left; vertical-align: bottom;"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Interest payments</font></div> </td> <td style="text-align: left; vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">-</font></td> <td style="text-align: left; vertical-align: bottom;" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">-</font></td> <td style="text-align: left; vertical-align: bottom;" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(2</font></td> <td style="text-align: left; vertical-align: bottom;" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;">)</font></td> </tr> </table> </div> <div> </div> <table style="width: 100%; font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0"> <tr bgcolor="#ffffff"> <td valign="top" width="125%" colspan="8"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">The Company also received $1,598,000 of federal income tax refunds during the first quarter of fiscal 2011, which was included as prepaid and refundable income taxes in the Consolidated Balance Sheet of April 30, 2010.</font></div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> </div> </td> </tr> <tr> <td valign="top" width="125%" colspan="8"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">On December 23, 2010, the Company completed the Restructuring Transaction which included the receipt of a non-voting revenues interest and a non-voting profits interest in EAM in exchange for VLI’s voting shares in EAM LLC and ESI. This investment, classified as Investment in EAM Trust on the Consolidated Balance Sheets, was valued at $55,805,000 as of December 23, 2010, which included $5,484,000 of cash and $1,516,000 of FDIC insured corporate notes, contributed by VLI to EAM as part of the Restructuring Transaction. The Company satisfied its non-cash post-employment compensation obligation, valued at $1,770,000, by granting a voting profits interest in EAM to a former employee in connection with the Restructuring Transaction.</font></div> </td> </tr> <tr> <td valign="bottom" width="57%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="14%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="15%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="22%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="10%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> </tr> <tr> <td align="left" valign="top" width="125%" colspan="8"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">See Note 3-Related Party Transactions for tax amounts associated with Arnold Bernhard and Co., Inc. (“AB&Co.” or the “Parent”).</font></div> </td> </tr> </table>

<div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; font-weight: bold; display: inline;">Note 8-Employees’ Profit Sharing and Savings Plan:</font></div> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> </div><div style='height:0px;width:0px;display:none'>6155799223l30i71g61jig5436kljg43</div> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Substantially all employees of the Company and its subsidiaries are members of the Value Line, Inc. Profit Sharing and Savings Plan (the “Plan”).  In general, this is a qualified, contributory plan which provides for a discretionary annual Company contribution which is determined by a formula based on the salaries of eligible employees and the amount of consolidated net operating income as defined in the Plan. For the fiscal years ended April 30, 2013, 2012, and 2011, the estimated profit sharing plan contribution, which is included as an expense in salaries and employee benefits in the Consolidated Statements of Income, was $240,000, $447,000 and $500,000, respectively.</font></div> </div>

<div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-weight: bold; display: inline;"><font style="font-family: times new roman; font-size: 10pt; font-weight: bold; display: inline;">Note 12-Comprehensive Income:</font></font></div> </div><div style='height:0px;width:0px;display:none'>6155799223l30i71g61jig5436kljg43</div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-weight: bold; display: inline;"> </font></div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-weight: bold; display: inline;"><font style="font-family: times new roman; font-size: 10pt; font-weight: normal; display: inline;">The FASB’s ASC Comprehensive Income topic requires the reporting of comprehensive income in addition to net income from operations.  Comprehensive income is a more inclusive financial reporting methodology that includes disclosure of certain financial information that otherwise would not be recognized in the calculation of net income.</font></font></div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-weight: bold; display: inline;"> </font></div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-weight: bold; display: inline;"><font style="font-family: times new roman; font-size: 10pt; font-weight: normal; display: inline;">In May 2012, the Company adopted the provisions of Accounting Standards Update 2011-05 to reflect comprehensive income in two statements which include the components of net income and total net income in the first statement, immediately followed by a financial statement that presents the components of other comprehensive income, a total for other comprehensive income and a total for comprehensive income.</font></font></div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-weight: bold; display: inline;"> </font></div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-weight: bold; display: inline;"><font style="font-family: times new roman; font-size: 10pt; font-weight: normal; display: inline;">As of April 30, 2013, and April 30, 2012, the Company held equity securities consisting primarily of ETFs and select common stock holdings of blue chip companies with a concentration on large capitalization companies with high relative dividend yields that are classified as securities available-for-sale on the Consolidated Balance Sheets.  Additionally, as of April 30, 2013, and April 30, 2012, the Company held non-leveraged ETFs, classified as securities available-for-sale, whose performance inversely corresponds to the market value changes of investments in other ETF securities held in the equity portfolio for dividend yield.  The change in valuation of these securities, net of deferred income taxes, has been recorded in accumulated other comprehensive income in the Company’s Consolidated Balance Sheets.</font></font></div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-weight: bold; display: inline;"> </font></div> </div> </div> </div> </div> </div> <div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">The components of comprehensive income that are included in the Consolidated  Statement of Changes in Shareholders’ Equity for the twelve months ending April 30, 2013 are as follows:</font></div> </div> <div align="left"> <div align="left"> <table style="width: 80%; font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0"> <tr> <td valign="bottom" width="80%" colspan="17"> </td> </tr> <tr> <td align="left" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="32%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> ($ in thousands)</font></div> </td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="10%" colspan="2" nowrap="nowrap"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Amount Before Tax</font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Tax Expense</font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Tax Benefit</font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Amount Net of <br /> Tax</font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" style="padding-bottom: 2px;" valign="bottom" width="32%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Change in unrealized gains on securities</font></div> </td> <td align="right" style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">255</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(195</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;">)</font></td> <td align="right" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">106</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">166</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td style="padding-bottom: 4px;" valign="bottom" width="32%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td align="right" style="padding-bottom: 4px;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">255</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(195</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;">)</font></td> <td align="right" style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">106</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">166</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> </table> </div> <div> <div style="text-align: justify; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></div> <div style="text-align: justify; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">The components of comprehensive income that are included in the Consolidated Statement of Changes in Shareholders’ Equity for the twelve months ending April 30, 2012 are as follows:</font></div> </div> <div align="left"> <div align="left"> <table style="width: 80%; font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0"> <tr> <td valign="bottom" width="32%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="32%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> ($ in thousands)</font></div> </td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="10%" colspan="2" nowrap="nowrap"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Amount Before Tax</font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Tax Expense</font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Tax Benefit</font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Amount Net of <br /> Tax</font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="32%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Change in unrealized gains on securities</font></div> </td> <td align="right" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">24</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(33</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;">)</font></td> <td align="right" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">24</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">15</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" style="padding-bottom: 2px;" valign="bottom" width="32%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Add: Losses realized in net income</font></div> </td> <td align="right" style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">11</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(4</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;">)</font></td> <td align="right" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">-</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">7</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td style="padding-bottom: 4px;" valign="bottom" width="32%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td align="right" style="padding-bottom: 4px;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">35</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(37</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;">)</font></td> <td align="right" style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">24</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">22</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> </table> </div> <div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">The components of comprehensive income that are included in the Consolidated Statement of Changes in Shareholders’ Equity for the twelve months ending April 30, 2011 are as follows:</font></div> </div> <div align="left"> <table style="width: 80%; font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0"> <tr> <td valign="bottom" width="32%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="32%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> ($ in thousands)</font></div> </td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="10%" colspan="2" nowrap="nowrap"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Amount Before Tax</font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Tax Expense</font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Tax Benefit</font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Amount Net of <br /> Tax</font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" style="padding-bottom: 2px;" valign="bottom" width="32%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Change in unrealized gains on securities</font></div> </td> <td align="right" style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">32</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(14</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;">)</font></td> <td align="right" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">3</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">21</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" style="padding-bottom: 2px;" valign="bottom" width="32%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Add: Losses realized in net income</font></div> </td> <td align="right" style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">68</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(24</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;">)</font></td> <td align="right" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">-</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">44</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td style="padding-bottom: 4px;" valign="bottom" width="32%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td align="right" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">100</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(38</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;">)</font></td> <td align="right" style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">3</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">65</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> </table> </div> </div> </div> <div> </div> <div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">At April 30, 2011, the Company held both equity and U.S. Government debt securities that are classified as available-for-sale on the Consolidated Balance Sheets.  The change in valuation of these securities, net of deferred income taxes, has been recorded in Accumulated Other Comprehensive Income in the Company’s Consolidated Balance Sheets.</font></div> </div>

<table style="text-transform: none; text-indent: 48px; width: 100%; font-family: 'times new roman'; letter-spacing: normal; font-size: 10pt; word-spacing: 0px; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"> <tr> <td align="left" valign="bottom" width="61%" colspan="3"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: 'times new roman'; font-size: 10pt; font-weight: bold; display: inline; ; font-family: times new roman,times;" size="2">Note 3-Related Party Transactions:</font></div> </td> <td valign="bottom" width="14%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td valign="bottom" width="15%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td valign="bottom" width="22%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td valign="bottom" width="10%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td valign="bottom" width="2%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> </tr> <tr> <td valign="bottom" width="57%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td valign="bottom" width="2%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td valign="bottom" width="2%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td valign="bottom" width="14%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td valign="bottom" width="15%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td valign="bottom" width="22%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td valign="bottom" width="10%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td valign="bottom" width="2%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="61%" colspan="3"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: 'times new roman'; font-size: 10pt; font-style: italic; font-weight: bold; display: inline; ; font-family: times new roman,times;" size="2">Investment Management (overview):</font></div> </td> <td valign="bottom" width="14%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td valign="bottom" width="15%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td valign="bottom" width="22%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td valign="bottom" width="10%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td valign="bottom" width="2%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> </tr> <tr> <td valign="bottom" width="57%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td valign="bottom" width="2%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td valign="bottom" width="2%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td valign="bottom" width="14%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td valign="bottom" width="15%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td valign="bottom" width="22%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td valign="bottom" width="10%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td valign="bottom" width="2%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> </tr> <tr> <td valign="top" width="125%" colspan="8"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2">On December 23, 2010, the Company deconsolidated its asset management and mutual fund distribution businesses and its interest in these businesses was restructured as a non-voting revenues and non-voting profits interests in EAM.  Accordingly, the Company no longer reports this operation as a separate business segment, although it still maintains a significant interest in the cash flows generated by this business and will receive non-voting revenues and non-voting profits interests going forward, as discussed below.</font></div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> </div> </td> </tr> <tr> <td valign="top" width="125%" colspan="8"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2">Total assets in the Value Line Funds managed and/or distributed by EAM at April 30, 2013, were $2.19 billion, which is $73 million or 3.5% above total assets of $2.11 billion in the Value Line Funds managed by EAM at April 30, 2012.</font></div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> </div> </td> </tr> <tr> <td valign="top" width="125%" colspan="8"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> Total assets in the Value Line Funds managed by EAM at April 30, 2012, were $2.11 billion, 5.9% below total assets of $2.24 billion in the Value Line Funds managed by EAM at April 30, 2011.  Overall assets in the Value Line Funds at April 30, 2012, decreased $132 million since April 30, 2011, as a result of net redemptions within the Value Line Funds for the twelve months ended April 30, 2012.</font></div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> </div> </td> </tr> <tr bgcolor="#ffffff"> <td valign="top" width="125%" colspan="8"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2">During December 2011, the Value Line Convertible Fund merged into the Value Line Income and Growth Fund.  The Value Line Convertible Fund had approximately $20 million in assets under management before the merger.  In May 2012, the Value Line New York Tax Exempt Trust ($15 million) combined into the Value Line Tax Exempt Fund ($90 million).  The combination offers many benefits for fund shareholders.</font></div> <div style="text-align: justify; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> </div> </td> </tr> <tr bgcolor="#ffffff"> <td valign="top" width="125%" colspan="8"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2">During October 2012, the USGMMF merged into a third party fund, the Daily Income Fund, managed by Reich & Tang.  EAM distributes the Daily Income Fund on behalf of Reich & Tang and maintains the shareholder accounts on behalf of the Value Line Funds shareholders who invest in the Daily Income Fund, but EAM is no longer subsidizing the expenses of the USGMMF resulting from the low interest rate economic environment.  In addition, the merger of the USGMMF eliminated the cost of administration and fund accounting.</font></div> </td> </tr> </table> <div style="font: 13px/normal 'times new roman'; text-align: justify; color: #000000; text-transform: none; text-indent: 48px; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"> </div> <table style="text-transform: none; text-indent: 48px; width: 100%; font: 10pt 'times new roman'; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-size-adjust: none; font-stretch: normal;" cellspacing="0" cellpadding="0"> <tr bgcolor="#ffffff"> <td style="vertical-align: top;" colspan="8"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2">During December 2012, the Value Line Aggressive Income Trust changed its investment strategy and changed its name to the Value Line Core Bond Fund.  In doing so, the Value Line Funds now have a core bond fund offering that still meets the fundamental investment objectives of the Aggressive Income Trust, which is maximization of current income with a secondary objective of capital appreciation, yet have broader appeal and a larger pool of investors to attract assets. Such assets may include existing shareholders of other Value Line Funds as shareholders redeem equities.</font></div> <div style="text-align: justify; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font: 10pt/normal 'times new roman'; display: inline; ; font-family: times new roman,times;" size="2"> </font></div> </td> </tr> <tr bgcolor="#ffffff"> <td style="vertical-align: top;" colspan="8"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2">During December 2012, the Value Line Emerging Opportunities Fund changed its name to Value Line Small Cap Opportunities Fund.  By changing the name, the strategy of the fund and correct category is clearly defined for investors.</font></div> <div style="text-align: justify; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font: 10pt/normal 'times new roman'; display: inline; ; font-family: times new roman,times;" size="2"> </font></div> </td> </tr> <tr bgcolor="#ffffff"> <td style="vertical-align: top;" colspan="8"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2">During March 2013, the Value Line U.S. Government Securities Fund merged into the Value Line Core Bond Fund.  This created a core bond fund with $100 million in assets, a critical threshold for many institutional money managers.</font></div> <div style="text-align: justify; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font: 10pt/normal 'times new roman'; display: inline; ; font-family: times new roman,times;" size="2"> </font></div> </td> </tr> <tr bgcolor="#ffffff"> <td style="vertical-align: top;" colspan="8"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2">The non-voting revenues and 90% of the Company’s non-voting profits interests due from EAM to the Company are payable each fiscal quarter under the provisions of the EAM Trust Agreement.  The distributable amounts earned through the balance sheet date, which is included in the Investment in EAM Trust on the Consolidated Balance Sheets, and not yet paid, were $1,621,000 and $497,000 at April 30, 2013 and April 30, 2012, respectively.</font></div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> </div> </td> </tr> <tr> <td style="width: 790px; text-align: left; vertical-align: bottom;"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: 'times new roman'; font-size: 10pt; font-style: italic; font-weight: bold; display: inline; ; font-family: times new roman,times;" size="2">EAM Trust - VLI’s non-voting revenues and non-voting profits interests:</font></div> </td> <td style="width: 51px; vertical-align: top; background-color: #ffffff;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td style="width: 51px; vertical-align: top; background-color: #ffffff;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td style="width: 199px; vertical-align: top; background-color: #ffffff;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td style="width: 213px; vertical-align: top; background-color: #ffffff;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td style="width: 161px; vertical-align: top; background-color: #ffffff;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td style="width: 51px; vertical-align: top; background-color: #ffffff;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td style="width: 51px; vertical-align: top; background-color: #ffffff;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> </tr> <tr> <td style="vertical-align: bottom;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td style="vertical-align: top; background-color: #ffffff;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td style="vertical-align: top; background-color: #ffffff;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td style="vertical-align: top; background-color: #ffffff;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td style="vertical-align: top; background-color: #ffffff;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td style="vertical-align: top; background-color: #ffffff;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td style="vertical-align: top; background-color: #ffffff;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td style="vertical-align: top; background-color: #ffffff;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> </tr> <tr bgcolor="#ffffff"> <td style="vertical-align: top;" colspan="8"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2">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.  EAM currently has no separately managed account clients.  During the period from December 23, 2010 until May 28, 2011, EAM occupied a portion of the premises that the Company leases from a third party.  The Company received $44,000 for the month of May, 2011 for rent and certain accounting and other administrative support services provided to EAM during the transitional period.  The Company recorded income from its non-voting revenues interest and its non-voting profits interests in EAM as follows:</font></div> </td> </tr> </table> <div style="font: 13px/normal 'times new roman'; text-align: justify; color: #000000; text-transform: none; text-indent: 48px; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"> </div> <div align="left" style="font: 13px/normal 'times new roman'; color: #000000; text-transform: none; text-indent: 48px; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"> <table style="width: 85%; font-family: 'times new roman'; font-size: 10pt;" cellspacing="0" cellpadding="0"> <tr> <td style="padding-bottom: 2px;" bgcolor="#ffffff" valign="bottom" width="40%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td valign="bottom" width="1%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="13%" colspan="10"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2">Fiscal Years Ended April 30,</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> </tr> <tr> <td align="left" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" bgcolor="#ffffff" valign="bottom" width="40%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> ($ in thousands)</font></div> </td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="13%" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2">2013</font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="13%" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2">2012</font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="13%" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2">2011</font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> </tr> <tr> <td align="left" bgcolor="#ffffff" valign="bottom" width="40%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2">Non-voting revenues interest in EAM</font></div> </td> <td align="right" valign="bottom" width="1%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2">$</font></td> <td style="text-align: right;" valign="bottom" width="12%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2">5,781</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td align="right" valign="bottom" width="1%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2">$</font></td> <td style="text-align: right;" valign="bottom" width="12%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2">5,684</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td align="right" valign="bottom" width="1%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2">$</font></td> <td style="text-align: right;" bgcolor="#ffffff" valign="bottom" width="12%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2">2,187</font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> </tr> <tr> <td align="left" bgcolor="#ffffff" valign="bottom" width="40%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td align="right" valign="bottom" width="1%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td style="text-align: right;" bgcolor="#ffffff" valign="bottom" width="12%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td align="right" valign="bottom" width="1%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td style="text-align: right;" bgcolor="#ffffff" valign="bottom" width="12%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td align="right" valign="bottom" width="1%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td style="text-align: right;" bgcolor="#ffffff" valign="bottom" width="12%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> </tr> <tr> <td align="left" style="padding-bottom: 2px;" bgcolor="#ffffff" valign="bottom" width="40%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2">Non-voting profits interest in EAM</font></div> </td> <td align="right" style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" bgcolor="#ffffff" valign="bottom" width="12%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2">479</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td align="right" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" bgcolor="#ffffff" valign="bottom" width="12%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2">206</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td align="right" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" bgcolor="#ffffff" valign="bottom" width="12%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2">168</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> </tr> <tr> <td align="left" bgcolor="#ffffff" valign="bottom" width="40%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td align="right" valign="bottom" width="1%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" bgcolor="#ffffff" valign="bottom" width="12%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2">6,260</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td align="right" style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" bgcolor="#ffffff" valign="bottom" width="12%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2">5,890</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td align="right" style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" bgcolor="#ffffff" valign="bottom" width="12%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2">2,355</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> </tr> <tr> <td valign="bottom" width="40%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td valign="bottom" width="1%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td style="text-align: right;" valign="bottom" width="12%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td valign="bottom" width="1%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td style="text-align: right;" valign="bottom" width="12%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td valign="bottom" width="1%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td style="text-align: right;" valign="bottom" width="12%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> </tr> </table> </div> <div style="font: 13px/normal 'times new roman'; text-align: justify; color: #000000; text-transform: none; text-indent: 48px; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"> </div> <table style="text-transform: none; text-indent: 48px; width: 100%; font-family: 'times new roman'; letter-spacing: normal; font-size: 10pt; word-spacing: 0px; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"> <tr> <td align="left" valign="bottom" width="57%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: 'times new roman'; font-size: 10pt; font-style: italic; font-weight: bold; display: inline; ; font-family: times new roman,times;" size="2">Transactions with Parent:</font></div> </td> <td bgcolor="#ffffff" valign="top" width="2%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td bgcolor="#ffffff" valign="top" width="2%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td bgcolor="#ffffff" valign="top" width="14%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td bgcolor="#ffffff" valign="top" width="15%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td bgcolor="#ffffff" valign="top" width="22%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td bgcolor="#ffffff" valign="top" width="10%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td bgcolor="#ffffff" valign="top" width="2%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> </tr> <tr> <td valign="bottom" width="57%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td bgcolor="#ffffff" valign="top" width="2%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td bgcolor="#ffffff" valign="top" width="2%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td bgcolor="#ffffff" valign="top" width="14%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td bgcolor="#ffffff" valign="top" width="15%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td bgcolor="#ffffff" valign="top" width="22%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td bgcolor="#ffffff" valign="top" width="10%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td bgcolor="#ffffff" valign="top" width="2%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> </tr> <tr bgcolor="#ffffff"> <td valign="top" width="125%" colspan="8"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2">For the fiscal years ended April 30, 2013, 2012 and 2011, the Company was reimbursed $220,000, $268,000, and $356,000, respectively, for payments it made on behalf of and for services the Company provided to the Parent.  There were no receivables due from the Parent at April 30, 2013 or April 30, 2012.</font></div> <div style="text-align: justify; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font: 10pt/normal 'times new roman'; display: inline; ; font-family: times new roman,times;" size="2"> </font></div> </td> </tr> <tr bgcolor="#ffffff"> <td valign="top" width="125%" colspan="8"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2">The Company is a party to a tax-sharing arrangement with the Parent which allocates the tax liabilities of the two Companies between them.  For the years ended April 30, 2013, 2012, and 2011, the Company made  payments to the Parent for federal income tax amounting to $1,877,000, $845,000, and $348,000, respectively. At April 30, 2013 and April 30, 2012, prepaid and refundable income taxes in the Consolidated Balance Sheets included $0 and $530,000, respectively, for prepaid federal income tax due from the Parent.</font></div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> </div> </td> </tr> <tr bgcolor="#ffffff"> <td valign="top" width="125%" colspan="8"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2">From time to time, the Parent has purchased additional shares of common stock of the Company in the market when and as the Parent has determined it to be appropriate.  The Parent may make additional purchases of common stock of the Company from time to time in the future. As of April 30, 2013, the Parent owned approximately 87.4% of the outstanding shares of common stock of the Company.</font></div> </td> </tr> </table>

<div> <div> <div> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; font-weight: bold; display: inline;">Note 7-Federal, State and Local Income Taxes:</font></div> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> </div> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">In accordance with the requirements of the Income Tax Topic of the FASB’s ASC, the Company’s provision for income taxes includes the following:</font></div> </div> </div> <div> </div> <div align="left"> <table style="width: 70%; font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0"> <tr> <td width="34%" valign="bottom" style="padding-bottom: 2px;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td width="1%" valign="bottom" style="padding-bottom: 2px;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="34%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="10"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Fiscal Years Ended April 30,</font></div> </td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" width="34%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">($ in thousands)</font></div> </td> <td width="1%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="10%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2013</font></div> </td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="10%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2012</font></div> </td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="10%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2011</font></div> </td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" width="34%" valign="bottom"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Current tax expense (benefit):</font></div> </td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="10%" valign="bottom" colspan="2"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="10%" valign="bottom" colspan="2"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="10%" valign="bottom" colspan="2"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" width="34%" valign="bottom"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">    Federal</font></div> </td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td width="9%" valign="bottom" style="text-align: right;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2,679</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td width="9%" valign="bottom" style="text-align: right;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;">139</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td width="9%" valign="bottom" style="text-align: right;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;">356</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" width="34%" valign="bottom" style="padding-bottom: 2px;"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">    State and local</font></div> </td> <td width="1%" valign="bottom" style="padding-bottom: 2px;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;">130</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(54</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;">)</font></td> <td width="1%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(413</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;">)</font></td> </tr> <tr> <td width="34%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2,809</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;">85</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(57</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;">)</font></td> </tr> <tr> <td align="left" width="34%" valign="bottom"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Deferred tax expense:</font></div> </td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" width="34%" valign="bottom"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">    Federal</font></div> </td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;">728</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;">3,785</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;">20,535</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" width="34%" valign="bottom" style="padding-bottom: 2px;"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">    State and local</font></div> </td> <td width="1%" valign="bottom" style="padding-bottom: 2px;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;">350</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;">503</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;">3,203</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td width="34%" valign="bottom" style="padding-bottom: 2px;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td width="1%" valign="bottom" style="padding-bottom: 2px;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">1,078</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">4,288</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">23,738</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" width="34%" valign="bottom" style="padding-bottom: 4px;"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Income tax provision:</font></div> </td> <td align="left" width="1%" valign="bottom" style="padding-bottom: 4px;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td width="9%" valign="bottom" style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">3,887</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" width="1%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td width="9%" valign="bottom" style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">4,373</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" width="1%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td width="9%" valign="bottom" style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">23,681</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> </table> </div> <div> </div> <div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Deferred income taxes are provided for temporary differences between the financial reporting basis and the tax basis of the Company’s assets and liabilities.  The tax effect of temporary differences giving rise to the Company’s deferred tax asset and deferred tax liability are as follows:</font></div> </div> <div> </div> <div align="left"> <table style="width: 70%; font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0"> <tr> <td width="46%" valign="bottom" style="padding-bottom: 2px;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td width="1%" valign="bottom" style="padding-bottom: 2px;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="23%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="7"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">As of April 30,</font></div> </td> </tr> <tr> <td align="left" width="46%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">($ in thousands)</font></div> </td> <td width="1%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="10%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2013</font></div> </td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="10%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2012</font></div> </td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" width="46%" valign="bottom"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Federal tax benefit (liability):</font></div> </td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="10%" valign="bottom" colspan="2"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="10%" valign="bottom" colspan="2"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" width="46%" valign="bottom"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">    Net operating loss</font></div> </td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td width="9%" valign="bottom" style="text-align: right;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;">-</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td width="9%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">126</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" width="46%" valign="bottom"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">    Unrealized gains on securities available-for-sale</font></div> </td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(136</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;">)</font></td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(46</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">)</font></td> </tr> <tr> <td align="left" width="46%" valign="bottom"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">    Operating lease exit obligation</font></div> </td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;">13</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">153</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" width="46%" valign="bottom"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">    Deferred professional fees</font></div> </td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;">49</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">80</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" width="46%" valign="bottom" style="padding-bottom: 2px;"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">    Deferred charges</font></div> </td> <td width="1%" valign="bottom" style="padding-bottom: 2px;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;">265</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">76</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" width="46%" valign="bottom"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Total federal tax benefit</font></div> </td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">191</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">389</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td width="46%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" width="46%" valign="bottom"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">State and local tax benefits:</font></div> </td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" width="46%" valign="bottom"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">    Net operating loss</font></div> </td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;">-</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">15</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" width="46%" valign="bottom" style="padding-bottom: 2px;"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">    Other</font></div> </td> <td width="1%" valign="bottom" style="padding-bottom: 2px;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;">36</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">38</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" width="46%" valign="bottom" style="padding-bottom: 2px;"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Total state and local tax benefits</font></div> </td> <td width="1%" valign="bottom" style="padding-bottom: 2px;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">36</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">53</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" width="46%" valign="bottom" style="padding-bottom: 4px;"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Deferred tax asset, short term</font></div> </td> <td width="1%" valign="bottom" style="padding-bottom: 4px;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td width="9%" valign="bottom" style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">227</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td width="9%" valign="bottom" style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">442</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> </table> </div> </div> <p style="font: 1pt/normal times new roman, times, serif; margin: 0px; font-size-adjust: none; font-stretch: normal;"> </p> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> </div> </div> <div style="text-align: center;"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; font-weight: bold; display: inline;"></font> </div> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> </div> </div> <div align="left"> <table style="width: 70%; font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0"> <tr> <td width="66%" valign="bottom" style="padding-bottom: 2px;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td width="1%" valign="bottom" style="padding-bottom: 2px;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="31%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="6"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">As of April 30,</font></div> </td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" width="66%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> ($ in thousands)</font></div> </td> <td width="1%" valign="bottom" style="padding-bottom: 2px; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="14%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2013</font></div> </td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="padding-bottom: 2px; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="14%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2012</font></div> </td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" width="66%" valign="bottom"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Federal tax liability (benefit):</font></div> </td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="14%" valign="bottom" colspan="2"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="14%" valign="bottom" colspan="2"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" width="66%" valign="bottom"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">   Deferred gain on deconsolidation of EAM</font></div> </td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td width="13%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">17,679</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td width="13%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">17,679</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" width="66%" valign="bottom"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">   Deferred non-cash post-employment compensation</font></div> </td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="13%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(619</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">)</font></td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="13%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(619</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">)</font></td> </tr> <tr> <td align="left" width="66%" valign="bottom" style="padding-left: 0pt; margin-left: 446pt;"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">   Depreciation and amortization</font></div> </td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="13%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">1,642</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="13%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">1,032</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" width="66%" valign="bottom" style="padding-bottom: 2px; padding-left: 0pt; margin-left: 446pt;"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">   Other</font></div> </td> <td width="1%" valign="bottom" style="padding-bottom: 2px;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="13%" valign="bottom" style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">262</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="padding-bottom: 2px; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="13%" valign="bottom" style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">120</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" width="66%" valign="bottom"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Total federal tax liability</font></div> </td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="13%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">18,964</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="13%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">18,212</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td width="66%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="13%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="13%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" width="66%" valign="bottom"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">State and local tax liabilities (benefits):</font></div> </td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="13%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="13%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" width="66%" valign="bottom"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">   Deferred gain on deconsolidation of EAM</font></div> </td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="13%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2,243</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="13%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2,182</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" width="66%" valign="bottom"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">   Deferred non-cash post-employment compensation</font></div> </td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="13%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(79</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">)</font></td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="13%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(76</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">)</font></td> </tr> <tr> <td align="left" width="66%" valign="bottom"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">   Depreciation and amortization</font></div> </td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="13%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">208</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="13%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">127</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" width="66%" valign="bottom" style="padding-bottom: 2px;"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">   Deferred professional fees</font></div> </td> <td width="1%" valign="bottom" style="padding-bottom: 2px;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="13%" valign="bottom" style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(10</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">)</font></td> <td width="1%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="13%" valign="bottom" style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(21</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">)</font></td> </tr> <tr> <td align="left" width="66%" valign="bottom" style="padding-bottom: 2px;"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Total state and local tax liabilities</font></div> </td> <td width="1%" valign="bottom" style="padding-bottom: 2px;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="13%" valign="bottom" style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2,362</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="padding-bottom: 2px; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="13%" valign="bottom" style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2,212</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" width="66%" valign="bottom" style="padding-bottom: 4px;"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Deferred tax liability, long term</font></div> </td> <td width="1%" valign="bottom" style="padding-bottom: 4px;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td width="13%" valign="bottom" style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">21,326</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td width="13%" valign="bottom" style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">20,424</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> </table> </div> <div> </div> <div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">The Company’s net operating loss carryforward from fiscal 2012 of approximately $360,000 was fully utilized during the twelve months ended April 30, 2013.</font></div> <div style="text-align: justify; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font: 10pt/normal times new roman; display: inline; font-size-adjust: none; font-stretch: normal;"> </font></div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">The Company’s net operating loss carryforward of approximately $7.3 million was mostly utilized during the twelve months ended April 30, 2012.  The tax effect of temporary differences giving rise to the Company’s long term deferred tax liability is primarily a result of the federal, state, and local taxes related to the $50,510,000 gain from deconsolidation of the Company’s asset management and mutual fund distribution subsidiaries, partially offset by the long term tax benefit related to the non-cash post-employment compensation of $1,770,000 granted to VLI’s former employee and the tax benefits related to the Company’s exit lease obligation of $914,000 all recognized in fiscal 2011.</font></div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">The Company uses the effective income tax rate determined to provide for income taxes on a year-to-date basis and reflects the tax effect of any tax law changes and certain other discrete events in the period in which they occur.</font></div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> </div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">The overall effective income tax rates, as a percentage of pre-tax ordinary income for the twelve months ended April 30, 2013, 2012 and 2011 were 37.0%, 38.71% and 38.53%, respectively. The annual effective tax rate will change due to a number of factors including but not limited to an increase or decrease in the ratio of items that do not have tax consequences to pre-tax income, the Company’s geographic profit mix between tax jurisdictions, new tax laws, new interpretations of existing tax laws and rulings and settlements with tax authorities.  The fluctuation in the effective income tax rate during fiscal 2013 is attributable to a higher percentage of income subject to state and local taxes offset by the recognition of the domestic production tax credits and an increase in the dividends received deduction during the current fiscal year.  The change in the effective income tax rate in fiscal 2012 is attributable to the alternative minimum tax on the limitation to the Company’s net operating loss carryforward in fiscal years 2012 and 2011, and a slight decrease in state and local tax rate for fiscal 2012 primarily from EAM’s geographical income allocation.</font></div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> </div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">The provision for income taxes differs from the amount of income tax determined by applying the applicable U.S. statutory income tax rate to pretax income as a result of the following:</font></div> </div> </div> </div> </div> </div> <div> </div> <div align="left"> <table style="width: 80%; font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0"> <tr> <td width="44%" valign="bottom" style="padding-bottom: 2px;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td width="1%" valign="bottom" style="padding-bottom: 2px;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="34%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="10"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Fiscal Years Ended April 30,</font></div> </td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td width="44%" valign="bottom" style="padding-bottom: 2px;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td width="1%" valign="bottom" style="padding-bottom: 2px;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="10%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2013</font></div> </td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="10%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2012</font></div> </td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="10%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2011</font></div> </td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" width="44%" valign="bottom"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">U.S. statutory federal rate</font></div> </td> <td align="right" width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">35.00</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">%</font></td> <td align="right" width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">35.00</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">%</font></td> <td align="right" width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">35.00</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">%</font></td> </tr> <tr> <td align="left" width="44%" valign="bottom"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Increase (decrease) in tax rate from:</font></div> </td> <td align="left" width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" width="44%" valign="bottom"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  State and local income taxes, net of federal income tax benefit</font></div> </td> <td align="right" width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2.96</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">%</font></td> <td align="right" width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2.58</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">%</font></td> <td align="right" width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2.95</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">%</font></td> </tr> <tr> <td align="left" width="44%" valign="bottom"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  Effect of dividends received deductions</font></div> </td> <td align="right" width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">-0.27</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">%</font></td> <td align="left" width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">-</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">-</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" width="44%" valign="bottom"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  Alternative minimum tax - net operating loss limitation</font></div> </td> <td align="left" width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">-</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">1.23</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">%</font></td> <td align="right" width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">0.58</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">%</font></td> </tr> <tr> <td align="left" width="44%" valign="bottom"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  Domestic production tax credit</font></div> </td> <td align="right" width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">-0.52</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">%</font></td> <td align="left" width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">-</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">-</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" width="44%" valign="bottom" style="padding-bottom: 2px;"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  Other, net</font></div> </td> <td align="right" width="1%" valign="bottom" style="padding-bottom: 2px;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">-0.17</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">%</font></td> <td align="right" width="1%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">-0.10</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">%</font></td> <td align="left" width="1%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">-</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" width="44%" valign="bottom" style="padding-bottom: 4px;"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Effective income tax rate</font></div> </td> <td align="right" width="1%" valign="bottom" style="padding-bottom: 4px;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">37.00</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">%</font></td> <td align="right" width="1%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">38.71</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">%</font></td> <td align="right" width="1%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">38.53</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">%</font></td> </tr> </table> </div> <div> </div> <div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">The Company believes that, as of April 30, 2013, there were no material uncertain tax positions that would require disclosure under GAAP.</font></div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> </div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">The Company is included in the consolidated federal income tax return of the Parent.  The Company has a tax sharing agreement which requires it to make tax payments to the Parent equal to the Company’s liability/(benefit) as if it filed a separate return. </font></div> <div style="text-align: justify; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> </div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">The Company’s federal income tax returns (included in the Parent’s consolidated returns) and state and city tax returns for fiscal years 2009, 2010, and 2011 are subject to examination by the tax authorities, generally for three years after they were filed with the tax authorities.  In February 2012, the Internal Revenue Service (“IRS”) has concluded its examination of the Company’s federal income tax returns through the fiscal year 2010, which resulted in no changes that had any adverse effect on the Company’s financial statements.  The Company’s tax returns for the fiscal years ended April 30, 2010 and 2011 are being examined by the City of New York.  The Company does not expect the audit examination to have a material effect on its financial statements.</font></font></div> </div> </div>

<div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; font-weight: bold; display: inline;">Note 6-Property and Equipment:</font></div> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> </div><div style='height:0px;width:0px;display:none'>6155799223l30i71g61jig5436kljg43</div> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Property and equipment are carried at cost.  Depreciation and amortization are provided using the straight-line method over the estimated useful lives of the assets, or in the case of leasehold improvements, over the remaining terms of the leases.  For income tax purposes, depreciation of furniture and equipment is computed using accelerated methods and buildings and leasehold improvements are depreciated over prescribed extended tax lives. Property and equipment, net, on the Consolidated Sheets was comprised of the following:</font></div> </div> </div> </div> <div> </div> <div align="left"> <table style="width: 70%; font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0"> <tr> <td style="padding-bottom: 2px;" valign="bottom" width="46%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="22%" colspan="6"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">As of April 30,</font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="46%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">($ in thousands)</font></div> </td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2013</font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2012</font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td valign="bottom" width="46%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td valign="bottom" width="10%" colspan="2"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td valign="bottom" width="10%" colspan="2"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="46%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Land</font></div> </td> <td style="text-align: right;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">726</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">726</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="46%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Building and leasehold improvements</font></div> </td> <td style="text-align: right;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">7,391</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">7,283</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" style="padding-bottom: 2px;" valign="bottom" width="46%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Furniture and equipment</font></div> </td> <td style="text-align: right; padding-bottom: 2px;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">11,180</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">10,955</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td valign="bottom" width="46%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td style="text-align: right;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">19,297</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">18,964</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" style="padding-bottom: 2px;" valign="bottom" width="46%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Accumulated depreciation and amortization</font></div> </td> <td style="text-align: right; padding-bottom: 2px;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(15,367</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;">)</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(15,110</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;">)</font></td> </tr> <tr> <td align="left" style="padding-bottom: 4px;" valign="bottom" width="46%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Total property and equipment, net</font></div> </td> <td style="text-align: right; padding-bottom: 4px;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">3,930</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">3,854</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> </table> </div>

<div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; font-weight: bold; display: inline;">Note 13-Accounting for the Costs of Computer Software Developed for Internal Use:</font></div> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> </div><div style='height:0px;width:0px;display:none'>6155799223l30i71g61jig5436kljg43</div> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">The Company has adopted the provisions of the Statement of Position 98-1 (SOP 98-1), “Accounting for the Costs of Computer Software Developed for Internal Use”.  SOP 98-1 requires companies to capitalize as long-lived assets many of the costs associated with developing or obtaining software for internal use and amortize those costs over the software’s estimated useful life in a systematic and rational manner.</font></div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> </div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">The Company capitalized  $2,457,000 and $3,383,000 related to the development of software for internal use for the twelve months ended April 30, 2013 and 2012, respectively, of which $2,326,000 and $2,153,000 related to development costs for  the digital production software  project and $131,000 and $1,230,000 related to a new fulfillment system, respectively.  Such costs are capitalized and amortized over the expected useful life of the asset which is approximately from 3 to 5 years.  Amortization expense for the years ended April 30, 2013, 2012, and 2011 was $1,295,000, $446,000, and $332,000, respectively.</font></div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> </div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">The new fulfillment system was placed in service on December 1, 2011.  The Company’s refreshed website, Single Sign On (“SSO”) and new e-commerce and website shopping cart were also placed in service during December 2011.  A new institutional sales website ValueLinePro.com was launched by the Company during March 2012.</font></div> </div> </div> </div> </div>

<div> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; font-weight: bold; display: inline;">Note 14 - Treasury Stock and Repurchase Program:</font></div> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> </div><div style='height:0px;width:0px;display:none'>6155799223l30i71g61jig5436kljg43</div> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">On September 19, 2012, the Company’s Board of Directors approved a new share repurchase program, authorizing the repurchase of shares of the Company’s common stock up to an aggregate purchase price of $3,000,000.  The repurchases will be made from time to time on the open market at prevailing market prices, in negotiated transactions off the market, in block purchases or otherwise. The new repurchase program may be suspended or discontinued at any time at the Company’s discretion and has no set expiration date.</font></div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> </div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">On January 20, 2011, the Company’s Board of Directors approved the repurchase of shares of the Company’s common stock, at such times and prices as management determined to be advisable up to an aggregate purchase amount of $3,200,000.  The repurchase program expired on January 15, 2012 and was not renewed by the Company’s Board of Directors.</font></div> </div> </div> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> </div> </div> <div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Treasury stock, at cost, consists of the following:</font></div> </div> <div align="left"> <table style="width: 80%; font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0"> <tr> <td valign="bottom" width="32%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td valign="bottom" width="10%" colspan="2"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td valign="bottom" width="10%" colspan="2"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td valign="bottom" width="10%" colspan="2"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td valign="bottom" width="10%" colspan="2"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="32%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">($ in thousands except for cost per share)</font></div> </td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Shares</font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="10%" colspan="2" nowrap="nowrap"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Total Average<br /> Cost Assigned</font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Average Cost per Share</font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="10%" colspan="2" nowrap="nowrap"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Aggregate Purchase Price<br /> Remaining Under the Program</font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="32%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Balance as of April 30, 2010 (1)</font></div> </td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">18,400</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">354</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">19.24</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">n/a</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="32%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Purchases effected in open market</font></div> </td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">6,719</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">90</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">13.39</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">3,110</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="32%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Balance as of April 30, 2011</font></div> </td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">25,119</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">444</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">17.67</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">3,110</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="32%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Purchases effected in open market</font></div> </td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">78,500</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">946</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">12.05</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2,165</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="32%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Balance as of April 30, 2012 (2)</font></div> </td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">103,619</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">1,390</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">13.41</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">-</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="32%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Purchases effected in open market (3)</font></div> </td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">19,953</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">182</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">9.13</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2,818</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="32%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Balance as of April 30, 2013</font></div> </td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">123,572</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">1,572</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">12.72</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2,818</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> </table> </div> <div> </div> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(1) Were acquired prior to the repurchase program authorized in January 2011.</font></div> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> </div> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(2) Includes 85,219 shares with a total average cost of $1,036,000 that were acquired during the former repurchase program, which was authorized in January 2011 and expired in January 2012.</font></div> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> </div> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(3) Were acquired during the new repurchase program authorized in September 2012.</font></div> </div> </div>

<div> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; font-weight: bold; display: inline;">Note 9-Lease Commitments:</font></div> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> </div> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">On June 4, 1993, the Company entered into a 15 year lease agreement to provide primary office space.  The lease included free rental periods as well as scheduled base rent escalations over the term of the lease.  In April 2007, the Company extended the term for 5 additional years at a market rental rate to May 2013. The total amount of the base rent payments is being charged to expense on the straight-line method over the term of the lease. The Company recorded a deferred charge on its Consolidated Balance Sheets to reflect the excess of annual rental expense over cash payments since inception of the lease.</font></div> </div> </div> </div> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> </div> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">On February 7, 2013, the Company and Citibank, N.A. (the “Sublandlord”) entered into a sublease agreement, pursuant to which Value Line will lease approximately 44,493 square feet of office space located on the ninth floor at 485 Lexington Ave., New York, NY (“Building” or “Premises”) beginning on or about July 1, 2013 and ending on February 27, 2017 (“Sublease”).  Base rent under the Sublease will be $1,468,269 per annum, subject to customary concessions in the Company’s favor and pass-through of certain increases in operating costs and real estate taxes.  The Company provided a security deposit in cash in the amount of $489,423.  This Building will become 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.  The Sublease terms will provide for a significant decrease in the Company’s annual rental expenses.</font></div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> </div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Value Line reached an agreement with its current landlord to extend the term of the current lease for its current corporate office facility, which was due to expire on May 31, 2013, for a period of three and a half months beginning June 1, 2013 and expiring September 15, 2013 (“Lease Modification”) at a rental which approximates the Company’s monthly rent payments under the current lease obligation.</font></div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> </div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Future minimum payments, exclusive of potential increases in real estate taxes and operating cost escalations, under operating leases for office space, with remaining terms of one year or more, are as follows:</font></div> </div> </div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> </div> </div> </div> <div> <div align="center"> <table style="width: 60%; font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0"> <tr> <td align="left" width="41%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font> <font style="font-family: times new roman; font-size: 10pt; display: inline;">Fiscal Years Ending April 30,</font></td> <td width="3%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="10%" nowrap="nowrap" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Current Lease</font></div> </td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="14%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">New Sublease</font></div> </td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="10%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Total</font></div> </td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td width="11%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="30%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td align="left" width="3%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" width="10%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="14%" nowrap="nowrap" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">($ in thousands)</font></div> </td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" width="1%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" width="10%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td width="11%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="30%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td width="3%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="10%" valign="bottom" colspan="2"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="14%" valign="bottom" colspan="2"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="10%" valign="bottom" colspan="2"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" width="11%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" width="30%" valign="bottom"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2014</font></div> </td> <td align="left" width="3%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td width="9%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">1,326</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td width="13%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">490</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td width="9%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">1,816</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" width="11%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" width="30%" valign="bottom"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2015</font></div> </td> <td align="left" width="3%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">-</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="13%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">1,468</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">1,468</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" width="11%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" width="30%" valign="bottom"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2016</font></div> </td> <td align="left" width="3%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">-</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="13%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">1,468</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">1,468</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" width="11%" valign="bottom" style="padding-bottom: 2px;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" width="30%" valign="bottom" style="padding-bottom: 2px;"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2017</font></div> </td> <td align="left" width="3%" valign="bottom" style="padding-bottom: 2px;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">-</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" width="1%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="13%" valign="bottom" style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">1,224</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" width="1%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">1,224</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td width="11%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="30%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td align="left" width="3%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td width="9%" valign="bottom" style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">1,326</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" width="1%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td width="13%" valign="bottom" style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">4,650</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" width="1%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td width="9%" valign="bottom" style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">5,976</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> </table> </div> </div> <div> </div> <div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Rental expense for the years ended April 30, 2013, 2012, and 2011 under the current operating lease covering office space was $2,509,000, $2,509,000, and $3,862,000, respectively.  During fiscal years of 2013 and 2012, office space rental decreased as a result of the classification of a portion of the lease payments as a reduction of the accrued lease exit obligation related to EAM’s relocation in fiscal 2011.  The increase in fiscal 2011 rent expenses was a result of an accrual of $914,000 for operating lease exit costs related to the deconsolidation of EAM from the operating facility of the Company. As of April 30, 2013 and 2012, the remaining lease exit obligation related to EAM’s relocation was  $37,000 and $475,000, respectively.  For the fiscal year ended April 30, 2011, $914,000 of the accrued lease exit obligation related to EAM’s relocation, was included as an expense in office and administration in the Consolidated Statements of Income.</font></div> </div>

<div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; font-weight: bold; display: inline;">Use of Estimates:</font></div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results may differ from those estimates.</font></div><div style='height:0px;width:0px;display:none'>6155799223l30i71g61jig5436kljg43</div>

<div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; font-weight: bold; display: inline;">Principles of Consolidation:</font></div> <div><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font> <font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font> <font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font> <font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font> <font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font> <font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font> <font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font> <font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></div><div style='height:0px;width:0px;display:none'>6155799223l30i71g61jig5436kljg43</div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">The Company follows the guidance in the Financial Accounting Standards Board’s (“FASB”) Topic 810 “Consolidation” to determine if it should consolidate its investment in a variable interest entity (“VIE”). A VIE is a legal entity in which either (i) equity investors do not have sufficient equity investment at risk to enable the entity to finance its activities independently or (ii) the equity holders at risk lack the obligation to absorb losses, the right to receive residual returns or the right to make decisions about the entity’s activities that most significantly affect the entity’s economic performance.  A holder of a variable interest in a VIE is required to consolidate the entity if it is determined that it has a controlling financial interest in the VIE and is therefore the primary beneficiary.  The determination of a controlling financial interest in a VIE is based on a qualitative assessment to identify the variable interest holder, if any, that has (i) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance, and (ii) either the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE.  The accounting guidance requires the Company to perform an ongoing assessment of whether the Company is the primary beneficiary of a VIE and the Company has determined it is not the primary beneficiary of a VIE (see Note 5).</font></div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> </div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">In accordance with FASB’s Topic 810, the assets, liabilities, and results of operations of subsidiaries in which the Company has a controlling interest have been consolidated.  All significant intercompany accounts and transactions have been eliminated in consolidation.  On December 23, 2010, the Company completed the Restructuring Transaction and deconsolidated the related affiliates in accordance with FASB’s Topic 810.  As part of the Restructuring Transaction, the Company received a significant non-voting revenues interest (excluding distribution revenues) and a non-voting profits interest in the new entity, EAM.  The Company relied on the guidance in FASB’s ASC Topics 323 and 810 in its determination not to consolidate its investment in EAM and to account for such investment under the equity method of accounting. The Company reports the amount it receives for its non-voting revenues and non-voting profits interests as a separate line item below operating income in the Consolidated  Statements of Income.</font></div>

<div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; font-weight: bold; display: inline;">Investment in Unconsolidated Entities:</font></div> <div><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font> <font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font> <font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font> <font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font> <font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font> <font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font> <font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font> <font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></div><div style='height:0px;width:0px;display:none'>6155799223l30i71g61jig5436kljg43</div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">The Company accounts for its investment in its unconsolidated entity, EAM, using the equity method of accounting in accordance with FASB’s ASC 323.  The equity method is an appropriate means of recognizing increases or decreases measured by GAAP in the economic resources underlying the investments.  Under the equity method, an investor recognizes its share of the earnings or losses of an investee in the periods for which they are reported by the investee in its financial statements rather than in the period in which an investee declares a dividend or distribution. An investor adjusts the carrying amount of an investment for its share of the earnings or losses recognized by the investee.</font></div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> </div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">The Company’s “interests” in EAM, the investment adviser to and the sole member of the distributor of the Value Line Funds, consist of a “non-voting revenues interest” and a “non-voting profits interest” in EAM as defined in the EAM Trust Agreement.  The non-voting revenues interest entitles the Company to receive a range of 41% to 55%, based on the amount of EAM’s adjusted gross revenues, excluding ES’s distribution revenues (“Revenues Interest”).  The non-voting profits interest entitles the Company to receive 50% of EAM’s profits, subject to certain limited adjustments as defined in the EAM Trust Agreement (“Profits Interest”).  The Revenues Interest and at least 90% of the Profits Interest are to be distributed each quarter to all interest holders of EAM, including Value Line.  Subsequent to the Restructuring Date, the Company’s Revenues Interest in EAM excludes participation in the service and distribution fees of EAM’s subsidiary ES.  The Company reflects its non-voting revenues and non-voting profits interests in EAM as non-operating income under the equity method of accounting subsequent to the Restructuring Transaction.  Although the Company does not have control over the operating and financial policies of EAM, pursuant to the EAM Trust Agreement, the Company has a contractual right to receive its share of EAM’s revenues and profits.</font></div>

<div align="left"> <table style="width: 85%; font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0"> <tr> <td valign="middle" width="31%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="middle" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="middle" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="middle" width="12%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="middle" width="12%"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">As of April 30, 2013</font></div> </td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="middle" width="12%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="middle" width="12%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="top" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> </tr> <tr> <td align="left" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="middle" width="33%" colspan="2"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> ($ in thousands)</font></div><div style='height:0px;width:0px;display:none'>6155799223l30i71g61jig5436kljg43</div> </td> <td align="left" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="middle" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="middle" width="12%"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Level 1</font></div> </td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="middle" width="12%"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Level 2</font></div> </td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="middle" width="12%"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Level 3</font></div> </td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="middle" width="12%"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Total</font></div> </td> <td valign="top" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> </tr> <tr> <td align="left" valign="middle" width="33%" colspan="2"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Cash equivalents</font></div> </td> <td valign="middle" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td align="right" valign="middle" width="12%"> <div align="right" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> $                  6,312</font></div> </td> <td align="right" valign="middle" width="12%"> <div align="right" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> $                 -</font></div> </td> <td align="right" valign="middle" width="12%"> <div align="right" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> $                -</font></div> </td> <td align="right" valign="middle" width="12%"> <div align="right" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> $          6,312  </font></div> </td> <td valign="top" width="2%"> </td> </tr> <tr> <td align="left" valign="middle" width="35%" colspan="3"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" valign="middle" width="12%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" valign="middle" width="12%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" valign="middle" width="12%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" valign="middle" width="12%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td valign="top" width="2%"> </td> </tr> <tr> <td align="left" valign="middle" width="35%" colspan="3"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Securities available-for-sale</font></div> </td> <td align="right" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="middle" width="12%"> <div align="right" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">                    6,682</font></div> </td> <td align="right" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="middle" width="12%"> <div align="right" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">                    -</font></div> </td> <td align="right" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="middle" width="12%"> <div align="right" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">                   -</font></div> </td> <td align="right" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="middle" width="12%"> <div align="right" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">            6,682  </font></div> </td> <td valign="top" width="2%"> </td> </tr> <tr> <td valign="middle" width="31%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="middle" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="middle" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td align="right" style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="middle" width="12%"> <div align="right" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> $                12,994</font></div> </td> <td align="right" style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="middle" width="12%"> <div align="right" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> $                 -</font></div> </td> <td align="right" style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="middle" width="12%"> <div align="right" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> $                -</font></div> </td> <td align="right" style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="middle" width="12%"> <div align="right" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> $        12,994  </font></div> </td> <td valign="top" width="2%"> </td> </tr> <tr> <td valign="top" width="31%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="top" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="top" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="top" width="12%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="top" width="12%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="top" width="12%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="top" width="12%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="top" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> </tr> <tr> <td valign="middle" width="31%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="middle" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="middle" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="middle" width="12%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="middle" width="12%"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">As of April 30, 2012</font></div> </td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="middle" width="12%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="middle" width="12%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="top" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> </tr> <tr> <td align="left" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="middle" width="33%" colspan="2"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> ($ in thousands)</font></div> </td> <td align="left" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="middle" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="middle" width="12%"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Level 1</font></div> </td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="middle" width="12%"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Level 2</font></div> </td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="middle" width="12%"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Level 3</font></div> </td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="middle" width="12%"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Total</font></div> </td> <td valign="top" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> </tr> <tr> <td align="left" valign="middle" width="33%" colspan="2"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Cash equivalents</font></div> </td> <td valign="middle" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td align="right" valign="middle" width="12%"> <div align="right" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> $                10,848</font></div> </td> <td align="right" valign="middle" width="12%"> <div align="right" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> $                 -</font></div> </td> <td align="right" valign="middle" width="12%"> <div align="right" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> $                -</font></div> </td> <td align="right" valign="middle" width="12%"> <div align="right" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> $        10,848  </font></div> </td> <td valign="top" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> </tr> <tr> <td align="left" valign="middle" width="35%" colspan="3"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" valign="middle" width="12%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" valign="middle" width="12%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" valign="middle" width="12%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" valign="middle" width="12%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td valign="top" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" valign="middle" width="35%" colspan="3"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Securities available-for-sale</font></div> </td> <td align="right" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="middle" width="12%"> <div align="right" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">                    3,881</font></div> </td> <td align="right" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="middle" width="12%"> <div align="right" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">                    -</font></div> </td> <td align="right" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="middle" width="12%"> <div align="right" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">                   -</font></div> </td> <td align="right" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="middle" width="12%"> <div align="right" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">            3,881  </font></div> </td> <td valign="top" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> </tr> <tr> <td valign="middle" width="31%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="middle" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="middle" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td align="right" style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="middle" width="12%"> <div align="right" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> $                14,729</font></div> </td> <td align="right" style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="middle" width="12%"> <div align="right" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> $                 -</font></div> </td> <td align="right" style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="middle" width="12%"> <div align="right" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> $                -</font></div> </td> <td align="right" style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="middle" width="12%"> <div align="right" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> $        14,729  </font></div> </td> <td valign="top" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> </tr> </table> </div> <div> </div>

<div style="text-align: left; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> <div style="text-align: left; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"></font> </div> </div> <div style="height: 0px; width: 0px; display: none;">6155799223l30i71g61jig5436kljg43</div> </div> </div> </div> <div> <div align="left"> <table style="width: 80%; font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0"> <tr> <td valign="bottom" width="32%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td valign="bottom" width="10%" colspan="2"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td valign="bottom" width="10%" colspan="2"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td valign="bottom" width="10%" colspan="2"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td valign="bottom" width="10%" colspan="2"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="32%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">($ in thousands)</font></div> </td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Cost</font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Gross</font></div> <div style="text-align: center; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font: 10pt/normal times new roman; display: inline; font-size-adjust: none; font-stretch: normal;">Unrealized</font></div> <div style="text-align: center; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font: 10pt/normal times new roman; display: inline; font-size-adjust: none; font-stretch: normal;">Gains</font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Gross</font></div> <div style="text-align: center; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font: 10pt/normal times new roman; display: inline; font-size-adjust: none; font-stretch: normal;">Unrealized</font></div> <div style="text-align: center; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font: 10pt/normal times new roman; display: inline; font-size-adjust: none; font-stretch: normal;">Losses</font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Fair Value</font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="32%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Common stocks</font></div> </td> <td align="right" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">103</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">27</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(16</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;">)</font></td> <td align="right" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">114</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="32%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">ETFs - equities</font></div> </td> <td align="right" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">3,878</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">740</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">-</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">4,618</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="32%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Inverse ETFs - equities</font></div> </td> <td align="right" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2,314</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">-</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(364</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;">)</font></td> <td align="right" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">1,950</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td style="padding-bottom: 4px;" valign="bottom" width="32%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td align="right" style="padding-bottom: 4px;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">6,295</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">767</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(380</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;">)</font></td> <td align="right" style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">6,682</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr bgcolor="#ffffff"> <td valign="bottom" width="32%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td valign="bottom" width="67%" colspan="16"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"></font> </div> </td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td valign="bottom" width="32%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="32%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">($ in thousands)</font></div> </td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Cost</font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Gross</font></div> <div style="text-align: center; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font: 10pt/normal times new roman; display: inline; font-size-adjust: none; font-stretch: normal;">Unrealized</font></div> <div style="text-align: center; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font: 10pt/normal times new roman; display: inline; font-size-adjust: none; font-stretch: normal;">Gains</font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Gross</font></div> <div style="text-align: center; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font: 10pt/normal times new roman; display: inline; font-size-adjust: none; font-stretch: normal;">Unrealized</font></div> <div style="text-align: center; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font: 10pt/normal times new roman; display: inline; font-size-adjust: none; font-stretch: normal;">Losses</font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Fair Value</font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="32%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Common stocks</font></div> </td> <td align="right" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">103</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">14</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(5</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;">)</font></td> <td align="right" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">112</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="32%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">ETFs - equities</font></div> </td> <td align="right" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2,257</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">201</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(5</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;">)</font></td> <td align="right" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2,453</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" style="padding-bottom: 2px;" valign="bottom" width="32%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Inverse ETFs - equities</font></div> </td> <td align="right" style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">1,389</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">-</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(73</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;">)</font></td> <td align="right" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">1,316</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td style="padding-bottom: 4px;" valign="bottom" width="32%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td align="right" style="padding-bottom: 4px;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">3,749</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">215</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(83</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;">)</font></td> <td align="right" style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">3,881</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> </table> </div> </div>

<div> </div> <div align="left"> <table style="width: 80%; font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0"> <tr> <td style="padding-bottom: 2px;" valign="bottom" width="44%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td> <td align="left" style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: center;" valign="bottom" width="10%" colspan="10"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font> <font style="display: inline; font-family: times new roman; font-size: 10pt;">Fiscal Years Ended April 30,</font></td> <td style="border-bottom: black 2px solid; text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> <tr> <td align="left" style="border-bottom: black 2px solid;" valign="bottom" width="44%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">($ in thousands)</font></div> </td> <td style="border-bottom: black 2px solid;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">2013</font></div> </td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">2012</font></div> </td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">2011</font></div> </td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> <tr> <td align="left" bgcolor="#ffffff" valign="bottom" width="44%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Dividend income</font></div> </td> <td align="right" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="text-align: right;" bgcolor="#ffffff" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">124</font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="text-align: right;" bgcolor="#ffffff" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">68</font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="text-align: right;" bgcolor="#ffffff" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">16</font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> <tr> <td align="left" bgcolor="#ffffff" valign="bottom" width="44%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Interest income (1)</font></div> </td> <td align="right" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" bgcolor="#ffffff" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">4</font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" bgcolor="#ffffff" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">16</font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" bgcolor="#ffffff" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">118</font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> <tr> <td align="left" bgcolor="#ffffff" valign="bottom" width="44%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Realized and unrealized gains (losses) on securities available-for-sale (2)</font></div> </td> <td align="right" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" bgcolor="#ffffff" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">-</font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" bgcolor="#ffffff" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">(11</font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;">)</font></td> <td align="right" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" bgcolor="#ffffff" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">(63</font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;">)</font></td> </tr> <tr> <td align="left" bgcolor="#ffffff" valign="bottom" width="44%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Interest expense</font></div> </td> <td align="right" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" bgcolor="#ffffff" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">-</font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" bgcolor="#ffffff" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">-</font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" bgcolor="#ffffff" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">(2</font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;">)</font></td> </tr> <tr> <td align="left" style="padding-bottom: 2px;" bgcolor="#ffffff" valign="bottom" width="44%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Other</font></div> </td> <td align="right" style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" bgcolor="#ffffff" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">(2</font></td> <td style="border-bottom: black 2px solid; text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;">)</font></td> <td align="right" style="border-bottom: black 2px solid;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" bgcolor="#ffffff" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">(3</font></td> <td style="border-bottom: black 2px solid; text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;">)</font></td> <td align="right" style="border-bottom: black 2px solid;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" bgcolor="#ffffff" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">(4</font></td> <td style="border-bottom: black 2px solid; text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;">)</font></td> </tr> <tr> <td align="left" style="padding-bottom: 4px;" bgcolor="#ffffff" valign="bottom" width="44%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Total income from securities transactions, net</font></div> </td> <td align="right" style="padding-bottom: 4px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 4px double; text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="border-bottom: black 4px double; text-align: right;" bgcolor="#ffffff" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">126</font></td> <td style="border-bottom: black 4px double; text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="right" style="border-bottom: black 4px double;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 4px double; text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="border-bottom: black 4px double; text-align: right;" bgcolor="#ffffff" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">70</font></td> <td style="border-bottom: black 4px double; text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="right" style="border-bottom: black 4px double;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 4px double; text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="border-bottom: black 4px double; text-align: right;" bgcolor="#ffffff" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">65</font></td> <td style="border-bottom: black 4px double; text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> </table> </div> <div> </div> <div> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">(1) Interest income was recorded net of bond premium amortization of $14,000 during fiscal year 2011.</font></div> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">(2) These amounts were reclassified from Accumulated Other Comprehensive Income in the Consolidated  Balance Sheets to the Consolidated  Statements of Income.</font></div> </div> </div>

<div> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> </div> </div><div style='height:0px;width:0px;display:none'>6155799223l30i71g61jig5436kljg43</div> </div> </div> </div> </div> </div> </div> </div> </div> </div> <div align="left"> <div align="left"> <table style="width: 90%; font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0"> <tr> <td valign="bottom" width="44%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="34%" colspan="10"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font> <font style="font-family: times new roman; font-size: 10pt; display: inline;">Fiscal Years Ended April 30,</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="44%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">($ in thousands)</font></div> </td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2013</font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2012</font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2011 (1)</font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr bgcolor="#ffffff"> <td align="left" valign="bottom" width="44%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Investment management fees earned from the Value Line Funds, net of waivers shown below</font></div> </td> <td align="right" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">12,773</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">12,465</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">4,592</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr bgcolor="#ffffff"> <td align="left" valign="bottom" width="44%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">12b-1 fees and other fees, net of waivers shown below</font></div> </td> <td align="right" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">3,905</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">3,466</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">1,293</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr bgcolor="#ffffff"> <td align="left" valign="bottom" width="44%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Other income</font></div> </td> <td align="right" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">14</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">12</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">3</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr bgcolor="#ffffff"> <td align="left" valign="bottom" width="44%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Investment management fee waivers and reimbursements (2)</font></div> </td> <td align="right" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">379</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">806</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">303</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr bgcolor="#ffffff"> <td align="left" valign="bottom" width="44%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">12b-1 fee waivers (2)</font></div> </td> <td align="right" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2,156</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2,257</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">855</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr bgcolor="#ffffff"> <td align="left" valign="bottom" width="44%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Value Line’s non-voting revenues interest</font></div> </td> <td align="right" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">5,781</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">5,684</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2,187</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr bgcolor="#ffffff"> <td align="left" valign="bottom" width="44%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">EAM’s net income (3)</font></div> </td> <td align="right" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">945</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">461</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">336</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> </table> </div> </div> <div> </div> <div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(1) Total results of EAM’s investment management operations was for the period from December 23, 2010 through April 30, 2011.</font></div> </div> <div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(2) During fiscal 2013 investment management fee waivers and reimbursements primarily related to the Value Line Core Bond Fund and the U.S. Government Money Market Fund (<font style="font-family: times new roman; display: inline;">“</font>USGMMF<font style="font-family: times new roman; display: inline;">”</font>) which was merged into a third party fund, the Daily Income Fund, managed by Reich & Tang, effective October 19, 2012.  The 12b-1 fee waivers related to nine of the Value Line Mutual Funds.  In fiscal 2012, investment management fee waivers and reimbursements primarily related to the USGMMF and the 12b-1 fee waivers related to eleven of the Value Line Mutual Funds.</font></div> </div> <div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(3) Represents EAM’s net income, after giving effect to Value Line’s non-voting revenues interest, but before distributions to voting profits interest holders and to the Company in respect of its 50% non-voting profits interest.</font></div> </div>

<div align="left"> <table style="width: 60%; font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0"> <tr> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="10%" colspan="6"> <div style="text-align: center; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Fiscal Years Ended April 30,</font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" bgcolor="#ffffff" valign="bottom" width="36%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">($ in thousands)</font></div><div style='height:0px;width:0px;display:none'>6155799223l30i71g61jig5436kljg43</div> </td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2013</font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2012</font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" bgcolor="#ffffff" valign="bottom" width="36%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">    EAM’s total assets</font></div> </td> <td valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" bgcolor="#ffffff" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">59,349</font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" bgcolor="#ffffff" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">57,482</font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" style="padding-bottom: 2px;" bgcolor="#ffffff" valign="bottom" width="36%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">    EAM’s total liabilities (1)</font></div> </td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" bgcolor="#ffffff" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(2,814</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;">)</font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" bgcolor="#ffffff" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(663</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;">)</font></td> </tr> <tr> <td align="left" style="padding-bottom: 4px;" bgcolor="#ffffff" valign="bottom" width="36%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">    EAM’s total equity</font></div> </td> <td style="padding-bottom: 4px;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" bgcolor="#ffffff" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">56,535</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" bgcolor="#ffffff" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">56,819</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> </table> </div> <div> </div> <div> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(1) At April 30, 2013, EAM’s total liabilities included a payable to VLI for its accrued non-voting revenues and non-voting profits interests of $1,621,000.</font></div> </div>

<div> </div> <div align="left"> <table style="width: 90%; font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0"> <tr> <td valign="bottom" width="42%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="10%" colspan="2"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="34%" colspan="10"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Value Line</font></div><div style='height:0px;width:0px;display:none'>6155799223l30i71g61jig5436kljg43</div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td style="text-align: left; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="42%"> <div style="text-align: left; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">($ in thousands)</font></div> </td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">VIE Assets</font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Investment in<br /> EAM Trust </font></div> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(1)</font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: center; vertical-align: middle; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" width="10%" colspan="2"> <div style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Liabilities</font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Maximum <br /> Exposure to <br /> Loss</font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td style="text-align: left; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt;" valign="bottom" width="42%"> <div style="text-align: left; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">As of April 30, 2013</font></div> </td> <td align="right" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" bgcolor="#ffffff" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">59,349</font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" bgcolor="#ffffff" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">57,511</font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">-</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">57,511</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td style="text-align: left; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt;" valign="bottom" width="42%"> <div style="text-align: left; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">As of April 30, 2012</font></div> </td> <td align="right" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" bgcolor="#ffffff" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">57,482</font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" bgcolor="#ffffff" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">56,331</font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">-</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">56,331</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> </table> </div> <div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(1) Reported within Long Term Assets on Consolidated Balance Sheets.</font></div> </div>

<div> <div> </div> <div align="left"> <table style="font: 10pt/normal times new roman; width: 85%; font-size-adjust: none; font-stretch: normal;" cellspacing="0" cellpadding="0"> <tr> <td style="padding-bottom: 2px; vertical-align: bottom; background-color: #ffffff;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td style="vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="vertical-align: bottom; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="10"> <div style="text-align: center; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font: 10pt/normal times new roman; display: inline; font-size-adjust: none; font-stretch: normal;">Fiscal Years Ended April 30,</font></div><div style='height:0px;width:0px;display:none'>6155799223l30i71g61jig5436kljg43</div> </td> <td style="text-align: left; vertical-align: bottom; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; background-color: #ffffff;" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td style="text-align: left; vertical-align: bottom; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> ($ in thousands)</font></div> </td> <td style="vertical-align: bottom; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="vertical-align: bottom; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2013</font></div> </td> <td style="text-align: left; vertical-align: bottom; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="vertical-align: bottom; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="vertical-align: bottom; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2012</font></div> </td> <td style="text-align: left; vertical-align: bottom; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="vertical-align: bottom; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="vertical-align: bottom; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2011</font></div> </td> <td style="text-align: left; vertical-align: bottom; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td style="width: 40%; text-align: left; vertical-align: bottom;"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">State and local income tax payments</font></div> </td> <td style="width: 1%; text-align: left; vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="width: 1%; text-align: left; vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="width: 12%; text-align: right; vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(120</font></td> <td style="width: 1%; text-align: left; vertical-align: bottom;" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;">)</font></td> <td style="width: 1%; text-align: left; vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="width: 1%; text-align: left; vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="width: 12%; text-align: right; vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(159</font></td> <td style="width: 1%; text-align: left; vertical-align: bottom;" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;">)</font></td> <td style="width: 1%; text-align: left; vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="width: 1%; text-align: left; vertical-align: bottom; background-color: #ffffff;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="width: 12%; text-align: right; vertical-align: bottom; background-color: #ffffff;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(15</font></td> <td style="width: 1%; text-align: left; vertical-align: bottom; background-color: #ffffff;" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;">)</font></td> </tr> <tr> <td style="text-align: left; vertical-align: bottom;"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Federal income tax payments to the Parent</font></div> </td> <td style="text-align: left; vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(1,877</font></td> <td style="text-align: left; vertical-align: bottom;" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;">)</font></td> <td style="text-align: left; vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(845</font></td> <td style="text-align: left; vertical-align: bottom;" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;">)</font></td> <td style="text-align: left; vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; vertical-align: bottom; background-color: #ffffff;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; vertical-align: bottom; background-color: #ffffff;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(348</font></td> <td style="text-align: left; vertical-align: bottom; background-color: #ffffff;" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;">)</font></td> </tr> <tr> <td style="text-align: left; vertical-align: bottom;"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Federal income tax refunds from the Parent</font></div> </td> <td style="text-align: left; vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">-</font></td> <td style="text-align: left; vertical-align: bottom;" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">-</font></td> <td style="text-align: left; vertical-align: bottom;" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">1,598</font></td> <td style="text-align: left; vertical-align: bottom;" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td style="vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td style="vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; vertical-align: bottom;" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; vertical-align: bottom;" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; vertical-align: bottom;" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td style="text-align: left; vertical-align: bottom;"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Interest payments</font></div> </td> <td style="text-align: left; vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">-</font></td> <td style="text-align: left; vertical-align: bottom;" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">-</font></td> <td style="text-align: left; vertical-align: bottom;" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(2</font></td> <td style="text-align: left; vertical-align: bottom;" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;">)</font></td> </tr> </table> </div> <div> </div> </div>

<div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"></font> </div> </div> <div style="height: 0px; width: 0px; display: none;">6155799223l30i71g61jig5436kljg43</div> <div align="left"> <div align="left"> <table style="width: 80%; font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0"> <tr> <td valign="bottom" width="80%" colspan="17"> </td> </tr> <tr> <td align="left" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="32%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> ($ in thousands)</font></div> </td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="10%" colspan="2" nowrap="nowrap"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Amount Before Tax</font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Tax Expense</font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Tax Benefit</font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Amount Net of <br /> Tax</font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" style="padding-bottom: 2px;" valign="bottom" width="32%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Change in unrealized gains on securities</font></div> </td> <td align="right" style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">255</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(195</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;">)</font></td> <td align="right" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">106</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">166</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td style="padding-bottom: 4px;" valign="bottom" width="32%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td align="right" style="padding-bottom: 4px;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">255</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(195</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;">)</font></td> <td align="right" style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">106</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">166</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> </table> </div> <div> <div style="text-align: justify; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></div> <div style="text-align: justify; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"></font> </div> </div> <div align="left"> <div align="left"> <table style="width: 80%; font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0"> <tr> <td valign="bottom" width="32%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="32%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> ($ in thousands)</font></div> </td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="10%" colspan="2" nowrap="nowrap"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Amount Before Tax</font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Tax Expense</font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Tax Benefit</font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Amount Net of <br /> Tax</font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="32%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Change in unrealized gains on securities</font></div> </td> <td align="right" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">24</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(33</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;">)</font></td> <td align="right" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">24</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">15</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" style="padding-bottom: 2px;" valign="bottom" width="32%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Add: Losses realized in net income</font></div> </td> <td align="right" style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">11</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(4</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;">)</font></td> <td align="right" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">-</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">7</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td style="padding-bottom: 4px;" valign="bottom" width="32%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td align="right" style="padding-bottom: 4px;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">35</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(37</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;">)</font></td> <td align="right" style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">24</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">22</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> </table> </div> <div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"></font> </div> </div> <div align="left"> <table style="width: 80%; font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0"> <tr> <td valign="bottom" width="32%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="32%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> ($ in thousands)</font></div> </td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="10%" colspan="2" nowrap="nowrap"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Amount Before Tax</font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Tax Expense</font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Tax Benefit</font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Amount Net of <br /> Tax</font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" style="padding-bottom: 2px;" valign="bottom" width="32%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Change in unrealized gains on securities</font></div> </td> <td align="right" style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">32</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(14</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;">)</font></td> <td align="right" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">3</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">21</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" style="padding-bottom: 2px;" valign="bottom" width="32%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Add: Losses realized in net income</font></div> </td> <td align="right" style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">68</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(24</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;">)</font></td> <td align="right" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">-</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">44</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td style="padding-bottom: 4px;" valign="bottom" width="32%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td align="right" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">100</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(38</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;">)</font></td> <td align="right" style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">3</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">65</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> </table> </div> </div> </div>

<div align="left"> <table style="width: 85%; font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0"> <tr> <td style="padding-bottom: 2px;" bgcolor="#ffffff" valign="bottom" width="40%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="13%" colspan="10"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Fiscal Years Ended April 30,</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" bgcolor="#ffffff" valign="bottom" width="40%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> ($ in thousands)</font></div> </td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="13%" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2013</font></div><div style='height:0px;width:0px;display:none'>6155799223l30i71g61jig5436kljg43</div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="13%" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2012</font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="13%" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2011</font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" bgcolor="#ffffff" valign="bottom" width="40%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Non-voting revenues interest in EAM</font></div> </td> <td align="right" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="12%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">5,781</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="12%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">5,684</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" bgcolor="#ffffff" valign="bottom" width="12%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2,187</font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" bgcolor="#ffffff" valign="bottom" width="40%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" bgcolor="#ffffff" valign="bottom" width="12%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" bgcolor="#ffffff" valign="bottom" width="12%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" bgcolor="#ffffff" valign="bottom" width="12%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" style="padding-bottom: 2px;" bgcolor="#ffffff" valign="bottom" width="40%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Non-voting profits interest in EAM</font></div> </td> <td align="right" style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" bgcolor="#ffffff" valign="bottom" width="12%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">479</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" bgcolor="#ffffff" valign="bottom" width="12%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">206</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" bgcolor="#ffffff" valign="bottom" width="12%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">168</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" bgcolor="#ffffff" valign="bottom" width="40%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td align="right" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" bgcolor="#ffffff" valign="bottom" width="12%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">6,260</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" bgcolor="#ffffff" valign="bottom" width="12%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">5,890</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" bgcolor="#ffffff" valign="bottom" width="12%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2,355</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> </table> </div>

<div> <div> </div> <div> </div> <div align="left"> <table style="width: 70%; font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0"> <tr> <td style="padding-bottom: 2px;" valign="bottom" width="34%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="34%" colspan="10"> <div align="center" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Fiscal Years Ended April 30,</font></div> </td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> <tr> <td align="left" style="border-bottom: black 2px solid;" valign="bottom" width="34%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">($ in thousands)</font></div> </td> <td style="border-bottom: black 2px solid;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">2013</font></div> </td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">2012</font></div> </td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">2011</font></div> </td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="34%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Current tax expense (benefit):</font></div> </td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td valign="bottom" width="10%" colspan="2"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td valign="bottom" width="10%" colspan="2"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td valign="bottom" width="10%" colspan="2"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="34%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">    Federal</font></div> </td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="text-align: right;" bgcolor="#ffffff" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">2,679</font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="text-align: right;" bgcolor="#ffffff" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">139</font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="text-align: right;" bgcolor="#ffffff" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">356</font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> <tr> <td align="left" style="padding-bottom: 2px;" valign="bottom" width="34%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">    State and local</font></div> </td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" bgcolor="#ffffff" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">130</font></td> <td style="border-bottom: black 2px solid; text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" bgcolor="#ffffff" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">(54</font></td> <td style="border-bottom: black 2px solid; text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;">)</font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" bgcolor="#ffffff" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">(413</font></td> <td style="border-bottom: black 2px solid; text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;">)</font></td> </tr> <tr> <td valign="bottom" width="34%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" bgcolor="#ffffff" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">2,809</font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" bgcolor="#ffffff" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">85</font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" bgcolor="#ffffff" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">(57</font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;">)</font></td> </tr> <tr> <td align="left" valign="bottom" width="34%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Deferred tax expense:</font></div> </td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" bgcolor="#ffffff" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" bgcolor="#ffffff" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" bgcolor="#ffffff" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="34%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">    Federal</font></div> </td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" bgcolor="#ffffff" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">728</font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" bgcolor="#ffffff" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">3,785</font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" bgcolor="#ffffff" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">20,535</font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> <tr> <td align="left" style="padding-bottom: 2px;" valign="bottom" width="34%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">    State and local</font></div> </td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" bgcolor="#ffffff" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">350</font></td> <td style="border-bottom: black 2px solid; text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" bgcolor="#ffffff" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">503</font></td> <td style="border-bottom: black 2px solid; text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" bgcolor="#ffffff" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">3,203</font></td> <td style="border-bottom: black 2px solid; text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> <tr> <td style="padding-bottom: 2px;" valign="bottom" width="34%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">1,078</font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">4,288</font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">23,738</font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> <tr> <td align="left" style="padding-bottom: 4px;" valign="bottom" width="34%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Income tax provision:</font></div> </td> <td align="left" style="padding-bottom: 4px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="border-bottom: black 4px double; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">3,887</font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="left" style="border-bottom: black 4px double;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="border-bottom: black 4px double; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">4,373</font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="left" style="border-bottom: black 4px double;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="border-bottom: black 4px double; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">23,681</font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> </table> </div> </div>

<div> <div> </div> <div align="left"> <table style="width: 70%; font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0"> <tr> <td width="46%" valign="bottom" style="padding-bottom: 2px;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td width="1%" valign="bottom" style="padding-bottom: 2px;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="23%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="7"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">As of April 30,</font></div> </td> </tr> <tr> <td align="left" width="46%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">($ in thousands)</font></div> </td> <td width="1%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="10%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2013</font></div> </td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="10%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2012</font></div> </td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" width="46%" valign="bottom"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Federal tax benefit (liability):</font></div> </td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="10%" valign="bottom" colspan="2"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="10%" valign="bottom" colspan="2"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" width="46%" valign="bottom"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">    Net operating loss</font></div> </td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td width="9%" valign="bottom" style="text-align: right;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;">-</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td width="9%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">126</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" width="46%" valign="bottom"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">    Unrealized gains on securities available-for-sale</font></div> </td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(136</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;">)</font></td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(46</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">)</font></td> </tr> <tr> <td align="left" width="46%" valign="bottom"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">    Operating lease exit obligation</font></div> </td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;">13</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">153</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" width="46%" valign="bottom"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">    Deferred professional fees</font></div> </td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;">49</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">80</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" width="46%" valign="bottom" style="padding-bottom: 2px;"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">    Deferred charges</font></div> </td> <td width="1%" valign="bottom" style="padding-bottom: 2px;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;">265</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">76</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" width="46%" valign="bottom"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Total federal tax benefit</font></div> </td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">191</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">389</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td width="46%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" width="46%" valign="bottom"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">State and local tax benefits:</font></div> </td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" width="46%" valign="bottom"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">    Net operating loss</font></div> </td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;">-</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">15</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" width="46%" valign="bottom" style="padding-bottom: 2px;"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">    Other</font></div> </td> <td width="1%" valign="bottom" style="padding-bottom: 2px;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;">36</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">38</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" width="46%" valign="bottom" style="padding-bottom: 2px;"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Total state and local tax benefits</font></div> </td> <td width="1%" valign="bottom" style="padding-bottom: 2px;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">36</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">53</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" width="46%" valign="bottom" style="padding-bottom: 4px;"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Deferred tax asset, short term</font></div> </td> <td width="1%" valign="bottom" style="padding-bottom: 4px;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td width="9%" valign="bottom" style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">227</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td width="9%" valign="bottom" style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">442</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> </table> </div> </div> <div style="text-indent: 0pt; display: block;"> </div> <div style="text-align: center;"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> </div> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> </div> </div> <div align="left"> <table style="width: 70%; font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0"> <tr> <td width="66%" valign="bottom" style="padding-bottom: 2px;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td width="1%" valign="bottom" style="padding-bottom: 2px;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="31%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="6"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">As of April 30,</font></div> </td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" width="66%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> ($ in thousands)</font></div> </td> <td width="1%" valign="bottom" style="padding-bottom: 2px; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="14%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2013</font></div> </td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="padding-bottom: 2px; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="14%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2012</font></div> </td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" width="66%" valign="bottom"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Federal tax liability (benefit):</font></div> </td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="14%" valign="bottom" colspan="2"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="14%" valign="bottom" colspan="2"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" width="66%" valign="bottom"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">   Deferred gain on deconsolidation of EAM</font></div> </td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td width="13%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">17,679</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td width="13%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">17,679</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" width="66%" valign="bottom"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">   Deferred non-cash post-employment compensation</font></div> </td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="13%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(619</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">)</font></td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="13%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(619</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">)</font></td> </tr> <tr> <td align="left" width="66%" valign="bottom" style="padding-left: 0pt; margin-left: 446pt;"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">   Depreciation and amortization</font></div> </td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="13%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">1,642</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="13%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">1,032</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" width="66%" valign="bottom" style="padding-bottom: 2px; padding-left: 0pt; margin-left: 446pt;"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">   Other</font></div> </td> <td width="1%" valign="bottom" style="padding-bottom: 2px;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="13%" valign="bottom" style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">262</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="padding-bottom: 2px; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="13%" valign="bottom" style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">120</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" width="66%" valign="bottom"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Total federal tax liability</font></div> </td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="13%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">18,964</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="13%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">18,212</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td width="66%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="13%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="13%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" width="66%" valign="bottom"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">State and local tax liabilities (benefits):</font></div> </td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="13%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="13%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" width="66%" valign="bottom"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">   Deferred gain on deconsolidation of EAM</font></div> </td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="13%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2,243</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="13%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2,182</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" width="66%" valign="bottom"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">   Deferred non-cash post-employment compensation</font></div> </td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="13%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(79</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">)</font></td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="13%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(76</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">)</font></td> </tr> <tr> <td align="left" width="66%" valign="bottom"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">   Depreciation and amortization</font></div> </td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="13%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">208</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="13%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">127</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" width="66%" valign="bottom" style="padding-bottom: 2px;"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">   Deferred professional fees</font></div> </td> <td width="1%" valign="bottom" style="padding-bottom: 2px;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="13%" valign="bottom" style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(10</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">)</font></td> <td width="1%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="13%" valign="bottom" style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(21</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">)</font></td> </tr> <tr> <td align="left" width="66%" valign="bottom" style="padding-bottom: 2px;"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Total state and local tax liabilities</font></div> </td> <td width="1%" valign="bottom" style="padding-bottom: 2px;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="13%" valign="bottom" style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2,362</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="padding-bottom: 2px; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="13%" valign="bottom" style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2,212</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" width="66%" valign="bottom" style="padding-bottom: 4px;"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Deferred tax liability, long term</font></div> </td> <td width="1%" valign="bottom" style="padding-bottom: 4px;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td width="13%" valign="bottom" style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">21,326</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td width="13%" valign="bottom" style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">20,424</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> </table> </div> <div> </div>

<div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> </div> </div><div style='height:0px;width:0px;display:none'>6155799223l30i71g61jig5436kljg43</div> </div> </div> <div align="left"> <table style="width: 70%; font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0"> <tr> <td style="padding-bottom: 2px;" valign="bottom" width="46%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="22%" colspan="6"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">As of April 30,</font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="46%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">($ in thousands)</font></div> </td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2013</font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2012</font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td valign="bottom" width="46%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td valign="bottom" width="10%" colspan="2"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td valign="bottom" width="10%" colspan="2"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="46%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Land</font></div> </td> <td style="text-align: right;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">726</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">726</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="46%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Building and leasehold improvements</font></div> </td> <td style="text-align: right;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">7,391</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">7,283</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" style="padding-bottom: 2px;" valign="bottom" width="46%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Furniture and equipment</font></div> </td> <td style="text-align: right; padding-bottom: 2px;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">11,180</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">10,955</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td valign="bottom" width="46%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td style="text-align: right;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">19,297</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">18,964</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" style="padding-bottom: 2px;" valign="bottom" width="46%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Accumulated depreciation and amortization</font></div> </td> <td style="text-align: right; padding-bottom: 2px;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(15,367</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;">)</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(15,110</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;">)</font></td> </tr> <tr> <td align="left" style="padding-bottom: 4px;" valign="bottom" width="46%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Total property and equipment, net</font></div> </td> <td style="text-align: right; padding-bottom: 4px;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">3,930</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">3,854</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> </table> </div>

<div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"></font> </div> </div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> </div> <div> <div align="center"> <table style="width: 60%; font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0"> <tr> <td align="left" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="41%" colspan="2"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font> <font style="font-family: times new roman; font-size: 10pt; display: inline;">Fiscal Years Ended April 30,</font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="3%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="10%" colspan="2" nowrap="nowrap"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Current Lease</font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="14%" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">New Sublease</font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Total</font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td valign="bottom" width="11%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td valign="bottom" width="30%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" valign="bottom" width="3%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="10%" colspan="2"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="14%" colspan="2" nowrap="nowrap"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">($ in thousands)</font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="10%" colspan="2"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td valign="bottom" width="11%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td valign="bottom" width="30%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td valign="bottom" width="3%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td valign="bottom" width="10%" colspan="2"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td valign="bottom" width="14%" colspan="2"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td valign="bottom" width="10%" colspan="2"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="11%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" valign="bottom" width="30%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2014</font></div> </td> <td align="left" valign="bottom" width="3%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">1,326</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="13%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">490</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">1,816</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="11%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" valign="bottom" width="30%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2015</font></div> </td> <td align="left" valign="bottom" width="3%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">-</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="13%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">1,468</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">1,468</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="11%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" valign="bottom" width="30%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2016</font></div> </td> <td align="left" valign="bottom" width="3%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">-</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="13%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">1,468</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">1,468</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" style="padding-bottom: 2px;" valign="bottom" width="11%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" style="padding-bottom: 2px;" valign="bottom" width="30%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2017</font></div> </td> <td align="left" style="padding-bottom: 2px;" valign="bottom" width="3%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">-</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="13%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">1,224</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">1,224</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td valign="bottom" width="11%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td valign="bottom" width="30%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" valign="bottom" width="3%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">1,326</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="13%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">4,650</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">5,976</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> </table> </div> </div>

10848000

6312000

3881000

112000

2453000

3881000

1316000

6682000

114000

4618000

6682000

1950000

14729000

12994000

0.55 0.41 0.50 0.50 0.90

3749000

103000

2257000

1389000

6295000

103000

3878000

2314000

215000

14000

201000

767000

27000

740000

83000

5000

73000

380000

16000

364000

16000

68000

124000

118000

16000

4000

4000 3000 2000

4592000

12465000

12773000

1293000

3466000

3905000

3000

12000

14000

855000 2257000 2156000

100000

35000

255000

37000 9000 46000 89000 136000 55805000 55805000 5820000 5820000

57482000

59349000

56331000

57511000

-15000 -159000 -120000 -348000 348000 -845000 845000 -1877000 1877000

500000

447000

240000

32000

24000

255000

14000

33000

195000

3000 24000 106000

21000

15000

166000

-68000

-11000

24000

4000

38000

37000

195000

3000 24000 106000

2240000000

20000000

2110000000

20000000

15000000

90000000

100000000

2190000000

497000 1621000 44000

356000

268000

220000

0.8740

356000

139000

2679000

-413000

-54000

130000

-57000

85000

2809000

20535000

3785000

728000

3203000

503000

350000

126000

15000

46000

136000

153000 13000 80000 49000 76000 265000

38000

36000

-17679000 -2182000 50510000 -17679000 -2243000 -619000 -76000 1770000 -619000 -79000 -1032000 -127000 -1642000 -208000

120000

262000

0.35

0.0295

0.0258

0.0296

-0.0027

-0.0052

-0.0010

-0.0017

0.3853

0.3871

0.37

7300000 360000

726000

7283000

7391000

10955000

11180000

18964000

19297000

15110000

15367000

3383000

2457000

2153000 2326000 1230000 131000

P3Y

P5Y

332000

446000

1295000

13.39

12.05

9.13

3110000

2165000

2818000

3200000

3000000

1816000

1326000

490000

1468000

1224000

5976000

1326000

4650000

P15Y P5Y 44493 1468269

489423

3862000

2509000

1767000

10693000

3764000

50510000

<div> <div> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;">Note 10-Business Segments:</font></div> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> </div> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Prior to December 23, 2010, (the Restructuring Transaction date), the Company operated two reportable business segments: (1) Publishing and (2) Investment Management. The Publishing segment, the Company’s only reportable segment subsequent to the Restructuring Transaction date, produces investment periodicals and related publications (retail and institutional) in both print and electronic form, and includes copyright data fees for the Value Line Proprietary Ranking System information and other proprietary information. The Investment Management segment provided advisory services to the Value Line Funds, as well as institutional and individual accounts. The segments were differentiated by the products and services they offered. The accounting policies of the segments are the same as those described in the summary of significant accounting policies.</font></div> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> </div> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">As more fully described in Note 1 - Organization and Summary of Significant Accounting Policies, the Company deconsolidated its investment management business on December 23, 2010 and therefore no longer reports the investment management operation as a separate business unit.  Although VLI continues to receive significant cash flows from these operations through its non-controlling investment in EAM, it no longer considers this to be a reportable business segment due to its lack of control over the operating and financial policies of EAM.  Accordingly, the Investment Management segment reflects activity only through the date of the Restructuring Transaction.</font></div> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> </div> <strong></strong> </div> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Disclosure of reportable segment information for the twelve months ended April 30, 2011 was as follows:</font></div> </div> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> </div> </div> </div> </div> </div> <div align="left"> <table style="width: 70%; font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0"> <tr> <td align="left" style="border-bottom: black 2px solid;" valign="bottom" width="34%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">($ in thousands)</font></div> </td> <td style="border-bottom: black 2px solid;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Publishing</font></div> </td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Investment Management</font></div> </td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Consolidated Total</font></div> </td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="34%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Revenues from external customers</font></div> </td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">37,974</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">10,693</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">48,667</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="34%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Intersegment revenues</font></div> </td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">7</font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="right" style="border-bottom: black 2px solid;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">-</font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="left" style="border-bottom: black 2px solid;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">7</font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="34%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Total revenues for reportable segments</font></div> </td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">37,981</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">10,693</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">48,674</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="34%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Elimination of intersegment revenues</font></div> </td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">(7</font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;">)</font></td> <td align="left" style="border-bottom: black 2px solid;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">-</font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="left" style="border-bottom: black 2px solid;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">(7</font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;">)</font></td> </tr> <tr> <td align="left" valign="bottom" width="34%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Total consolidated revenues</font></div> </td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">37,974</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">10,693</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">48,667</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> <tr> <td valign="bottom" width="34%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> <tr> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="text-align: left; vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;"> </td> <td style="text-align: left; vertical-align: bottom;" nowrap="nowrap"> </td> <td style="vertical-align: bottom;"> </td> <td style="text-align: left; vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;"> </td> <td style="text-align: left; vertical-align: bottom;" nowrap="nowrap"> </td> <td style="vertical-align: bottom;"> </td> <td style="text-align: left; vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;"> </td> <td style="text-align: left; vertical-align: bottom;" nowrap="nowrap"> </td> </tr> <tr> <td align="left" valign="bottom" width="34%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Depreciation and amortization</font></div> </td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">579</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">14</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">593</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> <tr> <td style="text-align: left; vertical-align: bottom;">Depreciation related to corporate assets</td> <td style="text-align: left; vertical-align: bottom;"> </td> <td style="text-align: left; vertical-align: bottom;">$</td> <td style="text-align: right; vertical-align: bottom;">(3</td> <td style="text-align: left; vertical-align: bottom;" nowrap="nowrap">)</td> <td style="text-align: left; vertical-align: bottom;"> </td> <td style="text-align: left; vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;">-</td> <td style="text-align: left; vertical-align: bottom;" nowrap="nowrap"> </td> <td style="text-align: left; vertical-align: bottom;"> </td> <td style="text-align: left; vertical-align: bottom;">$</td> <td style="text-align: right; vertical-align: bottom;">(3</td> <td style="text-align: left; vertical-align: bottom;" nowrap="nowrap">)</td> </tr> <tr> <td valign="bottom" width="34%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="34%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Gain from deconsolidation of subsidiaries (1)</font></div> </td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">-</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">50,510</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">50,510</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="34%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Income from securities transactions</font></div> </td> <td align="right" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">-</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">6</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">6</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="34%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Segment profit (loss) from operations (2)</font></div> </td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">8,984</font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="left" style="border-bottom: black 2px solid;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">(448</font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;">)</font></td> <td align="left" style="border-bottom: black 2px solid;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">8,536</font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="34%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Profit for reportable segments</font></div> </td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">8,984</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">50,068</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">59,052</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> <tr> <td valign="bottom" width="34%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="34%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Revenues and profits interests in EAM Trust</font></div> </td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">2,355</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="45%" colspan="4"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Income from securities transactions related to corporate assets</font></div> </td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">59</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> <tr> <td align="left" style="padding-bottom: 2px;" valign="bottom" width="34%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Depreciation related to corporate assets</font></div> </td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right; padding-bottom: 2px;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right; padding-bottom: 2px;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="left" style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">(3</font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;">)</font></td> </tr> <tr> <td align="left" style="padding-bottom: 4px;" valign="bottom" width="34%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Income before income taxes</font></div> </td> <td style="padding-bottom: 4px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left; padding-bottom: 4px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right; padding-bottom: 4px;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left; padding-bottom: 4px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="padding-bottom: 4px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left; padding-bottom: 4px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right; padding-bottom: 4px;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left; padding-bottom: 4px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="left" style="padding-bottom: 4px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="border-bottom: black 4px double; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">61,463</font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> <tr> <td valign="bottom" width="34%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> </table> </div> <div> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">(1) Represents the gain of $50,510,000 from deconsolidation of the asset management and Value Line Mutual Fund Distribution subsidiaries.</font></div> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> </div> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">(2) Included in the Investment Management business segment in fiscal 2011 are expenses of $3,764,000 related to the Company’s restructure of its Investment Management business segment, $914,000 of expenses related to its exit lease obligation for the office space previously occupied by EAM LLC, and non-cash post-employment  compensation expense of $1,770,000  related to the value of the voting profits interest in EAM granted by VLI to a former employee of the Company who is presently the CEO of EAM.  Fiscal 2011 Investment Management segment expenses included the reversal of $1,767,000 of previously recorded expenses associated with the Provision for Settlement due to a change in estimated costs to administer the Fair Fund.</font></div> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> </div> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">As of April 30, 2011, additional reportable segment information was as follows:</font></div> </div> </div> </div> <div> </div> <div align="left"> <table style="width: 70%; font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0"> <tr> <td align="left" style="border-bottom: black 2px solid;" valign="bottom" width="46%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">($ in thousands)</font></div> </td> <td style="border-bottom: black 2px solid;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Assets</font></div> </td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Expenditures<br />for Segment<br />Assets</font></div> </td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="46%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Publishing</font></div> </td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">11,827</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">1,897</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="46%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Investment Management</font></div> </td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">-</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">10</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> <tr> <td align="left" style="padding-bottom: 2px;" valign="bottom" width="46%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Corporate assets</font></div> </td> <td align="left" style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">75,976</font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="left" style="border-bottom: black 2px solid;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">-</font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="46%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  Consolidated total</font></div> </td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="border-bottom: black 4px double; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">87,803</font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="left" style="border-bottom: black 4px double;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="border-bottom: black 4px double; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">1,907</font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> </table> </div> </div>

<div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; font-weight: bold; display: inline;">Note 11-Disclosure of Credit Risk of Financial Instruments with Off-Balance Sheet Risk:</font></div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> </div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-weight: bold; display: inline;"><font style="font-family: times new roman; font-size: 10pt; font-weight: normal; display: inline;">Other than EAM and the Value Line Funds as explained in Note 3-Related Party Transactions, no single customer accounted for a significant portion of the Company’s sales in fiscal 2013, 2012, or 2011, nor its accounts receivable as of April 30, 2013 or 2012.</font></font></div> </div><div style='height:0px;width:0px;display:none'>6155799223l30i71g61jig5436kljg43</div>

914000

13000

1770000

89000

27310000

<div> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> </div> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> </div> </div> </div> </div> </div> <div align="left"> <table style="width: 70%; font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0"> <tr> <td align="left" style="border-bottom: black 2px solid;" valign="bottom" width="34%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">($ in thousands)</font></div> </td> <td style="border-bottom: black 2px solid;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Publishing</font></div> </td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Investment Management</font></div> </td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Consolidated Total</font></div> </td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="34%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Revenues from external customers</font></div> </td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">37,974</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">10,693</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">48,667</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="34%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Intersegment revenues</font></div> </td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">7</font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="right" style="border-bottom: black 2px solid;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">-</font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="left" style="border-bottom: black 2px solid;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">7</font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="34%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Total revenues for reportable segments</font></div> </td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">37,981</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">10,693</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">48,674</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="34%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Elimination of intersegment revenues</font></div> </td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">(7</font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;">)</font></td> <td align="left" style="border-bottom: black 2px solid;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">-</font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="left" style="border-bottom: black 2px solid;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">(7</font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;">)</font></td> </tr> <tr> <td align="left" valign="bottom" width="34%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Total consolidated revenues</font></div> </td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">37,974</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">10,693</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">48,667</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> <tr> <td valign="bottom" width="34%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> <tr> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="text-align: left; vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;"> </td> <td style="text-align: left; vertical-align: bottom;" nowrap="nowrap"> </td> <td style="vertical-align: bottom;"> </td> <td style="text-align: left; vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;"> </td> <td style="text-align: left; vertical-align: bottom;" nowrap="nowrap"> </td> <td style="vertical-align: bottom;"> </td> <td style="text-align: left; vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;"> </td> <td style="text-align: left; vertical-align: bottom;" nowrap="nowrap"> </td> </tr> <tr> <td align="left" valign="bottom" width="34%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Depreciation and amortization</font></div> </td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">579</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">14</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">593</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> <tr> <td style="text-align: left; vertical-align: bottom;">Depreciation related to corporate assets</td> <td style="text-align: left; vertical-align: bottom;"> </td> <td style="text-align: left; vertical-align: bottom;">$</td> <td style="text-align: right; vertical-align: bottom;">(3</td> <td style="text-align: left; vertical-align: bottom;" nowrap="nowrap">)</td> <td style="text-align: left; vertical-align: bottom;"> </td> <td style="text-align: left; vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;">-</td> <td style="text-align: left; vertical-align: bottom;" nowrap="nowrap"> </td> <td style="text-align: left; vertical-align: bottom;"> </td> <td style="text-align: left; vertical-align: bottom;">$</td> <td style="text-align: right; vertical-align: bottom;">(3</td> <td style="text-align: left; vertical-align: bottom;" nowrap="nowrap">)</td> </tr> <tr> <td valign="bottom" width="34%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="34%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Gain from deconsolidation of subsidiaries (1)</font></div> </td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">-</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">50,510</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">50,510</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="34%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Income from securities transactions</font></div> </td> <td align="right" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">-</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">6</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">6</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="34%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Segment profit (loss) from operations (2)</font></div> </td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">8,984</font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="left" style="border-bottom: black 2px solid;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">(448</font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;">)</font></td> <td align="left" style="border-bottom: black 2px solid;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">8,536</font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="34%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Profit for reportable segments</font></div> </td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">8,984</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">50,068</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">59,052</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> <tr> <td valign="bottom" width="34%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="34%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Revenues and profits interests in EAM Trust</font></div> </td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">2,355</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="45%" colspan="4"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Income from securities transactions related to corporate assets</font></div> </td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">59</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> <tr> <td align="left" style="padding-bottom: 2px;" valign="bottom" width="34%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Depreciation related to corporate assets</font></div> </td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right; padding-bottom: 2px;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right; padding-bottom: 2px;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="left" style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">(3</font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;">)</font></td> </tr> <tr> <td align="left" style="padding-bottom: 4px;" valign="bottom" width="34%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Income before income taxes</font></div> </td> <td style="padding-bottom: 4px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left; padding-bottom: 4px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right; padding-bottom: 4px;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left; padding-bottom: 4px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="padding-bottom: 4px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left; padding-bottom: 4px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right; padding-bottom: 4px;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left; padding-bottom: 4px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="left" style="padding-bottom: 4px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="border-bottom: black 4px double; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">61,463</font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> <tr> <td valign="bottom" width="34%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> </table> </div> <div> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">(1) Represents the gain of $50,510,000 from deconsolidation of the asset management and Value Line Mutual Fund Distribution subsidiaries.</font></div> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> </div> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">(2) Included in the Investment Management business segment in fiscal 2011 are expenses of $3,764,000 related to the Company’s restructure of its Investment Management business segment, $914,000 of expenses related to its exit lease obligation for the office space previously occupied by EAM LLC, and non-cash post-employment  compensation expense of $1,770,000  related to the value of the voting profits interest in EAM granted by VLI to a former employee of the Company who is presently the CEO of EAM.  Fiscal 2011 Investment Management segment expenses included the reversal of $1,767,000 of previously recorded expenses associated with the Provision for Settlement due to a change in estimated costs to administer the Fair Fund.</font></div> </div> </div>

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<div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; font-weight: bold; display: inline;">Note 15- Restructuring Expenses and Provision for Settlement:</font></div> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> </div> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">In fiscal 2011, expenses for professional fees including the cost of the proxy solicitation for the Value Line Funds, of $3,764,000 were associated with the Restructuring Transaction that was completed on December 23, 2010. The Company’s policy was to expense those costs as incurred.</font></div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> </div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">In November 2009, the Company concluded a negotiated settlement with the SEC as a result of an investigation into former brokerage practices (the “Settlement”).  To comply with the SEC order, the Company during fiscal 2011 disassociated itself from the former Investment Adviser and broker-dealer operations in the previously defined Restructuring Transaction.</font></div><div style='height:0px;width:0px;display:none'>6155799223l30i71g61jig5436kljg43</div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> </div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">As required by the Settlement, the SEC created a “Fair Fund” pursuant to Section 308(a) of the Sarbanes-Oxley Act of 2002.  The Fair Fund is being used to reimburse shareholders who owned shares in the affected Value Line Funds in the period covered by the Settlement.  The Company is required to bear all costs associated with the Fair Fund administration, including compensating a third party consultant appointed by the SEC to administer the Fair Fund distribution.  The SEC has appointed A.B. Data, Ltd., which has no affiliation with the Company, as the Administrator of the Fair Fund.  During fiscal 2011, the Company reduced its estimate of the remaining costs of administration of the Fair Fund and other costs associated with the Settlement by $1,767,000.   The provision for settlement included anticipated costs of Fair Fund administration as well as certain fees and costs arising from the Settlement and the Restructuring Transaction.  During fiscal 2013, 2012 and 2011, the Company made payments to the Administrator of the Fair Fund aggregating $32,000, $1,189,000 and $2,783,000, respectively.  The Company believes that the outstanding provision for settlement in the amount of $243,000 reflected as a liability in the Consolidated Balance Sheet at April 30, 2013, is sufficient to meet the remaining obligations of the Fair Fund administration.</font></div> </div> </div> </div>

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Reported within Long Term Assets on Consolidated Balance Sheets. Total results of EAM's investment management operations was for the period from December 23, 2010 through April 30, 2011. Represents EAM's net income, after giving effect to Value Line's non-voting revenues interest, but before distributions to voting profits interest holders and to the Company in respect of its 50% non-voting profits interest. These amounts were reclassified from Accumulated Other Comprehensive Income in the Consolidated Balance Sheets to the Consolidated Statements of Income. Were acquired during the new repurchase program authorized in September 2012. Interest income was recorded net of bond premium amortization of $14,000 during fiscal year 2011. During fiscal 2013 investment management fee waivers and reimbursements primarily related to the Value Line Core Bond Fund and the U.S. Government Money Market Fund ("USGMMF") which was merged into a third party fund, the Daily Income Fund, managed by Reich & Tang, effective October 19, 2012. The 12b-1 fee waivers related to nine of the Value Line Mutual Funds. In fiscal 2012, investment management fee waivers and reimbursements primarily related to the USGMMF and the 12b-1 fee waivers related to eleven of the Value Line Mutual Funds. Represents the gain of $50,510,000 from deconsolidation of the asset management and Value Line Mutual Fund Distribution subsidiaries. Included in the Investment Management business segment in fiscal 2011 are expenses of $3,764,000 related to the Company's restructure of its Investment Management business segment, $914,000 of expenses related to its exit lease obligation for the office space previously occupied by EAM LLC, and non-cash post-employment compensation expense of $1,770,000 related to the value of the voting profits interest in EAM granted by VLI to a former employee of the Company who is presently the CEO of EAM. Fiscal 2011 Investment Management segment expenses included the reversal of $1,767,000 of previously recorded expenses associated with the Provision for Settlement due to a change in estimated costs to administer the Fair Fund. At April 30, 2013, EAM's total liabilities included a payable to VLI for its accrued non-voting revenues and non-voting profits interests of $1,621,000. Were acquired prior to the repurchase program authorized in January 2011. Includes 85,219 shares with a total average cost of $1,036,000 that were acquired during the former repurchase program, which was authorized in January 2011 and expired in January 2012. Includes 85,219 shares with a total average cost of $1,036,000 that were acquired during the former repurchase program, which was authorized in January 2011 and expired in January 2012. Includes 85,219 shares with a total average cost of $1,036,000 that were acquired during the former repurchase program, which was authorized in January 2011 and expired in January 2012. Includes 85,219 shares with a total average cost of $1,036,000 that were acquired during the former repurchase program, which was authorized in January 2011 and expired in January 2012.

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It also includes carrying amount due within one year of the balance sheet date (or one operating cycle, if longer) from tax authorities as of the balance sheet date representing refunds of overpayments or recoveries based on agreed-upon resolutions of disputes. Prepaid Expense and Other Assets, Current Prepaid expenses and other current assets Prepaid expenses and other current assets Deferred Tax Assets, Net Of Valuation Allowance, Current Total federal, state and local tax benefits Deferred income taxes Total federal tax benefit Deferred Tax Assets, Net, Current, Beginning Balance Deferred Tax Assets, Net, Current, Ending Balance Assets, Current Total current assets Total current assets Assets, Noncurrent [Abstract] Long term assets: Equity Method Investments Fair value of VLI's non-voting EAM Trust investment at restructuring date Investment in EAM Trust Investment in EAM Trust Property, Plant and Equipment, Net Property and equipment, net Total property and equipment, net Property, Plant and Equipment, Net, Beginning Balance Property, Plant and Equipment, Net, Ending Balance Capitalized Computer Software, Net Capitalized software and other intangible assets, net Assets, Noncurrent Total long term assets Total long term assets Total Assets Total assets EAM's total assets Total assets EAM's total assets Liabilities and Equity [Abstract] Liabilities and Shareholders' Equity Liabilities, Current [Abstract] Current Liabilities: Accounts Payable and Accrued Liabilities, Current Accounts payable and accrued liabilities Accounts payable and accrued liabilities Accrued Salaries, Current Accrued salaries Dividends Payable, Current Dividends payable Accrued Income Taxes, Current Accrued taxes on income Deferred Revenue, Current Unearned revenue Deferred Revenue, Current, Total Liabilities, Current Total current liabilities Total current liabilities Liabilities, Noncurrent [Abstract] Long term liabilities: Deferred Revenue, Noncurrent Unearned revenue Deferred Revenue, Noncurrent, Total Deferred Tax Liabilities, Noncurrent Deferred tax liability, long-term Deferred income taxes Total federal, state and local tax liabilities Liabilities, Noncurrent Total long term liabilities Total long term liabilities Total Liabilities Total liabilities EAM's total liabilities (1) Total liabilities EAM's total liabilities (1) Stockholders Equity Attributable To Parent [Abstract] Shareholders' Equity: Common Stock, Value, Issued Common stock, $0.10 par value; authorized 30,000,000 shares; issued 10,000,000 shares Additional Paid In Capital, Common Stock Additional paid-in capital Additional Paid in Capital, Common Stock, Beginning Balance Additional Paid in Capital, Common Stock, Ending Balance Retained Earnings (Accumulated Deficit) Retained earnings Retained earnings Retained Earnings (Accumulated Deficit), Beginning Balance Retained Earnings (Accumulated Deficit), Ending Balance Treasury Stock, Value Total average cost assigned Total Average Cost, Beginning Balance (in dollars) Total Average Cost, Ending Balance (in dollars) Treasury stock, at cost (123,572 shares and 103,619 shares, respectively) Accumulated Other Comprehensive Income (Loss), Net Of Tax Accumulated other comprehensive income, net of tax Accumulated other comprehensive income, net of tax Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning Balance Accumulated Other Comprehensive Income (Loss), Net of Tax, Ending Balance Stockholders Equity Attributable To Parent Balance Total shareholders' equity Balance Balance Liabilities and Equity Total liabilities and shareholders' equity Total liabilities and shareholders' equity Short-Term Investments Short term investments (in dollars) Short-term Investments, Total Allowance For Doubtful Accounts Receivable, Current Allowance for doubtful accounts (in dollars) Allowance for Doubtful Accounts Receivable, Current, Beginning Balance Allowance for Doubtful Accounts Receivable, Current, Ending Balance Common Stock, Par Or Stated Value Per Share Common stock, par value (in dollars per share) Common Stock, Shares Authorized Common stock, shares authorized Common Stock, Shares, Issued Common stock, shares issued Common Stock, Shares, Issued, Total Treasury Stock, Shares Treasury stock, at cost (107,059 and 103,619 shares, respectively) Treasury stock, shares Balance (in shares) Balance (in shares) Income Statement [Abstract] Income Statement [Abstract] Revenue, Net [Abstract] Revenues: Subscription Revenue Investment periodicals and related publications Licenses Revenue Copyright data fees Investment management fees & services Investment management fees & services Revenue, Net Revenues from external customers Total revenues Total consolidated revenues Total revenues Operating Expenses [Abstract] Expenses: Marketing and Advertising Expense Advertising and promotion Advertising and promotion Labor and Related Expense Salaries and employee benefits Salaries and employee benefits Other Selling and Marketing Expense Production and distribution Other General and Administrative Expense Office and administration Restructuring Charges Restructuring expenses Expenses related to restructuring Restructuring transaction Provision For Settlement Provision for settlement Represents expenses related to the Settlement with the SEC. Provision for settlement Provision for settlement Operating Expenses Total expenses Total expenses Operating Income (Loss) Segment profit from operations Income from operations Deconsolidation, Gain (Loss), Amount Gain from deconsolidation of subsidiaries Gain on deconsolidation of subsidiaries Gain on deconsolidation of subsidiaries Revenues and Profits Distribution From Unconsolidated Entity Revenues and profits interests in EAM Trust Revenues and profits interests in EAM Trust Revenues and profits interests in EAM Trust Represents the revenues and profits distribution from unconsolidated entity. Investment Income, Net Income from securities transactions, net Income from securities transactions related to corporate assets Income from securities transactions Total income from securities transactions, net Income (Loss) from Continuing Operations before Income Taxes, Domestic Income before income taxes Income before income taxes Income before income taxes Income Tax Expense (Benefit) Deferred income taxes Income tax provision Income tax provision Net Income EAM's net income Net income Net income Earnings Per Share, Basic and Diluted Earnings per share, basic & fully diluted (in dollars per share) Earnings per share, basic & fully diluted Weighted Average Number Of Shares Outstanding, Basic and Diluted Weighted average number of common shares (in shares) Statement Of Other Comprehensive Income [Abstract] Statement of Other Comprehensive Income [Abstract] Other Comprehensive Income (Loss), Net Of Tax [Abstract] Other comprehensive income, net of tax: Other Comprehensive Income (Loss), Available-For-Sale Securities Adjustment, Net Of Tax, Portion Attributable To Parent Change in unrealized gains on securities, net of taxes Change in unrealized gains on securities, net of taxes Other comprehensive income (loss), available-for-sale securities adjustment, net of tax Other Comprehensive Income (Loss), Net Of Tax Other comprehensive income (loss) Other comprehensive income Comprehensive Income (Loss), Net Of Tax, Attributable To Parent Comprehensive income Comprehensive income Statement Of Cash Flows [Abstract] Statement of Cash Flows [Abstract] Net Cash Provided by (Used in) Operating Activities, Continuing Operations [Abstract] Cash flows from operating activities: Adjustments To Reconcile Net Income (Loss) To Cash Provided By (Used In) Operating Activities [Abstract] Adjustments to reconcile net income to net cash provided by operating activities: Depreciation, Depletion and Amortization Depreciation and amortization Depreciation and amortization Amortization of Debt Discount (Premium) Amortization of bond premium Share-based Compensation Share-based compensation Post-employment non-cash compensation Non Voting Revenues Interest In Unconsolidated Entity Non-voting revenues interest in EAM Value Line's non-voting revenues interest Represents the income received against non voting revenues in unconsolidated entity. Non-voting revenues interest in EAM Trust Non Voting Profits Interest In Unconsolidated Entity Non-voting profits interest in EAM Non-voting profits interest Represents the income received against non voting profits in unconsolidated entity. Non-voting profits interest in EAM Trust Realized Losses On Securities Available-For- Sale (1) Realized loss on sales of fixed income securities Realized and unrealized losses on securities available-for-sale Realized gains (losses) on equity and fixed income securities available-for-sale (2) Realized losses on securities available-for-sale (1) Realized and unrealized gains (losses) on securities available-for-sale Realized loss on sales of fixed income securities Deferred Income Tax Expense (Benefit) Deferred income taxes Deferred income taxes Deferred tax expense Expenses For Operating Lease Exit Obligation Expenses for operating lease exit obligation Represents expenses related to operating lease exit obligation. Increase (Decrease) In Operating Capital [Abstract] Changes in operating assets and liabilities: Increase (Decrease) In Deferred Revenue Unearned revenue Increase (Decrease) In Reserve For Settlement Reserve for settlement The change in the reserve for settlement recorded on the balance sheet, which is needed to adjust net income to arrive at net cash flows provided by or used in operations. Increase (Decrease) In Operating Lease Exit Obligation Operating lease exit obligation The change in the operating lease exit obligation recorded on the balance sheet, which is needed to adjust net income to arrive at net cash flows provided by or used in operations. Increase (Decrease) In Accounts Payable and Accrued Liabilities Accounts payable & accrued expenses (Decrease) in accounts payable & accrued expenses Increase (Decrease) In Accrued Salaries Accrued salaries Increase (Decrease) In Accrued Taxes Payable Accrued taxes on income (Decrease) in accrued taxes payable Increase (Decrease) In Prepaid and Refundable Income Taxes Prepaid and refundable income taxes The increase (decrease) during the reporting period in the amount of payments made in advance and refundable for income taxes, which will be charged against earnings in future periods. Prepaid and refundable income taxes Increase (Decrease) In Prepaid Expense and Other Assets Prepaid expenses and other current assets Prepaid expenses and other current assets Increase (Decrease) In Accounts Receivable Accounts receivable Accounts receivable Increase (Decrease) In Due From Affiliates, Current Receivable from affiliates Receivable from affiliates Adjustments To Reconcile Net Income (Loss) To Cash Provided By (Used In) Operating Activities Total adjustments Total adjustments Net Cash Provided by (Used in) Operating Activities, Continuing Operations Net cash provided by operating activities Net Cash Provided by (Used in) Investing Activities, Continuing Operations [Abstract] Cash flows from investing activities: Purchases Sales Of Securities Classified As Available For Sale [Abstract] Purchases/sales of securities classified as available-for-sale: Proceeds From Sale Of Available-For-Sale Securities, Debt Proceeds from maturities and sales of government debt securities Maturities and sales of fixed income securities Proceeds from Sale of Available-for-sale Securities, Equity Proceeds from sales of equity securities Payments to Acquire Available-for-sale Securities, Debt Purchases of fixed income securities Purchases of fixed income securities Payments To Acquire Available-For-Sale Securities, Equity Purchases of equity securities Purchases of equity securities Distribution From Variable Entity, Investing Activities Distributions received from EAM Trust The cash inflow associated with the Profits or revenue distribution from variable entity. Payments To Acquire Property, Plant, and Equipment Acquisition of property and equipment Acquisition of property and equipment Payments For Software Expenditures for capitalized software Expenditures for capitalized software Net Cash Provided by (Used in) Investing Activities, Continuing Operations Net cash (used) provided by investing activities Net Cash Provided by (Used in) Financing Activities, Continuing Operations [Abstract] Cash flows from financing activities: Payments For Repurchase Of Common Stock Purchase of treasury stock at cost Purchase of treasury stock at cost Payments Of Dividends, Common Stock Dividends paid Dividends paid Net Cash Provided by (Used in) Financing Activities, Continuing Operations Net cash used by financing activities Cash and Cash Equivalents, Period Increase (Decrease) Net change in cash and cash equivalents Net change in cash and cash equivalents Statement Of Stockholders Equity [Abstract] Statement of Stockholders' Equity [Abstract] Statement [Table] Statement [Table] Equity Components [Axis] Statement, Equity Components [Axis] Common Stock [Member] Common stocks Common stock Additional Paid-In Capital [Member] Additional paid-in capital Treasury Stock [Member] Treasury Stock Retained Earnings [Member] Retained earnings Accumulated Other Comprehensive Income (Loss) [Member] Accumulated Other Comprehensive income/(loss) Equity Component [Domain] Equity Component [Domain] Statement [Line Items] Statement [Line Items] Increase (Decrease) In Stockholders Equity [Roll Forward] Increase (Decrease) in Stockholders' Equity [Roll Forward] Common Stock, Shares, Outstanding Balance (in shares) Balance (in shares) Balance (in shares) Treasury Stock, Value, Acquired, Cost Method Total average cost Purchases effected in open market (in dollars) Purchase of treasury stock Treasury Stock, Shares, Acquired Number of treasury shares Purchases effected in open market, shares Purchase of treasury stock (in shares) Dividends, Common Stock Dividends declared Dividends declared Dividends declared Common Stock, Dividends, Per Share, Declared Dividends declared per share (in dollars per share) Organization, Consolidation and Presentation Of Financial Statements [Abstract] Organization, Consolidation and Presentation of Financial Statements [Abstract] Organization, Consolidation and Presentation Of Financial Statements Disclosure and Significant Accounting Policies [Text Block] Organization and Summary of Significant Accounting Policies Supplemental Cash Flow Elements [Abstract] Supplemental Cash Flow Elements [Abstract] Cash Flow, Supplemental Disclosures [Text Block] Supplementary Cash Flow Information Related Party Transactions [Abstract] Related Party Transactions [Abstract] Related Party Transactions Disclosure [Text Block] Related Party Transactions Investments, Debt and Equity Securities [Abstract] Investments, Debt and Equity Securities [Abstract] Investments In Debt and Marketable Equity Securities (And Certain Trading Assets) Disclosure [Text Block] Investments Variable Interest Entity [Abstract] Variable Interest Entity [Abstract] Variable Interest Entity [Text Block] Variable Interest Entity The entire disclosure for Categorization of Variable Interest Entities (VIE) for consolidation and (or) disclosure purposes, whether individually or in aggregate, by: (1) VIEs consolidated because the entity is the primary beneficiary, (2) VIEs not consolidated because the entity is not the primary beneficiary, and (3) VIEs or potential VIEs that are not consolidated because necessary information is not available. In general, a VIE is a corporation, partnership, trust, or any other legal structure used for business purposes that either (a) does not have equity investors with voting rights or (b) has equity investors that do not provide sufficient financial resources for the entity to support its activities. A VIE often holds financial assets, including loans or receivables, real estate or other property. A VIE may be essentially passive or it may engage in research and development or other activities on behalf of another company. Property, Plant and Equipment [Abstract] Property, Plant and Equipment [Abstract] Property, Plant and Equipment Disclosure [Text Block] Property and Equipment Income Tax Disclosure [Abstract] Income Tax Disclosure [Abstract] Income Tax Disclosure [Text Block] Federal, State and Local Income Taxes Compensation Related Costs [Abstract] Compensation Related Costs [Abstract] Compensation Related Costs, General [Text Block] Employees' Profit Sharing and Savings Plan Commitments and Contingencies Disclosure [Abstract] Commitments and Contingencies Disclosure [Abstract] Commitments Disclosure [Text Block] Lease Commitments Segment Reporting [Abstract] Segment Reporting Disclosure [Text Block] Business Segments Risks and Uncertainties [Abstract] Concentration Risk Disclosure [Text Block] Disclosure of Credit Risk of Financial Instruments with Off-Balance Sheet Risk Comprehensive Income (Loss) Note [Abstract] Comprehensive Income (Loss) Note [Abstract] Comprehensive Income (Loss) Note [Text Block] Comprehensive Income Internal Use Software [Abstract] Internal Use Software [Abstract] Internal Use Software Disclosure [Text Block] Accounting for the Costs of Computer Software Developed for Internal Use Disclosure of accounting policy for its computer software activities including the accounting treatment for costs incurred for (1) research and development activities, (2) development of computer software for internal use, (3) in-process research and development acquired in a purchase business combination. 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Lease Commitments

12 Months Ended

Apr. 30, 2013

Commitments and Contingencies Disclosure [Abstract]

Lease Commitments

Note 9-Lease Commitments:

On February 7, 2013, the Company and Citibank, N.A. (the “Sublandlord”) entered into a sublease agreement, pursuant to which Value Line will lease approximately 44,493 square feet of office space located on the ninth floor at 485 Lexington Ave., New York, NY (“Building” or “Premises”) beginning on or about July 1, 2013 and ending on February 27, 2017 (“Sublease”). Base rent under the Sublease will be $1,468,269 per annum, subject to customary concessions in the Company’s favor and pass-through of certain increases in operating costs and real estate taxes. The Company provided a security deposit in cash in the amount of $489,423. This Building will become 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. The Sublease terms will provide for a significant decrease in the Company’s annual rental expenses.

Fiscal Years Ending April 30,		Current Lease		New Sublease		Total
				($ in thousands)

	2014	$	1,326	$	490	$	1,816
	2015		-		1,468		1,468
	2016		-		1,468		1,468
	2017		-		1,224		1,224
		$	1,326	$	4,650	$	5,976

- Definition

The entire disclosure for significant arrangements with third parties, which includes operating lease arrangements and arrangements in which the entity has agreed to expend funds to procure goods or services, or has agreed to commit resources to supply goods or services, and operating lease arrangements. Descriptions may include identification of the specific goods and services, period of time covered, minimum quantities and amounts, and cancellation rights.

+ References+ Details

XML 20 R53.htm IDEA: XBRL DOCUMENT

Federal, State and Local Income Taxes - Tax effect of temporary differences in deferred tax asset and deferred tax liability (Details 1) (USD $) In Thousands, unless otherwise specified	Apr. 30, 2013	Apr. 30, 2012
Deferred Tax Assets and Liabilities [Line Items]
Total federal tax benefit	$ 227	$ 442
Deferred gain on deconsolidation of EAM	(50,510)
Deferred non-cash post-employment compensation	1,770
Total federal, state and local tax liabilities	21,326	20,424
Federal Tax Benefit (Liability)
Deferred Tax Assets and Liabilities [Line Items]
Net operating loss		126
Unrealized gains on securities available-for-sale	(136)	(46)
Operating lease exit obligation	13	153
Deferred professional fees	49	80
Deferred charges	265	76
Total federal tax benefit	191	389
Deferred gain on deconsolidation of EAM	17,679	17,679
Deferred non-cash post-employment compensation	(619)	(619)
Depreciation and amortization	1,642	1,032
Other	262	120
Total federal, state and local tax liabilities	18,964	18,212
State and Local Tax Liability (Benefit)
Deferred Tax Assets and Liabilities [Line Items]
Net operating loss		15
Other	36	38
Total federal tax benefit	36	53
Deferred gain on deconsolidation of EAM	2,243	2,182
Deferred non-cash post-employment compensation	(79)	(76)
Depreciation and amortization	208	127
Deferred professional fees	(10)	(21)
Total federal, state and local tax liabilities	$ 2,362	$ 2,212

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Consolidated Statements of Income (USD $)
In Thousands, except Share data, unless otherwise specified

12 Months Ended

Apr. 30, 2013

Apr. 30, 2012

Apr. 30, 2011

Revenues:

Investment periodicals and related publications

$ 31,940

$ 33,018

$ 34,406

3,900

3,591

3,568

Investment management fees & services

10,693

Total revenues

35,840

36,609

48,667

Expenses:

Advertising and promotion

4,075

4,203

6,673

Salaries and employee benefits

15,034

15,001

17,242

Production and distribution

5,694

4,894

4,718

Office and administration

6,917

7,173

9,504

Expenses related to restructuring

3,764

Provision for settlement

(1,767)

Total expenses

31,720

31,271

40,134

Income from operations

4,120

5,338

8,533

Gain on deconsolidation of subsidiaries

50,510

^[1]

Revenues and profits interests in EAM Trust

6,260

5,890

2,355

Income from securities transactions, net

126

Income before income taxes

10,506

11,298

61,463

Income tax provision

3,887

4,373

23,681

Net income

$ 6,619

$ 6,925

$ 37,782

Earnings per share, basic & fully diluted (in dollars per share)

$ 0.67

$ 0.70

$ 3.79

Weighted average number of common shares (in shares)

9,888,774

9,921,925

9,980,000

[1]	Represents the gain of $50,510,000 from deconsolidation of the asset management and Value Line Mutual Fund Distribution subsidiaries.

XML 23 R10.htm IDEA: XBRL DOCUMENT

Supplementary Cash Flow Information

12 Months Ended

Apr. 30, 2013

Supplemental Cash Flow Elements [Abstract]

Supplementary Cash Flow Information

Note 2-Supplementary Cash Flow Information:

	Fiscal Years Ended April 30,
($ in thousands)	2013			2012			2011
State and local income tax payments	$	(120	)	$	(159	)	$	(15	)
Federal income tax payments to the Parent	$	(1,877	)	$	(845	)	$	(348	)
Federal income tax refunds from the Parent	$	-		$	-		$	1,598

Interest payments	$	-		$	-		$	(2	)

The Company also received $1,598,000 of federal income tax refunds during the first quarter of fiscal 2011, which was included as prepaid and refundable income taxes in the Consolidated Balance Sheet of April 30, 2010.
On December 23, 2010, the Company completed the Restructuring Transaction which included the receipt of a non-voting revenues interest and a non-voting profits interest in EAM in exchange for VLI’s voting shares in EAM LLC and ESI. This investment, classified as Investment in EAM Trust on the Consolidated Balance Sheets, was valued at $55,805,000 as of December 23, 2010, which included $5,484,000 of cash and $1,516,000 of FDIC insured corporate notes, contributed by VLI to EAM as part of the Restructuring Transaction. The Company satisfied its non-cash post-employment compensation obligation, valued at $1,770,000, by granting a voting profits interest in EAM to a former employee in connection with the Restructuring Transaction.

See Note 3-Related Party Transactions for tax amounts associated with Arnold Bernhard and Co., Inc. (“AB&Co.” or the “Parent”).

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Organization and Summary of Significant Accounting Policies (Policies)

12 Months Ended

Apr. 30, 2013

Organization, Consolidation and Presentation Of Financial Statements [Abstract]

Use of Estimates

Use of Estimates:

The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results may differ from those estimates.

Principles of Consolidation

Principles of Consolidation:

The Company follows the guidance in the Financial Accounting Standards Board’s (“FASB”) Topic 810 “Consolidation” to determine if it should consolidate its investment in a variable interest entity (“VIE”). A VIE is a legal entity in which either (i) equity investors do not have sufficient equity investment at risk to enable the entity to finance its activities independently or (ii) the equity holders at risk lack the obligation to absorb losses, the right to receive residual returns or the right to make decisions about the entity’s activities that most significantly affect the entity’s economic performance. A holder of a variable interest in a VIE is required to consolidate the entity if it is determined that it has a controlling financial interest in the VIE and is therefore the primary beneficiary. The determination of a controlling financial interest in a VIE is based on a qualitative assessment to identify the variable interest holder, if any, that has (i) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance, and (ii) either the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE. The accounting guidance requires the Company to perform an ongoing assessment of whether the Company is the primary beneficiary of a VIE and the Company has determined it is not the primary beneficiary of a VIE (see Note 5).

In accordance with FASB’s Topic 810, the assets, liabilities, and results of operations of subsidiaries in which the Company has a controlling interest have been consolidated. All significant intercompany accounts and transactions have been eliminated in consolidation. On December 23, 2010, the Company completed the Restructuring Transaction and deconsolidated the related affiliates in accordance with FASB’s Topic 810. As part of the Restructuring Transaction, the Company received a significant non-voting revenues interest (excluding distribution revenues) and a non-voting profits interest in the new entity, EAM. The Company relied on the guidance in FASB’s ASC Topics 323 and 810 in its determination not to consolidate its investment in EAM and to account for such investment under the equity method of accounting. The Company reports the amount it receives for its non-voting revenues and non-voting profits interests as a separate line item below operating income in the Consolidated Statements of Income.

Revenue Recognition

Revenue Recognition:

Depending upon the product, subscription fulfillment for Value Line periodicals and related publications is available in print or digitally, via internet access. The length of a subscription varies by product and offer received by the subscriber. Generally, subscriptions are offered as annual subscriptions. Subscription revenues, net of discounts, are recognized ratably on a straight line basis when the product is served to the client over the life of the subscription. Accordingly, the amount of subscription fees to be earned by fulfilling subscriptions after the date of the balance sheets are shown as unearned revenue within current and long term liabilities. 6155799223l30i71g61jig5436kljg43
Copyright data revenues are derived from providing certain Value Line trademarks and the Value Line Proprietary Ranking System information to third parties under written agreements for use in selecting securities for third party marketed products, including unit investment trusts, annuities and exchange traded funds (“ETFs”). The Company earns asset-based copyright data fees as specified in the individual agreements. Revenue is recognized monthly over the term of the agreement and, because it is asset-based, will fluctuate as the market value of the underlying portfolio increases or decreases in value.

Prior to the Restructuring Date, the Company earned investment management fees that consisted of management fees from the Value Line Funds and from asset management clients. Investment management fees for the Funds were earned on a monthly basis as services were performed. The fees were calculated based on the average daily net assets of the Funds in accordance with each Fund’s advisory agreement (see Note 3 “Related Party Transactions”).
The management fees and average daily net assets for the Value Line Funds are calculated by State Street Bank, which serves as the fund accountant, fund administrator, and custodian of the Value Line Funds.
The Value Line Funds are open-end management companies registered under the Investment Company Act of 1940 (the “1940 Act”). Shareholder transactions for the Value Line Funds are processed each business day by the third party transfer agent of the Funds. Shares can be redeemed without advance notice upon request of the shareowners each day that the New York Stock Exchange is open. Prior to December 1, 2010, EAM LLC, in addition to managing the Value Line Funds, separately managed accounts of institutions and high net worth individuals for which it was paid advisory fees. EAM had no separately managed accounts as of April 30, 2013 or April 30, 2012. Assets within the separately managed accounts were held at third party custodians and were subject to the terms of the applicable advisory agreements and did not have any advance notice requirement for withdrawals.
Also, prior to the Restructuring Date, service and distribution fees were received from the Value Line Funds in accordance with service and distribution plans under rule 12b-1 of the Investment Company Act of 1940. These plans are compensation plans, which means that the distributor’s fees under these plans are payable without regard to actual expenses incurred by the distributor, and therefore the distributor may earn a profit under the plan. Expenses incurred by ESI, the distributor of the Value Line Funds prior to the Restructuring Date, included payments to securities dealers, banks, financial institutions and other organizations that provided distribution, marketing, and administrative services with respect to the Value Line Funds. Service and distribution fees are received by the distributor on a monthly basis and calculated based upon the average daily net assets of the respective Fund in accordance with each Fund’s prospectus (see Note 3 “Related Party Transactions”).

Investment in Unconsolidated Entities

Investment in Unconsolidated Entities:

The Company accounts for its investment in its unconsolidated entity, EAM, using the equity method of accounting in accordance with FASB’s ASC 323. The equity method is an appropriate means of recognizing increases or decreases measured by GAAP in the economic resources underlying the investments. Under the equity method, an investor recognizes its share of the earnings or losses of an investee in the periods for which they are reported by the investee in its financial statements rather than in the period in which an investee declares a dividend or distribution. An investor adjusts the carrying amount of an investment for its share of the earnings or losses recognized by the investee.

The Company’s “interests” in EAM, the investment adviser to and the sole member of the distributor of the Value Line Funds, consist of a “non-voting revenues interest” and a “non-voting profits interest” in EAM as defined in the EAM Trust Agreement. The non-voting revenues interest entitles the Company to receive a range of 41% to 55%, based on the amount of EAM’s adjusted gross revenues, excluding ES’s distribution revenues (“Revenues Interest”). The non-voting profits interest entitles the Company to receive 50% of EAM’s profits, subject to certain limited adjustments as defined in the EAM Trust Agreement (“Profits Interest”). The Revenues Interest and at least 90% of the Profits Interest are to be distributed each quarter to all interest holders of EAM, including Value Line. Subsequent to the Restructuring Date, the Company’s Revenues Interest in EAM excludes participation in the service and distribution fees of EAM’s subsidiary ES. The Company reflects its non-voting revenues and non-voting profits interests in EAM as non-operating income under the equity method of accounting subsequent to the Restructuring Transaction. Although the Company does not have control over the operating and financial policies of EAM, pursuant to the EAM Trust Agreement, the Company has a contractual right to receive its share of EAM’s revenues and profits.

Valuation of Securities

Valuation of Securities:

The Company’s securities classified as cash equivalents and available-for-sale consist of shares of money market funds that invest primarily in short-term U.S. Government securities, investments in ETFs, shares of equity securities in various publicly traded companies and bank certificates of deposits and are valued in accordance with the requirements of the Fair Value Measurements Topic of the FASB’s ASC 820. The securities classified available-for-sale reflected in the Consolidated Balance Sheets are valued at market and unrealized gains and losses, net of applicable taxes, are reported as a separate component of shareholders’ equity. Realized gains and losses on sales of the securities classified as available-for-sale are recorded in earnings as of the trade date and are determined on the identified cost method. 6155799223l30i71g61jig5436kljg43
The Company classifies its securities available-for-sale as current assets to properly reflect its liquidity and to recognize the fact that it has liquid assets available-for-sale should the need arise.
Market valuations of securities listed on a securities exchange and ETF shares are based on the closing sales prices on the last business day of each month. The market value of the Company’s fixed maturity U.S. Government debt securities is determined utilizing publicly quoted market prices. Cash equivalents consist of investments in money market funds that invest primarily in U.S. Government securities valued in accordance with rule 2a-7 under the 1940 Act.

The Fair Value Measurements Topic of FASB’s ASC defines fair value as the price that the Company would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market for the investment. The Fair Value Measurements Topic established a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the information that market participants would use in pricing the asset or liability, including assumptions about risk. Risks include those inherent in a particular valuation technique, such as the uncertainty inherent in the variables used by the valuation technique. Inputs are classified as observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the factors market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.
The three-tier hierarchy of inputs is summarized in the three broad levels listed below.
Level 1 – quoted prices in active markets for identical investments
Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)
Level 3 – significant unobservable inputs (including the Company’s own assumptions in determining the fair value of investments)
The following summarizes the levels of fair value measurements of the Company’s investments:

		As of April 30, 2013
($ in thousands)	Level 1	Level 2	Level 3	Total
Cash equivalents	$ 6,312	$ -	$ -	$ 6,312

Securities available-for-sale	6,682	-	-	6,682
	$ 12,994	$ -	$ -	$ 12,994

		As of April 30, 2012
($ in thousands)	Level 1	Level 2	Level 3	Total
Cash equivalents	$ 10,848	$ -	$ -	$ 10,848

Securities available-for-sale	3,881	-	-	3,881
	$ 14,729	$ -	$ -	$ 14,729

The Company had no other financial instruments such as futures, forwards and swap contracts. For the periods ended April 30, 2013 and April 30, 2012, there were no Level 2 nor Level 3 investments. The Company does not have any liabilities subject to fair value measurement.

Advertising expenses

Advertising expenses:

The Company expenses advertising costs as incurred.

Income Taxes

Income Taxes:

The Company computes its income tax provision in accordance with the Income Tax Topic of the FASB’s ASC. Deferred tax liabilities and assets are recognized for the expected future tax consequences of events that have been reflected in the Consolidated Financial Statements. Deferred tax liabilities and assets are determined based on the differences between the book values and the tax bases of particular assets and liabilities, using tax rates currently in effect for the years in which the differences are expected to reverse. 6155799223l30i71g61jig5436kljg43
The Income Tax Topic of the FASB’s ASC establishes for all entities, a minimum threshold for financial statement recognition of the benefit of positions taken in filing tax returns (including whether an entity is taxable in a particular jurisdiction), and requires certain expanded tax disclosures. As of April 30, 2013, management has reviewed the tax positions for the years still subject to tax audit under the statute of limitations, evaluated the implications, and determined that there is no material impact to the Company’s financial statements.

Earnings per share

Earnings per share:

Earnings per share are based on the weighted average number of shares of common stock and common stock equivalents outstanding during each period. Any shares that are reacquired during the period are weighted for the portion of the period that they are outstanding. The Company does not have any potentially dilutive common shares from outstanding stock options, warrants, restricted stock, or restricted stock units.

Cash and Cash Equivalents

Cash and Cash Equivalents:

For purposes of the Consolidated Statements of Cash Flows, the Company considers all cash held at banks and short term liquid investments with an original maturity of less than three months to be cash and cash equivalents. As of April 30, 2013 and April 30, 2012, cash equivalents included $6,312,000 and $10,848,000, respectively, for amounts invested in savings accounts at large commercial banks, held as bank certificates of deposits, and investments in money market mutual funds that invest in short term U.S. government securities.

Expenses Related to Restructuring

Expenses Related to Restructuring:

During fiscal 2011, the Company expensed all costs associated with the Restructuring Transaction as incurred (see Note 15 “Restructuring Expenses and Provision for Settlement”). In addition, the Company recorded as non-cash post-employment compensation expense the value of the voting profits interest in EAM granted to a former employee.

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font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td style="text-align: left; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="42%"> <div style="text-align: left; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">($ in thousands)</font></div> </td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">VIE Assets</font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Investment in<br /> EAM Trust </font></div> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(1)</font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: center; vertical-align: middle; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" width="10%" colspan="2"> <div style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Liabilities</font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Maximum <br /> Exposure to <br /> Loss</font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td style="text-align: left; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt;" valign="bottom" width="42%"> <div style="text-align: left; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">As of April 30, 2013</font></div> </td> <td align="right" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" bgcolor="#ffffff" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">59,349</font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" bgcolor="#ffffff" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">57,511</font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">-</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">57,511</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td style="text-align: left; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt;" valign="bottom" width="42%"> <div style="text-align: left; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">As of April 30, 2012</font></div> </td> <td align="right" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" bgcolor="#ffffff" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">57,482</font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" bgcolor="#ffffff" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">56,331</font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">-</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">56,331</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> </table> </div> <div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(1) Reported within Long Term Assets on Consolidated Balance Sheets.</font></div> </div>falsefalsefalsenonnum:textBlockItemTypenaTabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); 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Employees' Profit Sharing and Savings Plan (Detail Textuals) (USD $)	12 Months Ended
	Apr. 30, 2013	Apr. 30, 2012	Apr. 30, 2011
Compensation Related Costs [Abstract]
Estimated profit sharing plan contribution included in salaries and employee benefits	$ 240,000	$ 447,000	$ 500,000

XML 28 R18.htm IDEA: XBRL DOCUMENT

Business Segments

12 Months Ended

Apr. 30, 2013

Segment Reporting [Abstract]

Business Segments

Note 10-Business Segments:

Disclosure of reportable segment information for the twelve months ended April 30, 2011 was as follows:

($ in thousands)	Publishing			Investment Management			Consolidated Total
Revenues from external customers	$	37,974		$	10,693		$	48,667
Intersegment revenues		7			-			7
Total revenues for reportable segments		37,981			10,693			48,674
Elimination of intersegment revenues		(7	)		-			(7	)
Total consolidated revenues	$	37,974		$	10,693		$	48,667


Depreciation and amortization	$	579		$	14		$	593
Depreciation related to corporate assets	$	(3	)		-		$	(3	)

Gain from deconsolidation of subsidiaries (1)	$	-		$	50,510		$	50,510
Income from securities transactions		-			6			6
Segment profit (loss) from operations (2)		8,984			(448	)		8,536
Profit for reportable segments	$	8,984		$	50,068		$	59,052

Revenues and profits interests in EAM Trust								2,355
Income from securities transactions related to corporate assets								59
Depreciation related to corporate assets								(3	)
Income before income taxes							$	61,463

(1) Represents the gain of $50,510,000 from deconsolidation of the asset management and Value Line Mutual Fund Distribution subsidiaries.

As of April 30, 2011, additional reportable segment information was as follows:

($ in thousands)	Assets		Expenditures for Segment Assets
Publishing	$	11,827	$	1,897
Investment Management		-		10
Corporate assets		75,976		-
Consolidated total	$	87,803	$	1,907

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

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border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Amount Net of <br /> Tax</font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" style="padding-bottom: 2px;" valign="bottom" width="32%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Change in unrealized gains on securities</font></div> </td> <td align="right" style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">255</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(195</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;">)</font></td> <td align="right" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">106</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">166</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td style="padding-bottom: 4px;" valign="bottom" width="32%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td align="right" style="padding-bottom: 4px;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">255</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(195</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;">)</font></td> <td align="right" style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">106</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">166</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> </table> </div> <div> <div style="text-align: justify; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></div> <div style="text-align: justify; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"></font> </div> </div> <div align="left"> <div align="left"> <table style="width: 80%; font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0"> <tr> <td valign="bottom" width="32%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="32%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> ($ in thousands)</font></div> </td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="10%" colspan="2" nowrap="nowrap"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Amount Before Tax</font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Tax Expense</font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Tax Benefit</font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Amount Net of <br /> Tax</font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="32%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Change in unrealized gains on securities</font></div> </td> <td align="right" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">24</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(33</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;">)</font></td> <td align="right" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">24</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">15</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" style="padding-bottom: 2px;" valign="bottom" width="32%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Add: Losses realized in net income</font></div> </td> <td align="right" style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">11</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(4</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;">)</font></td> <td align="right" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">-</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">7</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td style="padding-bottom: 4px;" valign="bottom" width="32%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td align="right" style="padding-bottom: 4px;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">35</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(37</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;">)</font></td> <td align="right" style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">24</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">22</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> </table> </div> <div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"></font> </div> </div> <div align="left"> <table style="width: 80%; font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0"> <tr> <td valign="bottom" width="32%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="32%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> ($ in thousands)</font></div> </td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="10%" colspan="2" nowrap="nowrap"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Amount Before Tax</font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Tax Expense</font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Tax Benefit</font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Amount Net of <br /> Tax</font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" style="padding-bottom: 2px;" valign="bottom" width="32%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Change in unrealized gains on securities</font></div> </td> <td align="right" style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">32</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(14</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;">)</font></td> <td align="right" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">3</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">21</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" style="padding-bottom: 2px;" valign="bottom" width="32%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Add: Losses realized in net income</font></div> </td> <td align="right" style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">68</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(24</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;">)</font></td> <td align="right" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">-</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">44</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td style="padding-bottom: 4px;" valign="bottom" width="32%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td align="right" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">100</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(38</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;">)</font></td> <td align="right" style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">3</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="9%"><font style="font-family: times new roman; 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$)ThousandsUnKnownUnKnownUnKnowntruefalsefalseSheethttp://www.valueline.com/role/InvestmentsCompositionOfIncomeFromSecuritiesTransactionsDetails137 XML 31 R32.xml IDEA: Lease Commitments (Tables) 2.4.0.8032 - Disclosure - Lease Commitments (Tables)truefalsefalse1false falsefalseContext_FYE__30-Apr-2013http://www.sec.gov/CIK0000717720duration2012-05-01T00:00:002013-04-30T00:00:001true 1us-gaap_CommitmentsAndContingenciesDisclosureAbstractus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse0Commitments and Contingencies Disclosure [Abstract]2false 2us-gaap_ScheduleOfFutureMinimumRentalPaymentsForOperatingLeasesTableTextBlockus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalseverboseLabel1falsefalsefalse00<div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"></font> </div> </div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> </div> <div> <div align="center"> <table style="width: 60%; font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0"> <tr> <td align="left" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="41%" colspan="2"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font> <font style="font-family: times new roman; font-size: 10pt; display: inline;">Fiscal Years Ended April 30,</font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="3%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="10%" colspan="2" nowrap="nowrap"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Current Lease</font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="14%" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">New Sublease</font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Total</font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td valign="bottom" width="11%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td valign="bottom" width="30%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" valign="bottom" width="3%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="10%" colspan="2"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="14%" colspan="2" nowrap="nowrap"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">($ in thousands)</font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="10%" colspan="2"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td valign="bottom" width="11%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td valign="bottom" width="30%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td valign="bottom" width="3%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td valign="bottom" width="10%" colspan="2"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td valign="bottom" width="14%" colspan="2"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td valign="bottom" width="10%" colspan="2"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="11%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" valign="bottom" width="30%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2014</font></div> </td> <td align="left" valign="bottom" width="3%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">1,326</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="13%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">490</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">1,816</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="11%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" valign="bottom" width="30%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2015</font></div> </td> <td align="left" valign="bottom" width="3%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">-</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="13%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">1,468</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">1,468</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="11%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" valign="bottom" width="30%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2016</font></div> </td> <td align="left" valign="bottom" width="3%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">-</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="13%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">1,468</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">1,468</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" style="padding-bottom: 2px;" valign="bottom" width="11%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" style="padding-bottom: 2px;" valign="bottom" width="30%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2017</font></div> </td> <td align="left" style="padding-bottom: 2px;" valign="bottom" width="3%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">-</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="13%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">1,224</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">1,224</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td valign="bottom" width="11%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td valign="bottom" width="30%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" valign="bottom" width="3%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">1,326</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="13%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">4,650</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">5,976</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> </table> </div> </div>falsefalsefalsenonnum:textBlockItemTypenaTabular disclosure of future minimum payments required in the aggregate and for each of the five succeeding fiscal years for operating leases having initial or remaining noncancelable lease terms in excess of one year and the total minimum rentals to be received in the future under noncancelable subleases as of the balance sheet date.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6453985&loc=d3e41502-112717 false0Schedule of future minimum paymentsfalseLease Commitments (Tables)UnKnownUnKnownUnKnownUnKnowntruefalsefalseSheethttp://www.valueline.com/role/LeaseCommitmentsTables12 XML 32 R25.xml IDEA: Organization and Summary of Significant Accounting Policies (Tables) 2.4.0.8025 - Disclosure - Organization and Summary of Significant Accounting Policies (Tables)truefalsefalse1false falsefalseContext_FYE__30-Apr-2013http://www.sec.gov/CIK0000717720duration2012-05-01T00:00:002013-04-30T00:00:001true 1us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstractus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse0Organization, Consolidation and Presentation Of Financial Statements [Abstract]2false 2us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTableTextBlockus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalseverboseLabel1falsefalsefalse00<div align="left"> <table style="width: 85%; font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0"> <tr> <td valign="middle" width="31%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="middle" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="middle" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="middle" width="12%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="middle" width="12%"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">As of April 30, 2013</font></div> </td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="middle" width="12%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="middle" width="12%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="top" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> </tr> <tr> <td align="left" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="middle" width="33%" colspan="2"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> ($ in thousands)</font></div><div style='height:0px;width:0px;display:none'>6155799223l30i71g61jig5436kljg43</div> </td> <td align="left" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="middle" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="middle" width="12%"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Level 1</font></div> </td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="middle" width="12%"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Level 2</font></div> </td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="middle" width="12%"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Level 3</font></div> </td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="middle" width="12%"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Total</font></div> </td> <td valign="top" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> </tr> <tr> <td align="left" valign="middle" width="33%" colspan="2"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Cash equivalents</font></div> </td> <td valign="middle" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td align="right" valign="middle" width="12%"> <div align="right" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> $                  6,312</font></div> </td> <td align="right" valign="middle" width="12%"> <div align="right" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> $                 -</font></div> </td> <td align="right" valign="middle" width="12%"> <div align="right" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> $                -</font></div> </td> <td align="right" valign="middle" width="12%"> <div align="right" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> $          6,312  </font></div> </td> <td valign="top" width="2%"> </td> </tr> <tr> <td align="left" valign="middle" width="35%" colspan="3"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" valign="middle" width="12%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" valign="middle" width="12%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" valign="middle" width="12%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" valign="middle" width="12%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td valign="top" width="2%"> </td> </tr> <tr> <td align="left" valign="middle" width="35%" colspan="3"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Securities available-for-sale</font></div> </td> <td align="right" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="middle" width="12%"> <div align="right" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">                    6,682</font></div> </td> <td align="right" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="middle" width="12%"> <div align="right" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">                    -</font></div> </td> <td align="right" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="middle" width="12%"> <div align="right" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">                   -</font></div> </td> <td align="right" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="middle" width="12%"> <div align="right" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">            6,682  </font></div> </td> <td valign="top" width="2%"> </td> </tr> <tr> <td valign="middle" width="31%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="middle" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="middle" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td align="right" style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="middle" width="12%"> <div align="right" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> $                12,994</font></div> </td> <td align="right" style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="middle" width="12%"> <div align="right" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> $                 -</font></div> </td> <td align="right" style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="middle" width="12%"> <div align="right" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> $                -</font></div> </td> <td align="right" style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="middle" width="12%"> <div align="right" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> $        12,994  </font></div> </td> <td valign="top" width="2%"> </td> </tr> <tr> <td valign="top" width="31%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="top" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="top" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="top" width="12%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="top" width="12%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="top" width="12%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="top" width="12%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="top" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> </tr> <tr> <td valign="middle" width="31%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="middle" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="middle" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="middle" width="12%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="middle" width="12%"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">As of April 30, 2012</font></div> </td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="middle" width="12%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="middle" width="12%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="top" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> </tr> <tr> <td align="left" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="middle" width="33%" colspan="2"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> ($ in thousands)</font></div> </td> <td align="left" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="middle" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="middle" width="12%"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Level 1</font></div> </td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="middle" width="12%"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Level 2</font></div> </td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="middle" width="12%"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Level 3</font></div> </td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="middle" width="12%"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Total</font></div> </td> <td valign="top" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> </tr> <tr> <td align="left" valign="middle" width="33%" colspan="2"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Cash equivalents</font></div> </td> <td valign="middle" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td align="right" valign="middle" width="12%"> <div align="right" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> $                10,848</font></div> </td> <td align="right" valign="middle" width="12%"> <div align="right" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> $                 -</font></div> </td> <td align="right" valign="middle" width="12%"> <div align="right" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> $                -</font></div> </td> <td align="right" valign="middle" width="12%"> <div align="right" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> $        10,848  </font></div> </td> <td valign="top" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> </tr> <tr> <td align="left" valign="middle" width="35%" colspan="3"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" valign="middle" width="12%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" valign="middle" width="12%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" valign="middle" width="12%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" valign="middle" width="12%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td valign="top" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" valign="middle" width="35%" colspan="3"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Securities available-for-sale</font></div> </td> <td align="right" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="middle" width="12%"> <div align="right" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">                    3,881</font></div> </td> <td align="right" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="middle" width="12%"> <div align="right" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">                    -</font></div> </td> <td align="right" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="middle" width="12%"> <div align="right" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">                   -</font></div> </td> <td align="right" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="middle" width="12%"> <div align="right" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">            3,881  </font></div> </td> <td valign="top" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> </tr> <tr> <td valign="middle" width="31%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="middle" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="middle" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td align="right" style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="middle" width="12%"> <div align="right" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> $                14,729</font></div> </td> <td align="right" style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="middle" width="12%"> <div align="right" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> $                 -</font></div> </td> <td align="right" style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="middle" width="12%"> <div align="right" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> $                -</font></div> </td> <td align="right" style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="middle" width="12%"> <div align="right" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> $        14,729  </font></div> </td> <td valign="top" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> </tr> </table> </div> <div> </div>falsefalsefalsenonnum:textBlockItemTypenaTabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a,b,bb) -URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2C -URI http://asc.fasb.org/extlink&oid=25499696&loc=SL7498348-110258 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19279-110258 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19190-110258 false0Schedule of fair value measurements of investmentsfalseOrganization and Summary of Significant Accounting Policies (Tables)UnKnownUnKnownUnKnownUnKnowntruefalsefalseSheethttp://www.valueline.com/role/OrganizationAndSummaryOfSignificantAccountingPoliciesTables12 XML 33 R48.htm IDEA: XBRL DOCUMENT

Investments - Equity Method Investment (Detail Textuals 1) (USD $)

12 Months Ended

Apr. 30, 2013

Apr. 30, 2012

Schedule of Equity Method Investments [Line Items]

Investment in EAM Trust

$ 57,511,000

$ 56,331,000

Non-voting profits interest ("Profits Interest")

50.00%

EAM Trust

Schedule of Equity Method Investments [Line Items]

Investment in EAM Trust

57,511,000

^[1]

56,331,000

^[1]

Fair value of contributed capital at inception

55,805,000

Cash and liquid securities in excess of working capital requirements contributed to capital account

5,820,000

Non-voting profits interest ("Profits Interest")

50.00%

Payable to VLI for its accrued non-voting revenues and non-voting profits interests

$ 1,621,000

[1]	Reported within Long Term Assets on Consolidated Balance Sheets.

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Lease Commitments - Future minimum payments under operating lease (Details) (USD $) In Thousands, unless otherwise specified	Apr. 30, 2013
Operating Leased Assets [Line Items]
2014	$ 1,816
2015	1,468
2016	1,468
2017	1,224
Operating leases, total	5,976
Current Lease
Operating Leased Assets [Line Items]
2014	1,326
2015
2016
2017
Operating leases, total	1,326
New Sublease
Operating Leased Assets [Line Items]
2014	490
2015	1,468
2016	1,468
2017	1,224
Operating leases, total	$ 4,650

XML 36 R38.htm IDEA: XBRL DOCUMENT

Supplementary Cash Flow Information (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Apr. 30, 2013	Apr. 30, 2012	Apr. 30, 2011
Supplemental Cash Flow Elements [Abstract]
State and local income tax payments	$ (120)	$ (159)	$ (15)
Federal income tax payments to the Parent	(1,877)	(845)	(348)
Federal income tax refunds			1,598
Interest payments			$ (2)

XML 37 R27.htm IDEA: XBRL DOCUMENT

Related Party Transactions (Tables)

12 Months Ended

Apr. 30, 2013

Schedule of non voting revenues interest and non voting profits interests

	Fiscal Years Ended April 30,
($ in thousands)	2013 6155799223l30i71g61jig5436kljg43		2012		2011
Non-voting revenues interest in EAM	$	5,781	$	5,684	$	2,187

Non-voting profits interest in EAM		479		206		168
	$	6,260	$	5,890	$	2,355

XML 38 R26.htm IDEA: XBRL DOCUMENT

Supplementary Cash Flow Information (Tables)

12 Months Ended

Apr. 30, 2013

Supplemental Cash Flow Elements [Abstract]

Schedule of cash flow supplemental disclosures

	Fiscal Years Ended April 30, 6155799223l30i71g61jig5436kljg43
($ in thousands)	2013			2012			2011
State and local income tax payments	$	(120	)	$	(159	)	$	(15	)
Federal income tax payments to the Parent	$	(1,877	)	$	(845	)	$	(348	)
Federal income tax refunds from the Parent	$	-		$	-		$	1,598

Interest payments	$	-		$	-		$	(2	)

XML 39 R56.xml IDEA: Employees' Profit Sharing and Savings Plan (Detail Textuals) 2.4.0.8056 - Disclosure - Employees' Profit Sharing and Savings Plan (Detail Textuals)truefalsefalse1false USDfalsefalse$Context_FYE__30-Apr-2013http://www.sec.gov/CIK0000717720duration2012-05-01T00:00:002013-04-30T00:00:00USDStandardhttp://www.xbrl.org/2003/iso4217USDiso42170USDUSD$2false USDfalsefalse$Context_FYE__30-Apr-2012http://www.sec.gov/CIK0000717720duration2011-05-01T00:00:002012-04-30T00:00:00USDStandardhttp://www.xbrl.org/2003/iso4217USDiso42170USDUSD$3false USDfalsefalse$Context_FYE__30-Apr-2011http://www.sec.gov/CIK0000717720duration2010-05-01T00:00:002011-04-30T00:00:00USDStandardhttp://www.xbrl.org/2003/iso4217USDiso42170USDUSD$1true 1us-gaap_CompensationRelatedCostsAbstractus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalse2falsefalsefalse00falsefalsefalse3falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse0Compensation Related Costs [Abstract]2false 2us-gaap_DeferredCompensationArrangementWithIndividualEmployerContributionus-gaap_truedebitdurationfalsefalsefalsefalsefalsefalsefalsefalseverboseLabel1truefalsefalse240000240000USD$falsetruefalse2truefalsefalse447000447000USD$falsetruefalse3truefalsefalse500000500000USD$falsetruefalsexbrli:monetaryItemTypemonetaryThe amount of payment into the fund established for purposes of making future disbursements to the individual in accordance with the terms and understanding of the deferred compensation arrangement.No definition available.false2Estimated profit sharing plan contribution included in salaries and employee benefitsfalseEmployees' Profit Sharing and Savings Plan (Detail Textuals) (USD $)NoRoundingUnKnownUnKnownUnKnowntruefalsefalseSheethttp://www.valueline.com/role/EmployeesProfitSharingAndSavingsPlanDetailTextuals32 XML 40 R46.htm IDEA: XBRL DOCUMENT

Investments - Components of assets and liabilities (Details 3) (USD $)
In Thousands, unless otherwise specified

Apr. 30, 2013

Apr. 30, 2012

Schedule of Investments [Line Items]

EAM's total assets

$ 84,341

$ 84,369

EAM's total liabilities

51,356

52,055

EAM Trust

Schedule of Investments [Line Items]

EAM's total assets

59,349

57,482

EAM's total liabilities

(2,814)

^[1]

(663)

^[1]

EAM's total equity

$ 56,535

$ 56,819

[1]	At April 30, 2013, EAM's total liabilities included a payable to VLI for its accrued non-voting revenues and non-voting profits interests of $1,621,000.

- Definition

The amount of assets reported by an equity method investment of the entity.

+ References+ Details

- Definition

The amount of liabilities reported by an equity method investment of the entity.

+ References+ Details

XML 41 R34.htm IDEA: XBRL DOCUMENT

Comprehensive Income (Tables)

12 Months Ended

Apr. 30, 2013

Comprehensive Income (Loss) Note [Abstract]

Schedule of components of comprehensive income included in the consolidated statements of changes in shareholders' equity


($ in thousands)	Amount Before Tax		Tax Expense			Tax Benefit		Amount Net of Tax
Change in unrealized gains on securities	$	255	$	(195	)	$	106	$	166
	$	255	$	(195	)	$	106	$	166


($ in thousands)	Amount Before Tax		Tax Expense			Tax Benefit		Amount Net of Tax
Change in unrealized gains on securities	$	24	$	(33	)	$	24	$	15
Add: Losses realized in net income		11		(4	)		-		7
	$	35	$	(37	)	$	24	$	22


($ in thousands)	Amount Before Tax		Tax Expense			Tax Benefit		Amount Net of Tax
Change in unrealized gains on securities	$	32	$	(14	)	$	3	$	21
Add: Losses realized in net income		68		(24	)		-		44
	$	100	$	(38	)	$	3	$	65

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-SubTopic 10 -Section 55 -Paragraph 40 -Subparagraph (Note 3) -URI http://asc.fasb.org/extlink&oid=6584154&loc=d3e38371-112697 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 20 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6453985&loc=d3e41502-112717 false2201720false 4us-gaap_OperatingLeasesFutureMinimumPaymentsDueus-gaap_truecreditinstantfalsefalsefalsefalsefalsefalsefalsefalsetotalLabel1truefalsefalse46500004650USD$falsetruefalsexbrli:monetaryItemTypemonetaryAmount of required minimum rental payments for leases having an initial or remaining non-cancelable letter-terms in excess of one year.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 10 -Section 55 -Paragraph 40 -Subparagraph (Note 3) -URI http://asc.fasb.org/extlink&oid=6584154&loc=d3e38371-112697 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 20 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6453985&loc=d3e41502-112717 true2Operating leases, totalfalseLease Commitments - Future minimum payments under operating lease (Details) (USD $)ThousandsUnKnownUnKnownUnKnowntruefalsefalseSheethttp://www.valueline.com/role/LeaseCommitmentsFutureMinimumPaymentsUnderOperatingLeaseDetails120 XML 43 R19.xml IDEA: Disclosure of Credit Risk of Financial Instruments with Off-Balance Sheet Risk 2.4.0.8019 - Disclosure - Disclosure of Credit Risk of Financial Instruments with Off-Balance Sheet Risktruefalsefalse1false falsefalseContext_FYE__30-Apr-2013http://www.sec.gov/CIK0000717720duration2012-05-01T00:00:002013-04-30T00:00:001true 1us-gaap_RisksAndUncertaintiesAbstractus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse0Risks and Uncertainties [Abstract]2false 2us-gaap_ConcentrationRiskDisclosureTextBlockus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalseverboseLabel1falsefalsefalse00<div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; font-weight: bold; display: inline;">Note 11-Disclosure of Credit Risk of Financial Instruments with Off-Balance Sheet Risk:</font></div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> </div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-weight: bold; display: inline;"><font style="font-family: times new roman; font-size: 10pt; font-weight: normal; display: inline;">Other than EAM and the Value Line Funds as explained in Note 3-Related Party Transactions, no single customer accounted for a significant portion of the Company’s sales in fiscal 2013, 2012, or 2011, nor its accounts receivable as of April 30, 2013 or 2012.</font></font></div> </div><div style='height:0px;width:0px;display:none'>6155799223l30i71g61jig5436kljg43</div>falsefalsefalsenonnum:textBlockItemTypenaThe entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 275 -SubTopic 10 -Section 50 -Paragraph 16 -URI http://asc.fasb.org/extlink&oid=6927468&loc=d3e6327-108592 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 275 -SubTopic 10 -Section 50 -Paragraph 20 -URI http://asc.fasb.org/extlink&oid=6927468&loc=d3e6404-108592 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 20 -URI http://asc.fasb.org/extlink&oid=28364263&loc=d3e13531-108611 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 275 -SubTopic 10 -Section 50 -Paragraph 18 -URI http://asc.fasb.org/extlink&oid=6927468&loc=d3e6351-108592 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 21 -URI http://asc.fasb.org/extlink&oid=28364263&loc=d3e13537-108611 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 275 -SubTopic 10 -Section 50 -Paragraph 21 -URI http://asc.fasb.org/extlink&oid=6927468&loc=d3e6442-108592 false0Disclosure of Credit Risk of Financial Instruments with Off-Balance Sheet RiskfalseDisclosure of Credit Risk of Financial Instruments with Off-Balance Sheet RiskUnKnownUnKnownUnKnownUnKnowntruefalsefalseSheethttp://www.valueline.com/role/DisclosureOfCreditRiskOfFinancialInstrumentsWithOffBalanceSheetRisk12 XML 44 R40.htm IDEA: XBRL DOCUMENT

Related Party Transactions - Income from its non-voting revenues interest and its non-voting profits interests in EAM (Details) (USD $)
In Thousands, unless otherwise specified

12 Months Ended

Apr. 30, 2013

Apr. 30, 2012

Apr. 30, 2011

Non-voting revenues interest in EAM

$ 5,781

$ 5,684

$ 2,187

Non-voting profits interest in EAM

479

206

168

Revenues and profits interests in EAM Trust

6,260

5,890

2,355

EAM Trust

Non-voting revenues interest in EAM

5,781

5,684

2,187

^[1]

Non-voting profits interest in EAM

479

206

168

Revenues and profits interests in EAM Trust

$ 6,260

$ 5,890

$ 2,355

[1]	Total results of EAM's investment management operations was for the period from December 23, 2010 through April 30, 2011.

XML 45 R49.htm IDEA: XBRL DOCUMENT

Variable Interest Entity - Total assets of EAM, maximum exposure to loss due to involvement with EAM and value of the assets and liabilities (Details) (USD $)
In Thousands, unless otherwise specified

Apr. 30, 2013

Apr. 30, 2012

Variable Interest Entity [Line Items]

Investment in EAM Trust

$ 57,511

$ 56,331

EAM Trust

Variable Interest Entity [Line Items]

VIE Assets

59,349

57,482

Investment in EAM Trust

57,511

^[1]

56,331

^[1]

Liabilities

Maximum Exposure to Loss

$ 57,511

$ 56,331

[1]	Reported within Long Term Assets on Consolidated Balance Sheets.

XML 46 R31.htm IDEA: XBRL DOCUMENT

Federal, State and Local Income Taxes (Tables)

12 Months Ended

Apr. 30, 2013

Income Tax Disclosure [Abstract]

Schedule of provision for income taxes

	Fiscal Years Ended April 30,
($ in thousands)	2013		2012			2011
Current tax expense (benefit):
Federal	$	2,679	$	139		$	356
State and local		130		(54	)		(413	)
		2,809		85			(57	)
Deferred tax expense:
Federal		728		3,785			20,535
State and local		350		503			3,203
		1,078		4,288			23,738
Income tax provision:	$	3,887	$	4,373		$	23,681

Schedule of components of deferred tax asset and deferred tax liability

	As of April 30,
($ in thousands)	2013			2012
Federal tax benefit (liability):
Net operating loss	$	-		$	126
Unrealized gains on securities available-for-sale		(136	)		(46	)
Operating lease exit obligation		13			153
Deferred professional fees		49			80
Deferred charges		265			76
Total federal tax benefit		191			389

State and local tax benefits:
Net operating loss		-			15
Other		36			38
Total state and local tax benefits		36			53
Deferred tax asset, short term	$	227		$	442

	As of April 30,
($ in thousands)	2013			2012
Federal tax liability (benefit):
Deferred gain on deconsolidation of EAM	$	17,679		$	17,679
Deferred non-cash post-employment compensation		(619	)		(619	)
Depreciation and amortization		1,642			1,032
Other		262			120
Total federal tax liability		18,964			18,212

State and local tax liabilities (benefits):
Deferred gain on deconsolidation of EAM		2,243			2,182
Deferred non-cash post-employment compensation		(79	)		(76	)
Depreciation and amortization		208			127
Deferred professional fees		(10	)		(21	)
Total state and local tax liabilities		2,362			2,212
Deferred tax liability, long term	$	21,326		$	20,424

Schedule of effective income tax rate reconciliation

	Fiscal Years Ended April 30,
	2013			2012			2011
U.S. statutory federal rate		35.00	%		35.00	%		35.00	%
Increase (decrease) in tax rate from:
State and local income taxes, net of federal income tax benefit		2.96	%		2.58	%		2.95	%
Effect of dividends received deductions		-0.27	%		-			-
Alternative minimum tax - net operating loss limitation		-			1.23	%		0.58	%
Domestic production tax credit		-0.52	%		-			-
Other, net		-0.17	%		-0.10	%		-
Effective income tax rate		37.00	%		38.71	%		38.53	%

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Treasury Stock and Repurchase Program - Components of treasury stock, at cost (Details) (USD $)
In Thousands, except Share data, unless otherwise specified

12 Months Ended

Apr. 30, 2013

Apr. 30, 2012

Apr. 30, 2011

Treasury Stock At Cost [Roll Forward]

Balance (in shares)

103,619

^[1]

25,119

18,400

^[2]

Purchases effected in open market, shares

19,953

^[3]

78,500

6,719

Balance (in shares)

123,572

103,619

^[1]

25,119

Total Average Cost, Beginning Balance (in dollars)

$ 1,390

^[1]

$ 444

$ 354

^[2]

Purchases effected in open market (in dollars)

182

^[3]

946

Total Average Cost, Ending Balance (in dollars)

1,572

1,390

^[1]

444

Average Cost per Share, Beginning Balance (in dollars per share)

$ 13.41

^[1]

$ 17.67

$ 19.24

^[2]

Average cost per share

$ 9.13

^[3]

$ 12.05

$ 13.39

Average Cost per Share, Ending Balance (in dollars per share)

$ 12.72

$ 13.41

^[1]

$ 17.67

Aggregate Purchase Price Remaining Under the Program, Beginning Balance (in dollars)

^[1]

3,110

^[2]

Aggregate purchase price remaining under the program

2,818

^[3]

2,165

3,110

Aggregate Purchase Price Remaining Under the Program, Ending Balance (in dollars)

$ 2,818

^[1]

$ 3,110

[1]	Includes 85,219 shares with a total average cost of $1,036,000 that were acquired during the former repurchase program, which was authorized in January 2011 and expired in January 2012.
[2]	Were acquired prior to the repurchase program authorized in January 2011.
[3]	Were acquired during the new repurchase program authorized in September 2012.

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(“Value Line” or “VLI”, and collectively with its subsidiaries, the “Company”) is incorporated in the State of New York.  The name “Value Line” as used to describe the Company, its products, and its subsidiaries, is a registered trademark of the Company.  The Company’s primary business is producing investment periodicals and related publications and making available copyright data including certain Value Line trademarks and Value Line Proprietary Ranking System information to third parties under written agreements for use in third party managed and marketed investment products.</font></div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> </div> </td> </tr> <tr> <td valign="top" width="125%" colspan="8"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Prior to December 23, 2010 (the “Restructuring Date”), VLI, through its direct subsidiary EULAV Asset Management LLC (“EAM LLC”), provided investment management services to the Value Line Mutual Funds (“Value Line Funds” or the “Funds”), institutions and individual accounts, and, through EAM LLC’s subsidiary EULAV Securities, Inc. (“ESI”), provided distribution, marketing, and administrative services to the Value Line Funds.  On December 23, 2010, the Company deconsolidated the asset management and mutual fund distribution subsidiaries and exchanged its controlling interest in these subsidiaries for a non-voting revenues interest and a non-voting profits interest in EULAV Asset Management Trust, a Delaware business statutory trust (“EAM” or “EAM Trust”), the successor to EAM LLC and the sole member of EULAV Securities LLC (“ES”), the successor to ESI, (the “Restructuring Transaction”).  During fiscal 2011, VLI also recorded as post-employment compensation expense the value of a voting profits interest in EAM granted to one of the trustees of EAM, a former VLI employee.  Pursuant to the EAM Declaration of Trust dated as of December 23, 2010 (the “EAM Trust Agreement”), VLI granted EAM the right to use the Value Line name for all existing Value Line Funds and agreed to supply, without charge or expense, the Value Line Proprietary Ranking System information to EAM for use in managing the Value Line Funds.  The name “Value Line” as used to describe the Company, its products, and its subsidiaries, is a registered trademark of the Company.</font></div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> </div> <div style="height: 0px; width: 0px; display: none;">6155799223l30i71g61jig5436kljg43</div> </td> </tr> <tr> <td align="left" valign="bottom" width="125%" colspan="8"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; font-weight: bold; display: inline;">Use of Estimates:</font></div> </td> </tr> <tr> <td valign="top" width="125%" colspan="8"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results may differ from those estimates.</font></div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> </div> </td> </tr> <tr> <td align="left" valign="bottom" width="125%" colspan="8"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; font-weight: bold; display: inline;">Principles of Consolidation:</font></div> </td> </tr> <tr> <td valign="bottom" width="57%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="14%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="15%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="22%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="10%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> </tr> <tr bgcolor="#ffffff"> <td valign="top" width="125%" colspan="8"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">The Company follows the guidance in the Financial Accounting Standards Board’s (“FASB”) Topic 810 “Consolidation” to determine if it should consolidate its investment in a variable interest entity (“VIE”). A VIE is a legal entity in which either (i) equity investors do not have sufficient equity investment at risk to enable the entity to finance its activities independently or (ii) the equity holders at risk lack the obligation to absorb losses, the right to receive residual returns or the right to make decisions about the entity’s activities that most significantly affect the entity’s economic performance.  A holder of a variable interest in a VIE is required to consolidate the entity if it is determined that it has a controlling financial interest in the VIE and is therefore the primary beneficiary.  The determination of a controlling financial interest in a VIE is based on a qualitative assessment to identify the variable interest holder, if any, that has (i) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance, and (ii) either the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE.  The accounting guidance requires the Company to perform an ongoing assessment of whether the Company is the primary beneficiary of a VIE and the Company has determined it is not the primary beneficiary of a VIE (see Note 5).</font></div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> </div> </td> </tr> <tr> <td valign="top" width="125%" colspan="8"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">In accordance with FASB’s Topic 810, the assets, liabilities, and results of operations of subsidiaries in which the Company has a controlling interest have been consolidated.  All significant intercompany accounts and transactions have been eliminated in consolidation.  On December 23, 2010, the Company completed the Restructuring Transaction and deconsolidated the related affiliates in accordance with FASB’s Topic 810.  As part of the Restructuring Transaction, the Company received a significant non-voting revenues interest (excluding distribution revenues) and a non-voting profits interest in the new entity, EAM.  The Company relied on the guidance in FASB’s ASC Topics 323 and 810 in its determination not to consolidate its investment in EAM and to account for such investment under the equity method of accounting. The Company reports the amount it receives for its non-voting revenues and non-voting profits interests as a separate line item below operating income in the Consolidated  Statements of Income.</font></div> </td> </tr> <tr> <td valign="bottom" width="57%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="14%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="15%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="22%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="10%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> </tr> <tr> <td align="left" valign="bottom" width="125%" colspan="8"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; font-weight: bold; display: inline;">Revenue Recognition:</font></div> </td> </tr> <tr> <td valign="bottom" width="57%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="14%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="15%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="22%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="10%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> </tr> <tr> <td valign="top" width="125%" colspan="8"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Depending upon the product, subscription fulfillment for Value Line periodicals and related publications is available in print or digitally, via internet access.  The length of a subscription varies by product and offer received by the subscriber.  Generally, subscriptions are offered as annual subscriptions.  Subscription revenues, net of discounts, are recognized ratably on a straight line basis when the product is served to the client over the life of the subscription.  Accordingly, the amount of subscription fees to be earned by fulfilling subscriptions after the date of the balance sheets are shown as unearned revenue within current and long term liabilities.</font></div> <div style="text-indent: 0pt; display: block;"> </div> </td> </tr> <tr> <td valign="top" width="125%" colspan="8"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Copyright data revenues are derived from providing certain Value Line trademarks and the Value Line Proprietary Ranking System information to third parties under written agreements for use in selecting securities for third party marketed products, including unit investment trusts, annuities and exchange traded funds (“ETFs”).  The Company earns asset-based copyright data fees as specified in the individual agreements.  Revenue is recognized monthly over the term of the agreement and, because it is asset-based, will fluctuate as the market value of the underlying portfolio increases or decreases in value.</font></div> </td> </tr> </table> <div> </div> <table style="width: 100%; font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0"> <tr> <td valign="top" width="125%" colspan="8"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Prior to the Restructuring Date, the Company earned investment management fees that consisted of management fees from the Value Line Funds and from asset management clients.  Investment management fees for the Funds were earned on a monthly basis as services were performed.  The fees were calculated based on the average daily net assets of the Funds in accordance with each Fund’s advisory agreement (see Note 3 “Related Party Transactions”).</font></div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> </div> </td> </tr> <tr> <td valign="top" width="125%" colspan="8"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">The management fees and average daily net assets for the Value Line Funds are calculated by State Street Bank, which serves as the fund accountant, fund administrator, and custodian of the Value Line Funds.</font></div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> </div> </td> </tr> <tr> <td valign="top" width="125%" colspan="8"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">The Value Line Funds are open-end management companies registered under the Investment Company Act of 1940 (the “1940 Act”).  Shareholder transactions for the Value Line Funds are processed each business day by the third party transfer agent of the Funds.  Shares can be redeemed without advance notice upon request of the shareowners each day that the New York Stock Exchange is open.  Prior to December 1, 2010, EAM LLC, in addition to managing the Value Line Funds, separately managed accounts of institutions and high net worth individuals for which it was paid advisory fees.  EAM had no separately managed accounts as of April 30, 2013 or April 30, 2012.  Assets within the separately managed accounts were held at third party custodians and were subject to the terms of the applicable advisory agreements and did not have any advance notice requirement for withdrawals.</font></div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> </div> </td> </tr> <tr> <td valign="top" width="125%" colspan="8"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Also, prior to the Restructuring Date, service and distribution fees were received from the Value Line Funds in accordance with service and distribution plans under rule 12b-1 of the Investment Company Act of 1940.  These plans are compensation plans, which means that the distributor’s fees under these plans are payable without regard to actual expenses incurred by the distributor, and therefore the distributor may earn a profit under the plan.  Expenses incurred by ESI, the distributor of the Value Line Funds prior to the Restructuring Date, included payments to securities dealers, banks, financial institutions and other organizations that provided distribution, marketing, and administrative services with respect to the Value Line Funds.  Service and distribution fees are received by the distributor on a monthly basis and calculated based upon the average daily net assets of the respective Fund in accordance with each Fund’s prospectus (see Note 3 “Related Party Transactions”).</font></div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> </div> </td> </tr> <tr> <td align="left" valign="bottom" width="125%" colspan="8"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; font-weight: bold; display: inline;">Investment in Unconsolidated Entities:</font></div> </td> </tr> <tr> <td valign="bottom" width="57%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="14%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="15%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="22%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="10%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> </tr> <tr> <td valign="top" width="125%" colspan="8"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">The Company accounts for its investment in its unconsolidated entity, EAM, using the equity method of accounting in accordance with FASB’s ASC 323.  The equity method is an appropriate means of recognizing increases or decreases measured by GAAP in the economic resources underlying the investments.  Under the equity method, an investor recognizes its share of the earnings or losses of an investee in the periods for which they are reported by the investee in its financial statements rather than in the period in which an investee declares a dividend or distribution. An investor adjusts the carrying amount of an investment for its share of the earnings or losses recognized by the investee.</font></div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> </div> </td> </tr> <tr> <td valign="top" width="125%" colspan="8"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">The Company’s “interests” in EAM, the investment adviser to and the sole member of the distributor of the Value Line Funds, consist of a “non-voting revenues interest” and a “non-voting profits interest” in EAM as defined in the EAM Trust Agreement.  The non-voting revenues interest entitles the Company to receive a range of 41% to 55%, based on the amount of EAM’s adjusted gross revenues, excluding ES’s distribution revenues (“Revenues Interest”).  The non-voting profits interest entitles the Company to receive 50% of EAM’s profits, subject to certain limited adjustments as defined in the EAM Trust Agreement (“Profits Interest”).  The Revenues Interest and at least 90% of the Profits Interest are to be distributed each quarter to all interest holders of EAM, including Value Line.  Subsequent to the Restructuring Date, the Company’s Revenues Interest in EAM excludes participation in the service and distribution fees of EAM’s subsidiary ES.  The Company reflects its non-voting revenues and non-voting profits interests in EAM as non-operating income under the equity method of accounting subsequent to the Restructuring Transaction.  Although the Company does not have control over the operating and financial policies of EAM, pursuant to the EAM Trust Agreement, the Company has a contractual right to receive its share of EAM’s revenues and profits.</font></div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> </div> </td> </tr> <tr> <td align="left" valign="bottom" width="125%" colspan="8"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; font-weight: bold; display: inline;">Valuation of Securities:</font></div> </td> </tr> <tr> <td valign="bottom" width="57%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="14%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="15%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="22%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="10%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> </tr> <tr> <td valign="top" width="125%" colspan="8"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">The Company’s securities classified as cash equivalents and available-for-sale consist of shares of money market funds that invest primarily in short-term U.S. Government securities, investments in ETFs, shares of equity securities in various publicly traded companies and bank certificates of deposits and are valued in accordance with the requirements of the Fair Value Measurements Topic of the FASB’s ASC 820.  The securities classified available-for-sale reflected in the Consolidated Balance Sheets are valued at market and unrealized gains and losses, net of applicable taxes, are reported as a separate component of shareholders’ equity. Realized gains and losses on sales of the securities classified as available-for-sale are recorded in earnings as of the trade date and are determined on the identified cost method.</font></div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> </div> </td> </tr> <tr> <td valign="top" width="125%" colspan="8"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">The Company classifies its securities available-for-sale as current assets to properly reflect its liquidity and to recognize the fact that it has liquid assets available-for-sale should the need arise.</font></div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> </div> </td> </tr> <tr> <td valign="top" width="125%" colspan="8"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Market valuations of securities listed on a securities exchange and ETF shares are based on the closing sales prices on the last business day of each month. The market value of the Company’s fixed maturity U.S. Government debt securities is determined utilizing publicly quoted market prices.  Cash equivalents consist of investments in money market funds that invest primarily in U.S. Government securities valued in accordance with rule 2a-7 under the 1940 Act.</font></div> </td> </tr> </table> <div> </div> <table style="width: 100%; font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0"> <tr> <td valign="top" width="125%" colspan="8"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">The Fair Value Measurements Topic of FASB’s ASC defines fair value as the price that the Company would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market for the investment. The  Fair Value Measurements Topic established a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the information that market participants would use in pricing the asset or liability, including assumptions about risk. Risks include those inherent in a particular valuation technique, such as the uncertainty inherent in the variables used by the valuation technique. Inputs are classified as observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the factors market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.</font></div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"></font> </div> </td> </tr> <tr> <td valign="top" width="125%" colspan="8"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">The three-tier hierarchy of inputs is summarized in the three broad levels listed below.</font></div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> </div> </td> </tr> <tr> <td valign="top" width="125%" colspan="8"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Level 1 – quoted prices in active markets for identical investments</font></div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> </div> </td> </tr> <tr> <td valign="top" width="125%" colspan="8"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)</font></div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> </div> </td> </tr> <tr> <td valign="top" width="125%" colspan="8"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Level 3 – significant unobservable inputs (including the Company’s own assumptions in determining the fair value of investments)</font></div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> </div> </td> </tr> <tr> <td valign="top" width="125%" colspan="8"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">The following summarizes the levels of fair value measurements of the Company’s investments:</font></div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> </div> </td> </tr> </table> <div> </div> <div align="left"> <table style="width: 85%; font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0"> <tr> <td valign="middle" width="31%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="middle" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="middle" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="middle" width="12%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="middle" width="12%"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">As of April 30, 2013</font></div> </td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="middle" width="12%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="middle" width="12%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="top" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> </tr> <tr> <td align="left" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="middle" width="33%" colspan="2"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> ($ in thousands)</font></div> </td> <td align="left" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="middle" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="middle" width="12%"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Level 1</font></div> </td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="middle" width="12%"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Level 2</font></div> </td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="middle" width="12%"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Level 3</font></div> </td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="middle" width="12%"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Total</font></div> </td> <td valign="top" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> </tr> <tr> <td align="left" valign="middle" width="33%" colspan="2"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Cash equivalents</font></div> </td> <td valign="middle" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td align="right" valign="middle" width="12%"> <div align="right" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> $                  6,312</font></div> </td> <td align="right" valign="middle" width="12%"> <div align="right" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> $                 -</font></div> </td> <td align="right" valign="middle" width="12%"> <div align="right" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> $                -</font></div> </td> <td align="right" valign="middle" width="12%"> <div align="right" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> $          6,312  </font></div> </td> <td valign="top" width="2%"> </td> </tr> <tr> <td align="left" valign="middle" width="35%" colspan="3"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" valign="middle" width="12%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" valign="middle" width="12%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" valign="middle" width="12%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" valign="middle" width="12%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td valign="top" width="2%"> </td> </tr> <tr> <td align="left" valign="middle" width="35%" colspan="3"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Securities available-for-sale</font></div> </td> <td align="right" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="middle" width="12%"> <div align="right" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">                    6,682</font></div> </td> <td align="right" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="middle" width="12%"> <div align="right" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">                    -</font></div> </td> <td align="right" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="middle" width="12%"> <div align="right" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">                   -</font></div> </td> <td align="right" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="middle" width="12%"> <div align="right" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">            6,682  </font></div> </td> <td valign="top" width="2%"> </td> </tr> <tr> <td valign="middle" width="31%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="middle" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="middle" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td align="right" style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="middle" width="12%"> <div align="right" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> $                12,994</font></div> </td> <td align="right" style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="middle" width="12%"> <div align="right" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> $                 -</font></div> </td> <td align="right" style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="middle" width="12%"> <div align="right" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> $                -</font></div> </td> <td align="right" style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="middle" width="12%"> <div align="right" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> $        12,994  </font></div> </td> <td valign="top" width="2%"> </td> </tr> <tr> <td valign="top" width="31%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="top" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="top" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="top" width="12%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="top" width="12%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="top" width="12%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="top" width="12%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="top" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> </tr> <tr> <td valign="middle" width="31%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="middle" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="middle" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="middle" width="12%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="middle" width="12%"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">As of April 30, 2012</font></div> </td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="middle" width="12%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="middle" width="12%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="top" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> </tr> <tr> <td align="left" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="middle" width="33%" colspan="2"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> ($ in thousands)</font></div> </td> <td align="left" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="middle" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="middle" width="12%"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Level 1</font></div> </td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="middle" width="12%"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Level 2</font></div> </td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="middle" width="12%"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Level 3</font></div> </td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="middle" width="12%"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Total</font></div> </td> <td valign="top" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> </tr> <tr> <td align="left" valign="middle" width="33%" colspan="2"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Cash equivalents</font></div> </td> <td valign="middle" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td align="right" valign="middle" width="12%"> <div align="right" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> $                10,848</font></div> </td> <td align="right" valign="middle" width="12%"> <div align="right" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> $                 -</font></div> </td> <td align="right" valign="middle" width="12%"> <div align="right" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> $                -</font></div> </td> <td align="right" valign="middle" width="12%"> <div align="right" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> $        10,848  </font></div> </td> <td valign="top" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> </tr> <tr> <td align="left" valign="middle" width="35%" colspan="3"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" valign="middle" width="12%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" valign="middle" width="12%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" valign="middle" width="12%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" valign="middle" width="12%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td valign="top" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" valign="middle" width="35%" colspan="3"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Securities available-for-sale</font></div> </td> <td align="right" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="middle" width="12%"> <div align="right" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">                    3,881</font></div> </td> <td align="right" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="middle" width="12%"> <div align="right" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">                    -</font></div> </td> <td align="right" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="middle" width="12%"> <div align="right" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">                   -</font></div> </td> <td align="right" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="middle" width="12%"> <div align="right" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">            3,881  </font></div> </td> <td valign="top" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> </tr> <tr> <td valign="middle" width="31%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="middle" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="middle" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td align="right" style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="middle" width="12%"> <div align="right" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> $                14,729</font></div> </td> <td align="right" style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="middle" width="12%"> <div align="right" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> $                 -</font></div> </td> <td align="right" style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="middle" width="12%"> <div align="right" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> $                -</font></div> </td> <td align="right" style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="middle" width="12%"> <div align="right" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> $        14,729  </font></div> </td> <td valign="top" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> </tr> </table> </div> <div> </div> <table style="width: 100%; font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0"> <tr> <td valign="top" width="125%" colspan="8"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">The Company had no other financial instruments such as futures, forwards and swap contracts. For the periods ended April 30, 2013 and April 30, 2012, there were no Level 2 nor Level 3 investments. The Company does not have any liabilities subject to fair value measurement.</font></div> </td> </tr> <tr> <td valign="bottom" width="57%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="14%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="15%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="22%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="10%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> </tr> <tr> <td align="left" valign="bottom" width="125%" colspan="8"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; font-weight: bold; display: inline;">Advertising expenses:</font></div> </td> </tr> <tr> <td valign="bottom" width="57%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="14%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="15%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="22%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="10%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> </tr> <tr> <td align="left" valign="bottom" width="75%" colspan="4"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">The Company expenses advertising costs as incurred.</font></div> </td> <td valign="bottom" width="15%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="22%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="10%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> </tr> <tr> <td valign="bottom" width="57%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="14%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="15%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="22%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="10%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> </tr> <tr> <td align="left" valign="bottom" width="125%" colspan="8"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; font-weight: bold; display: inline;">Income Taxes:</font></div> </td> </tr> <tr> <td valign="bottom" width="57%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="14%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="15%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="22%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="10%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> </tr> <tr> <td valign="top" width="125%" colspan="8"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">The Company computes its income tax provision in accordance with the Income Tax Topic of the FASB’s ASC.  Deferred tax liabilities and assets are recognized for the expected future tax consequences of events that have been reflected in the Consolidated  Financial Statements. Deferred tax liabilities and assets are determined based on the differences between the book values and the tax bases of particular assets and liabilities, using tax rates currently in effect for the years in which the differences are expected to reverse.</font></div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> </div> </td> </tr> <tr> <td valign="top" width="125%" colspan="8"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">The Income Tax Topic of the FASB’s ASC establishes for all entities, a minimum threshold for financial statement recognition of the benefit of positions taken in filing tax returns (including whether an entity is taxable in a particular jurisdiction), and requires certain expanded tax disclosures.  As of April 30, 2013, management has reviewed the tax positions for the years still subject to tax audit under the statute of limitations, evaluated the implications, and determined that there is no material impact to the Company’s financial statements.</font></div> </td> </tr> </table> <div> </div> <table style="width: 100%; font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0"> <tr> <td align="left" valign="bottom" width="125%" colspan="8"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; font-weight: bold; display: inline;">Earnings per share:</font></div> </td> </tr> <tr> <td valign="bottom" width="57%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="14%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="15%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="22%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="10%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> </tr> <tr> <td valign="top" width="125%" colspan="8"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Earnings per share are based on the weighted average number of shares of common stock and common stock equivalents outstanding during each period. Any shares that are reacquired during the period are weighted for the portion of the period that they are outstanding.  The Company does not have any potentially dilutive common shares from outstanding stock options, warrants, restricted stock, or restricted stock units.</font></div> </td> </tr> <tr> <td valign="bottom" width="57%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="14%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="15%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="22%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="10%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> </tr> <tr> <td align="left" valign="bottom" width="125%" colspan="8"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; font-weight: bold; display: inline;">Cash and Cash Equivalents:</font></div> </td> </tr> <tr> <td valign="bottom" width="57%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="14%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="15%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="22%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="10%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> </tr> <tr bgcolor="#ffffff"> <td valign="top" width="125%" colspan="8"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">For purposes of the Consolidated Statements of Cash Flows, the Company considers all cash held at banks and short term liquid investments with an original maturity of less than three months to be cash and cash equivalents. As of April 30, 2013 and April 30, 2012, cash equivalents included $6,312,000 and $10,848,000, respectively, for amounts invested in savings accounts at large commercial banks, held as bank certificates of deposits, and investments in money market mutual funds that invest in short term U.S. government securities.</font></div> </td> </tr> <tr> <td valign="bottom" width="57%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="14%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="15%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="22%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="10%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> </tr> <tr> <td align="left" valign="bottom" width="125%" colspan="8"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; font-weight: bold; display: inline;">Expenses Related to Restructuring:</font></div> </td> </tr> <tr> <td valign="bottom" width="57%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="14%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="15%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="22%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="10%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> </tr> <tr> <td valign="top" width="125%" colspan="8"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">During fiscal 2011, the Company expensed  all costs associated with the Restructuring Transaction as incurred (see Note 15 “Restructuring Expenses and Provision for Settlement”). In addition, the Company recorded as non-cash post-employment compensation expense the value of the voting profits interest in EAM granted to a former employee.</font></div> </td> </tr> </table>falsefalsefalsenonnum:textBlockItemTypenaThe entire disclosure for the organization, consolidation and basis of presentation of financial statements disclosure, and significant accounting policies of the reporting entity. May be provided in more than one note to the financial statements, as long as users are provided with an understanding of (1) the significant judgments and assumptions made by an enterprise in determining whether it must consolidate a VIE and/or disclose information about its involvement with a VIE, (2) the nature of restrictions on a consolidated VIE's assets reported by an enterprise in its statement of financial position, including the carrying amounts of such assets, (3) the nature of, and changes in, the risks associated with an enterprise's involvement with the VIE, and (4) how an enterprise's involvement with the VIE affects the enterprise's financial position, financial performance, and cash flows. Describes procedure if disclosures are provided in more than one note to the financial statements.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 275 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6927468&loc=d3e6003-108592 false0Organization and Summary of Significant Accounting PoliciesfalseOrganization and Summary of Significant Accounting PoliciesUnKnownUnKnownUnKnownUnKnowntruefalsefalseSheethttp://www.valueline.com/role/OrganizationAndSummaryOfSignificantAccountingPolicies12 XML 52 R63.htm IDEA: XBRL DOCUMENT

Accounting for the Costs of Computer Software Developed for Internal Use (Detail Textuals) (Computer Software Developed For Internal Use, USD $)	12 Months Ended
	Apr. 30, 2013	Apr. 30, 2012	Apr. 30, 2011
Finite-Lived Intangible Assets [Line Items]
Capitalized cost of development of software for internal use	$ 2,457,000	$ 3,383,000
Development costs for the digital production software project	2,326,000	2,153,000
Development costs related to a new fulfillment system	131,000	1,230,000
Amortization expense	$ 1,295,000	$ 446,000	$ 332,000
Minimum
Finite-Lived Intangible Assets [Line Items]
Expected useful life of the asset	3 years
Maximum
Finite-Lived Intangible Assets [Line Items]
Expected useful life of the asset	5 years

XML 53 R43.htm IDEA: XBRL DOCUMENT

Investments - Carrying value and fair value of securities available-for-sale (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Apr. 30, 2013	Apr. 30, 2012
Schedule of Available-for-sale Securities [Line Items]
Cost	$ 6,295	$ 3,749
Gross Unrealized Gains	767	215
Gross Unrealized Losses	(380)	(83)
Fair Value	6,682	3,881
Common stocks
Schedule of Available-for-sale Securities [Line Items]
Cost	103	103
Gross Unrealized Gains	27	14
Gross Unrealized Losses	(16)	(5)
Fair Value	114	112
ETFs - equities
Schedule of Available-for-sale Securities [Line Items]
Cost	3,878	2,257
Gross Unrealized Gains	740	201
Gross Unrealized Losses		(5)
Fair Value	4,618	2,453
Inverse ETFs - equities
Schedule of Available-for-sale Securities [Line Items]
Cost	2,314	1,389
Gross Unrealized Gains
Gross Unrealized Losses	(364)	(73)
Fair Value	$ 1,950	$ 1,316

XML 54 R12.xml IDEA: Investments 2.4.0.8012 - Disclosure - Investmentstruefalsefalse1false falsefalseContext_FYE__30-Apr-2013http://www.sec.gov/CIK0000717720duration2012-05-01T00:00:002013-04-30T00:00:001true 1us-gaap_InvestmentsDebtAndEquitySecuritiesAbstractus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse0Investments, Debt and Equity Securities [Abstract]2false 2us-gaap_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlockus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalseverboseLabel1falsefalsefalse00<div> <table style="width: 100%; font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0"> <tr bgcolor="#ffffff"> <td valign="top" width="125%" colspan="8"> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> </div> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> </div> </td> </tr> <tr> <td align="left" valign="bottom" width="59%" colspan="2"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;">Note 4-Investments:</font></div> </td> <td valign="bottom" width="2%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td> <td valign="bottom" width="14%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td> <td valign="bottom" width="15%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td> <td valign="bottom" width="22%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td> <td valign="bottom" width="10%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td> <td valign="bottom" width="2%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td> </tr> <tr> <td valign="bottom" width="57%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td> <td valign="bottom" width="2%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td> <td valign="bottom" width="2%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td> <td valign="bottom" width="14%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td> <td valign="bottom" width="15%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td> <td valign="bottom" width="22%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td> <td valign="bottom" width="10%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td> <td valign="bottom" width="2%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td> </tr> <tr> <td valign="top" width="125%" colspan="8"> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="font-style: italic; display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;">Securities Available-for-Sale:</font></div> </td> </tr> <tr> <td valign="top" width="125%" colspan="8"> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Investments held by the Company and its subsidiaries are classified as securities available-for-sale in accordance with FASB’s ASC 320, Investments - Debt and Equity Securities.  All of the Company’s securities classified as available-for-sale were readily marketable or had a maturity of twelve months or less and are classified as current assets on the Consolidated Balance Sheets.</font></div> </td> </tr> </table> </div> <div style="text-indent: 0pt; display: block;"> </div> <div> <div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <font style="font-style: italic; display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;">Equity Securities:</font></div> </div> <div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> </div> <div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Equity securities classified as available-for-sale, consist of investments in common stocks, ETFs that attempt to replicate the performance of certain equity indexes, ETFs that attempt to replicate the inverse of the price performance of certain equity indexes and ETFs that hold preferred shares primarily of financial institutions.  As of April 30, 2013 and April 30, 2012, the Company held equity securities consisting primarily of ETFs and select common stock holdings of blue chip companies with a concentration on large capitalization companies with high relative dividend yields, all classified as securities available-for-sale on the Consolidated Balance Sheets.  Additionally, as of April 30, 2013 and April 30, 2012, the Company held non-leveraged ETFs, classified as securities available-for-sale, whose performance inversely corresponds to the market value changes of investments in other ETF securities held in the equity portfolio for dividend yield.</font></div> <div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> </div> <div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">As of April 30, 2013 and April 30, 2012, the aggregate cost of the equity securities classified as available-for-sale, which consist of investments in the iShares Dow Jones Select Dividend Index (DVY), SPDR S&P Dividend (SDY), First Trust Value Line Dividend Index (FVD), PowerShares Financial Preferred (PGF), certain common shares of equity securities and inverse equity index ETFs,  was $6,295,000 and $3,749,000, respectively, and the fair value was $6,682,000 and $3,881,000, respectively.  There were no sales or proceeds from sales of equity securities during the fiscal year ended April 30, 2013.  The increases in gross unrealized gains on equity securities classified as available-for-sale of $255,000, net of deferred  taxes of $89,000, were included in Shareholders<font style="display: inline; font-family: times new roman;">’</font> Equity at April 30, 2013.</font></div> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> </div> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Proceeds from sales of equity securities classified as available-for-sale during the twelve months ended April 30, 2012 were $89,000 and the related capital gains of $11,000 were reclassified from Accumulated Other Comprehensive Income in the Balance Sheet to the Consolidated Statement of Income.  There were no sales or proceeds from sales of equity securities during the fiscal year ended April 30, 2011.  The increases in gross unrealized gains on equity securities classified as available-for-sale due to changes in market conditions of $24,000 and $106,000, net of deferred  taxes of $9,000 and $37,000, respectively, were included in Shareholders’ Equity at April 30, 2012 and 2011, respectively.</font></div> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> </div> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">The carrying value and fair value of securities available-for-sale at April 30, 2013 were as follows:</font></div> </div> </div> </div> </div> <div> <div align="left"> <table style="width: 80%; font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0"> <tr> <td valign="bottom" width="32%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td valign="bottom" width="10%" colspan="2"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td valign="bottom" width="10%" colspan="2"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td valign="bottom" width="10%" colspan="2"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td valign="bottom" width="10%" colspan="2"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> <tr> <td align="left" style="border-bottom: black 2px solid;" valign="bottom" width="32%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">($ in thousands)</font></div> </td> <td style="border-bottom: black 2px solid;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Cost</font></div> </td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Gross</font></div> <div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font: 10pt times new roman;">Unrealized</font></div> <div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font: 10pt times new roman;">Gains</font></div> </td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Gross</font></div> <div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font: 10pt times new roman;">Unrealized</font></div> <div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font: 10pt times new roman;">Losses</font></div> </td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Fair Value</font></div> </td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="32%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Common stocks</font></div> </td> <td align="right" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">103</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">27</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">(16</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;">)</font></td> <td align="right" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">114</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="32%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">ETFs - equities</font></div> </td> <td align="right" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">3,878</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">740</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">-</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">4,618</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="32%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Inverse ETFs - equities</font></div> </td> <td align="right" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">2,314</font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="right" style="border-bottom: black 2px solid;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">-</font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="right" style="border-bottom: black 2px solid;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">(364</font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;">)</font></td> <td align="right" style="border-bottom: black 2px solid;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">1,950</font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> <tr> <td style="padding-bottom: 4px;" valign="bottom" width="32%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td> <td align="right" style="padding-bottom: 4px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="border-bottom: black 4px double; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">6,295</font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="right" style="border-bottom: black 4px double;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="border-bottom: black 4px double; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">767</font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="right" style="border-bottom: black 4px double;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="border-bottom: black 4px double; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">(380</font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;">)</font></td> <td align="right" style="border-bottom: black 4px double;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="border-bottom: black 4px double; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">6,682</font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> <tr bgcolor="#ffffff"> <td valign="bottom" width="32%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> <tr> <td valign="bottom" width="67%" colspan="16"> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">The carrying value and fair value of securities available-for-sale at April 30, 2012 were as follows:</font></div> </td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> <tr> <td valign="bottom" width="32%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> <tr> <td align="left" style="border-bottom: black 2px solid;" valign="bottom" width="32%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">($ in thousands)</font></div> </td> <td style="border-bottom: black 2px solid;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Cost</font></div> </td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Gross</font></div> <div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font: 10pt times new roman;">Unrealized</font></div> <div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font: 10pt times new roman;">Gains</font></div> </td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Gross</font></div> <div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font: 10pt times new roman;">Unrealized</font></div> <div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font: 10pt times new roman;">Losses</font></div> </td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Fair Value</font></div> </td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="32%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Common stocks</font></div> </td> <td align="right" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">103</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">14</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">(5</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;">)</font></td> <td align="right" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">112</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="32%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">ETFs - equities</font></div> </td> <td align="right" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">2,257</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">201</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">(5</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;">)</font></td> <td align="right" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">2,453</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> <tr> <td align="left" style="padding-bottom: 2px;" valign="bottom" width="32%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Inverse ETFs - equities</font></div> </td> <td align="right" style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">1,389</font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="right" style="border-bottom: black 2px solid;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">-</font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="right" style="border-bottom: black 2px solid;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">(73</font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;">)</font></td> <td align="right" style="border-bottom: black 2px solid;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">1,316</font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> <tr> <td style="padding-bottom: 4px;" valign="bottom" width="32%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td> <td align="right" style="padding-bottom: 4px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="border-bottom: black 4px double; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">3,749</font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="right" style="border-bottom: black 4px double;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="border-bottom: black 4px double; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">215</font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="right" style="border-bottom: black 4px double;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="border-bottom: black 4px double; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">(83</font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;">)</font></td> <td align="right" style="border-bottom: black 4px double;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="border-bottom: black 4px double; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">3,881</font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> </table> </div> <div> </div> <div> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="font-style: italic; display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;">Government Debt Securities (Fixed Income Securities):</font></div> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> </div> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Fixed income securities consist of government debt securities issued by the United States federal government.  There were no fixed income securities as of April 30, 2013 or April 30, 2012.</font></div> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> </div> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">During  the twelve months ended April 30, 2012 and April 30, 2011, proceeds from maturities and sales of government debt securities classified as available-for-sale  were $11,196,000 and $38,021,000, respectively.  During fiscal years 2012 and 2011, losses on sales of fixed income securities of $22,000 and $68,000, respectively, were reclassified from Accumulated Other Comprehensive Income in the Consolidated Balance Sheets to the Consolidated Statements of Income.</font></div> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> </div> <strong></strong> </div> </div> </div> </div> <div> <div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Income from securities transactions was comprised of the following:</font></div> </div> </div> <div> </div> <div align="left"> <table style="width: 80%; font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0"> <tr> <td style="padding-bottom: 2px;" valign="bottom" width="44%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td> <td align="left" style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: center;" valign="bottom" width="10%" colspan="10"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font> <font style="display: inline; font-family: times new roman; font-size: 10pt;">Fiscal Years Ended April 30,</font></td> <td style="border-bottom: black 2px solid; text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> <tr> <td align="left" style="border-bottom: black 2px solid;" valign="bottom" width="44%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">($ in thousands)</font></div> </td> <td style="border-bottom: black 2px solid;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">2013</font></div> </td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">2012</font></div> </td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">2011</font></div> </td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> <tr> <td align="left" bgcolor="#ffffff" valign="bottom" width="44%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Dividend income</font></div> </td> <td align="right" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="text-align: right;" bgcolor="#ffffff" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">124</font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="text-align: right;" bgcolor="#ffffff" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">68</font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="text-align: right;" bgcolor="#ffffff" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">16</font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> <tr> <td align="left" bgcolor="#ffffff" valign="bottom" width="44%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Interest income (1)</font></div> </td> <td align="right" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" bgcolor="#ffffff" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">4</font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" bgcolor="#ffffff" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">16</font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" bgcolor="#ffffff" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">118</font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> <tr> <td align="left" bgcolor="#ffffff" valign="bottom" width="44%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Realized and unrealized gains (losses) on securities available-for-sale (2)</font></div> </td> <td align="right" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" bgcolor="#ffffff" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">-</font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" bgcolor="#ffffff" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">(11</font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;">)</font></td> <td align="right" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" bgcolor="#ffffff" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">(63</font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;">)</font></td> </tr> <tr> <td align="left" bgcolor="#ffffff" valign="bottom" width="44%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Interest expense</font></div> </td> <td align="right" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" bgcolor="#ffffff" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">-</font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" bgcolor="#ffffff" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">-</font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" bgcolor="#ffffff" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">(2</font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;">)</font></td> </tr> <tr> <td align="left" style="padding-bottom: 2px;" bgcolor="#ffffff" valign="bottom" width="44%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Other</font></div> </td> <td align="right" style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" bgcolor="#ffffff" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">(2</font></td> <td style="border-bottom: black 2px solid; text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;">)</font></td> <td align="right" style="border-bottom: black 2px solid;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" bgcolor="#ffffff" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">(3</font></td> <td style="border-bottom: black 2px solid; text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;">)</font></td> <td align="right" style="border-bottom: black 2px solid;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" bgcolor="#ffffff" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">(4</font></td> <td style="border-bottom: black 2px solid; text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;">)</font></td> </tr> <tr> <td align="left" style="padding-bottom: 4px;" bgcolor="#ffffff" valign="bottom" width="44%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Total income from securities transactions, net</font></div> </td> <td align="right" style="padding-bottom: 4px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 4px double; text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="border-bottom: black 4px double; text-align: right;" bgcolor="#ffffff" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">126</font></td> <td style="border-bottom: black 4px double; text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="right" style="border-bottom: black 4px double;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 4px double; text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="border-bottom: black 4px double; text-align: right;" bgcolor="#ffffff" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">70</font></td> <td style="border-bottom: black 4px double; text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="right" style="border-bottom: black 4px double;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 4px double; text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="border-bottom: black 4px double; text-align: right;" bgcolor="#ffffff" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">65</font></td> <td style="border-bottom: black 4px double; text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> </table> </div> <div> </div> <div> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">(1) Interest income was recorded net of bond premium amortization of $14,000 during fiscal year 2011.</font></div> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">(2) These amounts were reclassified from Accumulated Other Comprehensive Income in the Consolidated  Balance Sheets to the Consolidated  Statements of Income.</font></div> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> </div> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">The changes in the value of equity and fixed income securities investments are recorded in Other Comprehensive Income in the Consolidated Financial Statements.  Realized gains and losses are recorded on the trade date in the Consolidated Statements of Income when securities are sold, mature or are redeemed.  As of April 30, 2013 and April 30, 2012, gross unrealized gains of $387,000 and $131,000, net of deferred taxes of $136,000 and $46,000, respectively, are recorded in Accumulated Other Comprehensive Income in the Consolidated Balance Sheets.</font></div> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> </div> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="font: 10pt times new roman;"><b><i>Investment in Unconsolidated Entities:</i></b></font> </div> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="font-style: italic; display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;">Equity Method Investment:</font></div> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> </div> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">As of April 30, 2013 and April 30, 2012, the Company’s investment in EAM Trust, on the Consolidated Balance Sheets was $57,511,000 and $56,331,000, respectively.</font></div> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> </div> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">The value of VLI’s investment in EAM at April 30, 2013 and April 30, 2012 reflects the fair value of contributed capital of $55,805,000 at inception, plus $5,820,000 of cash and liquid securities in excess of working capital requirements contributed to EAM’s capital account by VLI, plus VLI’s share of non-voting revenues and non-voting profits from EAM less distributions, made quarterly to VLI by EAM, during the period subsequent to its initial investment through the dates of the Consolidated Balance Sheets.</font></div> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> </div> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">It is anticipated that EAM will have sufficient liquidity and earn enough profit to conduct its current and future operations so the management of EAM will not need additional funding. Although the distributor had historically received, from the Value Line Funds under the compensation plans it had in place with the Funds, amounts in excess of its actual expenditures, in more recent years the distributor has been spending amounts on promotion of the Value Line Funds in excess of the compensation received from the Funds.  Over time, EAM anticipates that its total future expenditures on such promotion will equal or exceed its total future revenues under the Funds’ distribution plans.  However, if that should not occur, EAM has no obligation to reimburse the Value Line Funds.</font></div> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> </div> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">The Company monitors its Investment in EAM Trust for impairment to determine whether an event or change in circumstances has occurred that may have a significant adverse effect on the fair value of the investment.  Impairment indicators include, but are not limited to the following: (a) a significant deterioration in the earnings performance, asset quality, or business prospects of the investee, (b) a significant adverse change in the regulatory, economic, or technological environment of the investee, (c) a significant adverse change in the general market condition of the industry in which the investee operates, or (d) factors that raise significant concerns about the investee’s ability to continue as a going concern such as negative cash flows, working capital deficiencies, or noncompliance with statutory capital and regulatory requirements.  EAM did not record any impairment losses for its assets during the fiscal years 2013 or 2012.</font></div> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> </div>  </div> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">The components of EAM’s investment management operations, provided to the Company by EAM, were as follows:</font></div> </div> </div> </div> </div> </div> </div> </div> </div> </div> </div> <div align="left"> <div> </div> <div align="left"> <table style="width: 90%; font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0"> <tr> <td valign="bottom" width="44%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: center;" valign="bottom" width="34%" colspan="10"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font> <font style="display: inline; font-family: times new roman; font-size: 10pt;">Fiscal Years Ended April 30,</font></td> <td style="border-bottom: black 2px solid; text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> <tr> <td align="left" style="border-bottom: black 2px solid;" valign="bottom" width="44%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">($ in thousands)</font></div> </td> <td style="border-bottom: black 2px solid;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">2013</font></div> </td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">2012</font></div> </td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">2011 (1)</font></div> </td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> <tr bgcolor="#ffffff"> <td align="left" valign="bottom" width="44%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Investment management fees earned from the Value Line Funds, net of waivers shown below</font></div> </td> <td align="right" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">12,773</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">12,465</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">4,592</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> <tr bgcolor="#ffffff"> <td align="left" valign="bottom" width="44%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">12b-1 fees and other fees, net of waivers shown below</font></div> </td> <td align="right" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">3,905</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">3,466</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">1,293</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> <tr bgcolor="#ffffff"> <td align="left" valign="bottom" width="44%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Other income</font></div> </td> <td align="right" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">14</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">12</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">3</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> <tr bgcolor="#ffffff"> <td align="left" valign="bottom" width="44%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Investment management fee waivers and reimbursements (2)</font></div> </td> <td align="right" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">379</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">806</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">303</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> <tr bgcolor="#ffffff"> <td align="left" valign="bottom" width="44%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">12b-1 fee waivers (2)</font></div> </td> <td align="right" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">2,156</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">2,257</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">855</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> <tr bgcolor="#ffffff"> <td align="left" valign="bottom" width="44%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Value Line’s non-voting revenues interest</font></div> </td> <td align="right" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">5,781</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">5,684</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">2,187</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> <tr bgcolor="#ffffff"> <td align="left" valign="bottom" width="44%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">EAM’s net income (3)</font></div> </td> <td align="right" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">945</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">461</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">336</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> </table> </div> </div> <div> </div> <div> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">(1) Total results of EAM’s investment management operations was for the period from December 23, 2010 through April 30, 2011.</font></div> </div> <div> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">(2) During fiscal 2013 investment management fee waivers and reimbursements primarily related to the Value Line Core Bond Fund and the U.S. Government Money Market Fund (<font style="display: inline; font-family: times new roman;">“</font>USGMMF<font style="display: inline; font-family: times new roman;">”</font>) which was merged into a third party fund, the Daily Income Fund, managed by Reich & Tang, effective October 19, 2012.  The 12b-1 fee waivers related to nine of the Value Line Mutual Funds.  In fiscal 2012, investment management fee waivers and reimbursements primarily related to the USGMMF and the 12b-1 fee waivers related to eleven of the Value Line Mutual Funds.</font></div> </div> <div> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">(3) Represents EAM’s net income, after giving effect to Value Line’s non-voting revenues interest, but before distributions to voting profits interest holders and to the Company in respect of its 50% non-voting profits interest.</font></div> </div> <div> </div> <div align="left"> <table style="width: 60%; font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0"> <tr> <td bgcolor="#ffffff" valign="bottom" width="36%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: center;" valign="bottom" width="10%" colspan="6"> <div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Fiscal Years Ended April 30,</font></div> </td> <td style="border-bottom: black 2px solid; text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> <tr> <td align="left" style="border-bottom: black 2px solid;" bgcolor="#ffffff" valign="bottom" width="36%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">($ in thousands)</font></div> </td> <td style="border-bottom: black 2px solid;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">2013</font></div> </td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">2012</font></div> </td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> <tr> <td align="left" bgcolor="#ffffff" valign="bottom" width="36%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">    EAM’s total assets</font></div> </td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="text-align: right;" bgcolor="#ffffff" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">59,349</font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="text-align: right;" bgcolor="#ffffff" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">57,482</font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> <tr> <td align="left" style="padding-bottom: 2px;" bgcolor="#ffffff" valign="bottom" width="36%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">    EAM’s total liabilities (1)</font></div> </td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" bgcolor="#ffffff" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">(2,814</font></td> <td style="border-bottom: black 2px solid; text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;">)</font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" bgcolor="#ffffff" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">(663</font></td> <td style="border-bottom: black 2px solid; text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;">)</font></td> </tr> <tr> <td align="left" style="padding-bottom: 4px;" bgcolor="#ffffff" valign="bottom" width="36%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">    EAM’s total equity</font></div> </td> <td style="padding-bottom: 4px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 4px double; text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="border-bottom: black 4px double; text-align: right;" bgcolor="#ffffff" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">56,535</font></td> <td style="border-bottom: black 4px double; text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 4px double;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 4px double; text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="border-bottom: black 4px double; text-align: right;" bgcolor="#ffffff" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">56,819</font></td> <td style="border-bottom: black 4px double; text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> </table> </div> <div> </div> <div> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">(1) At April 30, 2013, EAM’s total liabilities included a payable to VLI for its accrued non-voting revenues and non-voting profits interests of $1,621,000.</font></div> </div> </div> </div>falsefalsefalsenonnum:textBlockItemTypenaThe entire 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Organization and Summary of Significant Accounting Policies (Tables)

12 Months Ended

Apr. 30, 2013

Organization, Consolidation and Presentation Of Financial Statements [Abstract]

Schedule of fair value measurements of investments

		As of April 30, 2013
($ in thousands) 6155799223l30i71g61jig5436kljg43	Level 1	Level 2	Level 3	Total
Cash equivalents	$ 6,312	$ -	$ -	$ 6,312

Securities available-for-sale	6,682	-	-	6,682
	$ 12,994	$ -	$ -	$ 12,994

		As of April 30, 2012
($ in thousands)	Level 1	Level 2	Level 3	Total
Cash equivalents	$ 10,848	$ -	$ -	$ 10,848

Securities available-for-sale	3,881	-	-	3,881
	$ 14,729	$ -	$ -	$ 14,729

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ References+ Details

XML 57 R6.htm IDEA: XBRL DOCUMENT

Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified

12 Months Ended

Apr. 30, 2013

Apr. 30, 2012

Apr. 30, 2011

Cash flows from operating activities:

Net income

$ 6,619

$ 6,925

$ 37,782

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization

1,552

724

593

Amortization of bond premium

Gain on deconsolidation of subsidiaries

(50,510)

^[1]

Post-employment non-cash compensation

1,770

Non-voting revenues interest in EAM Trust

(5,781)

(5,684)

(2,187)

Non-voting profits interest in EAM Trust

(479)

(206)

(168)

Realized and unrealized losses on securities available-for-sale

^[2]

Deferred income taxes

1,078

4,288

23,738

Expenses for operating lease exit obligation

914

Changes in operating assets and liabilities:

Unearned revenue

(1,286)

(1,006)

(176)

Reserve for settlement

(32)

(1,189)

(2,783)

Operating lease exit obligation

(439)

Accounts payable & accrued expenses

(17)

(1,154)

(1,524)

Accrued salaries

195

(318)

Accrued taxes on income

(60)

Prepaid and refundable income taxes

779

(720)

1,970

Prepaid expenses and other current assets

(575)

(43)

(35)

Accounts receivable

(376)

697

Receivable from affiliates

1,345

Total adjustments

(5,451)

(4,549)

(27,122)

Net cash provided by operating activities

1,168

2,376

10,660

Purchases/sales of securities classified as available-for-sale:

Maturities and sales of fixed income securities

11,196

38,021

Proceeds from sales of equity securities

Purchases of fixed income securities

(27,310)

Purchases of equity securities

(2,545)

(2,468)

(1,360)

Cash contribution to deconsolidated subsidiary capital

(5,484)

Distributions received from EAM Trust

5,080

5,876

1,793

Acquisition of property and equipment

(331)

(48)

(106)

Expenditures for capitalized software

(2,457)

(3,383)

(1,801)

Net cash (used) provided by investing activities

(253)

11,262

3,753

Cash flows from financing activities:

Purchase of treasury stock at cost

(182)

(946)

(90)

Dividends paid

(5,935)

(7,452)

(23,956)

Net cash used by financing activities

(6,117)

(8,398)

(24,046)

Net change in cash and cash equivalents

(5,202)

5,240

(9,633)

Cash and cash equivalents at beginning of year

12,042

6,802

16,435

Cash and cash equivalents at end of year

$ 6,840

$ 12,042

$ 6,802

[1]	Represents the gain of $50,510,000 from deconsolidation of the asset management and Value Line Mutual Fund Distribution subsidiaries.
[2]	These amounts were reclassified from Accumulated Other Comprehensive Income in the Consolidated Balance Sheets to the Consolidated Statements of Income.

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Consolidated Statements of Changes in Shareholders' Equity (Parentheticals) (USD $)	3 Months Ended
	Apr. 30, 2013	Jan. 31, 2013	Oct. 31, 2012	Jul. 31, 2012	Apr. 30, 2012	Jan. 31, 2012	Oct. 31, 2011	Jul. 31, 2011	Apr. 30, 2011	Jan. 31, 2011	Oct. 31, 2010	Jul. 31, 2010
Statement Of Stockholders Equity [Abstract]
Dividends declared per share (in dollars per share)	$ 0.15	$ 0.15	$ 0.15	$ 0.15	$ 0.15	$ 0.15	$ 0.20	$ 0.20	$ 0.20	$ 0.20	$ 2.00	$ 0.20

XML 61 R11.xml IDEA: Related Party Transactions 2.4.0.8011 - Disclosure - Related Party Transactionstruefalsefalse1false falsefalseContext_FYE__30-Apr-2013http://www.sec.gov/CIK0000717720duration2012-05-01T00:00:002013-04-30T00:00:001true 1us-gaap_RelatedPartyTransactionsAbstractus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse0Related Party Transactions [Abstract]2false 2us-gaap_RelatedPartyTransactionsDisclosureTextBlockus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalseverboseLabel1falsefalsefalse00<table style="text-transform: none; text-indent: 48px; width: 100%; font-family: 'times new roman'; letter-spacing: normal; font-size: 10pt; word-spacing: 0px; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"> <tr> <td align="left" valign="bottom" width="61%" colspan="3"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: 'times new roman'; font-size: 10pt; font-weight: bold; display: inline; ; font-family: times new roman,times;" size="2">Note 3-Related Party Transactions:</font></div> </td> <td valign="bottom" width="14%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td valign="bottom" width="15%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td valign="bottom" width="22%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td valign="bottom" width="10%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td valign="bottom" width="2%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> </tr> <tr> <td valign="bottom" width="57%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td valign="bottom" width="2%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td valign="bottom" width="2%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td valign="bottom" width="14%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td valign="bottom" width="15%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td valign="bottom" width="22%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td valign="bottom" width="10%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td valign="bottom" width="2%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="61%" colspan="3"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: 'times new roman'; font-size: 10pt; font-style: italic; font-weight: bold; display: inline; ; font-family: times new roman,times;" size="2">Investment Management (overview):</font></div> </td> <td valign="bottom" width="14%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td valign="bottom" width="15%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td valign="bottom" width="22%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td valign="bottom" width="10%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td valign="bottom" width="2%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> </tr> <tr> <td valign="bottom" width="57%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td valign="bottom" width="2%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td valign="bottom" width="2%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td valign="bottom" width="14%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td valign="bottom" width="15%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td valign="bottom" width="22%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td valign="bottom" width="10%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td valign="bottom" width="2%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> </tr> <tr> <td valign="top" width="125%" colspan="8"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2">On December 23, 2010, the Company deconsolidated its asset management and mutual fund distribution businesses and its interest in these businesses was restructured as a non-voting revenues and non-voting profits interests in EAM.  Accordingly, the Company no longer reports this operation as a separate business segment, although it still maintains a significant interest in the cash flows generated by this business and will receive non-voting revenues and non-voting profits interests going forward, as discussed below.</font></div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> </div> </td> </tr> <tr> <td valign="top" width="125%" colspan="8"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2">Total assets in the Value Line Funds managed and/or distributed by EAM at April 30, 2013, were $2.19 billion, which is $73 million or 3.5% above total assets of $2.11 billion in the Value Line Funds managed by EAM at April 30, 2012.</font></div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> </div> </td> </tr> <tr> <td valign="top" width="125%" colspan="8"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> Total assets in the Value Line Funds managed by EAM at April 30, 2012, were $2.11 billion, 5.9% below total assets of $2.24 billion in the Value Line Funds managed by EAM at April 30, 2011.  Overall assets in the Value Line Funds at April 30, 2012, decreased $132 million since April 30, 2011, as a result of net redemptions within the Value Line Funds for the twelve months ended April 30, 2012.</font></div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> </div> </td> </tr> <tr bgcolor="#ffffff"> <td valign="top" width="125%" colspan="8"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2">During December 2011, the Value Line Convertible Fund merged into the Value Line Income and Growth Fund.  The Value Line Convertible Fund had approximately $20 million in assets under management before the merger.  In May 2012, the Value Line New York Tax Exempt Trust ($15 million) combined into the Value Line Tax Exempt Fund ($90 million).  The combination offers many benefits for fund shareholders.</font></div> <div style="text-align: justify; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> </div> </td> </tr> <tr bgcolor="#ffffff"> <td valign="top" width="125%" colspan="8"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2">During October 2012, the USGMMF merged into a third party fund, the Daily Income Fund, managed by Reich & Tang.  EAM distributes the Daily Income Fund on behalf of Reich & Tang and maintains the shareholder accounts on behalf of the Value Line Funds shareholders who invest in the Daily Income Fund, but EAM is no longer subsidizing the expenses of the USGMMF resulting from the low interest rate economic environment.  In addition, the merger of the USGMMF eliminated the cost of administration and fund accounting.</font></div> </td> </tr> </table> <div style="font: 13px/normal 'times new roman'; text-align: justify; color: #000000; text-transform: none; text-indent: 48px; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"> </div> <table style="text-transform: none; text-indent: 48px; width: 100%; font: 10pt 'times new roman'; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-size-adjust: none; font-stretch: normal;" cellspacing="0" cellpadding="0"> <tr bgcolor="#ffffff"> <td style="vertical-align: top;" colspan="8"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2">During December 2012, the Value Line Aggressive Income Trust changed its investment strategy and changed its name to the Value Line Core Bond Fund.  In doing so, the Value Line Funds now have a core bond fund offering that still meets the fundamental investment objectives of the Aggressive Income Trust, which is maximization of current income with a secondary objective of capital appreciation, yet have broader appeal and a larger pool of investors to attract assets. Such assets may include existing shareholders of other Value Line Funds as shareholders redeem equities.</font></div> <div style="text-align: justify; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font: 10pt/normal 'times new roman'; display: inline; ; font-family: times new roman,times;" size="2"> </font></div> </td> </tr> <tr bgcolor="#ffffff"> <td style="vertical-align: top;" colspan="8"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2">During December 2012, the Value Line Emerging Opportunities Fund changed its name to Value Line Small Cap Opportunities Fund.  By changing the name, the strategy of the fund and correct category is clearly defined for investors.</font></div> <div style="text-align: justify; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font: 10pt/normal 'times new roman'; display: inline; ; font-family: times new roman,times;" size="2"> </font></div> </td> </tr> <tr bgcolor="#ffffff"> <td style="vertical-align: top;" colspan="8"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2">During March 2013, the Value Line U.S. Government Securities Fund merged into the Value Line Core Bond Fund.  This created a core bond fund with $100 million in assets, a critical threshold for many institutional money managers.</font></div> <div style="text-align: justify; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font: 10pt/normal 'times new roman'; display: inline; ; font-family: times new roman,times;" size="2"> </font></div> </td> </tr> <tr bgcolor="#ffffff"> <td style="vertical-align: top;" colspan="8"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2">The non-voting revenues and 90% of the Company’s non-voting profits interests due from EAM to the Company are payable each fiscal quarter under the provisions of the EAM Trust Agreement.  The distributable amounts earned through the balance sheet date, which is included in the Investment in EAM Trust on the Consolidated Balance Sheets, and not yet paid, were $1,621,000 and $497,000 at April 30, 2013 and April 30, 2012, respectively.</font></div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> </div> </td> </tr> <tr> <td style="width: 790px; text-align: left; vertical-align: bottom;"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: 'times new roman'; font-size: 10pt; font-style: italic; font-weight: bold; display: inline; ; font-family: times new roman,times;" size="2">EAM Trust - VLI’s non-voting revenues and non-voting profits interests:</font></div> </td> <td style="width: 51px; vertical-align: top; background-color: #ffffff;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td style="width: 51px; vertical-align: top; background-color: #ffffff;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td style="width: 199px; vertical-align: top; background-color: #ffffff;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td style="width: 213px; vertical-align: top; background-color: #ffffff;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td style="width: 161px; vertical-align: top; background-color: #ffffff;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td style="width: 51px; vertical-align: top; background-color: #ffffff;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td style="width: 51px; vertical-align: top; background-color: #ffffff;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> </tr> <tr> <td style="vertical-align: bottom;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td style="vertical-align: top; background-color: #ffffff;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td style="vertical-align: top; background-color: #ffffff;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td style="vertical-align: top; background-color: #ffffff;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td style="vertical-align: top; background-color: #ffffff;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td style="vertical-align: top; background-color: #ffffff;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td style="vertical-align: top; background-color: #ffffff;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td style="vertical-align: top; background-color: #ffffff;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> </tr> <tr bgcolor="#ffffff"> <td style="vertical-align: top;" colspan="8"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2">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.  EAM currently has no separately managed account clients.  During the period from December 23, 2010 until May 28, 2011, EAM occupied a portion of the premises that the Company leases from a third party.  The Company received $44,000 for the month of May, 2011 for rent and certain accounting and other administrative support services provided to EAM during the transitional period.  The Company recorded income from its non-voting revenues interest and its non-voting profits interests in EAM as follows:</font></div> </td> </tr> </table> <div style="font: 13px/normal 'times new roman'; text-align: justify; color: #000000; text-transform: none; text-indent: 48px; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"> </div> <div align="left" style="font: 13px/normal 'times new roman'; color: #000000; text-transform: none; text-indent: 48px; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"> <table style="width: 85%; font-family: 'times new roman'; font-size: 10pt;" cellspacing="0" cellpadding="0"> <tr> <td style="padding-bottom: 2px;" bgcolor="#ffffff" valign="bottom" width="40%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td valign="bottom" width="1%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="13%" colspan="10"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2">Fiscal Years Ended April 30,</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> </tr> <tr> <td align="left" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" bgcolor="#ffffff" valign="bottom" width="40%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> ($ in thousands)</font></div> </td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="13%" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2">2013</font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="13%" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2">2012</font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="13%" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2">2011</font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> </tr> <tr> <td align="left" bgcolor="#ffffff" valign="bottom" width="40%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2">Non-voting revenues interest in EAM</font></div> </td> <td align="right" valign="bottom" width="1%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2">$</font></td> <td style="text-align: right;" valign="bottom" width="12%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2">5,781</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td align="right" valign="bottom" width="1%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2">$</font></td> <td style="text-align: right;" valign="bottom" width="12%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2">5,684</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td align="right" valign="bottom" width="1%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2">$</font></td> <td style="text-align: right;" bgcolor="#ffffff" valign="bottom" width="12%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2">2,187</font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> </tr> <tr> <td align="left" bgcolor="#ffffff" valign="bottom" width="40%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td align="right" valign="bottom" width="1%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td style="text-align: right;" bgcolor="#ffffff" valign="bottom" width="12%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td align="right" valign="bottom" width="1%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td style="text-align: right;" bgcolor="#ffffff" valign="bottom" width="12%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td align="right" valign="bottom" width="1%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td style="text-align: right;" bgcolor="#ffffff" valign="bottom" width="12%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> </tr> <tr> <td align="left" style="padding-bottom: 2px;" bgcolor="#ffffff" valign="bottom" width="40%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2">Non-voting profits interest in EAM</font></div> </td> <td align="right" style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" bgcolor="#ffffff" valign="bottom" width="12%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2">479</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td align="right" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" bgcolor="#ffffff" valign="bottom" width="12%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2">206</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td align="right" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" bgcolor="#ffffff" valign="bottom" width="12%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2">168</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> </tr> <tr> <td align="left" bgcolor="#ffffff" valign="bottom" width="40%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td align="right" valign="bottom" width="1%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" bgcolor="#ffffff" valign="bottom" width="12%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2">6,260</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td align="right" style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" bgcolor="#ffffff" valign="bottom" width="12%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2">5,890</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td align="right" style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" bgcolor="#ffffff" valign="bottom" width="12%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2">2,355</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> </tr> <tr> <td valign="bottom" width="40%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td valign="bottom" width="1%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td style="text-align: right;" valign="bottom" width="12%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td valign="bottom" width="1%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td style="text-align: right;" valign="bottom" width="12%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td valign="bottom" width="1%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td style="text-align: right;" valign="bottom" width="12%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> </tr> </table> </div> <div style="font: 13px/normal 'times new roman'; text-align: justify; color: #000000; text-transform: none; text-indent: 48px; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"> </div> <table style="text-transform: none; text-indent: 48px; width: 100%; font-family: 'times new roman'; letter-spacing: normal; font-size: 10pt; word-spacing: 0px; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"> <tr> <td align="left" valign="bottom" width="57%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: 'times new roman'; font-size: 10pt; font-style: italic; font-weight: bold; display: inline; ; font-family: times new roman,times;" size="2">Transactions with Parent:</font></div> </td> <td bgcolor="#ffffff" valign="top" width="2%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td bgcolor="#ffffff" valign="top" width="2%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td bgcolor="#ffffff" valign="top" width="14%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td bgcolor="#ffffff" valign="top" width="15%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td bgcolor="#ffffff" valign="top" width="22%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td bgcolor="#ffffff" valign="top" width="10%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td bgcolor="#ffffff" valign="top" width="2%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> </tr> <tr> <td valign="bottom" width="57%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td bgcolor="#ffffff" valign="top" width="2%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td bgcolor="#ffffff" valign="top" width="2%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td bgcolor="#ffffff" valign="top" width="14%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td bgcolor="#ffffff" valign="top" width="15%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td bgcolor="#ffffff" valign="top" width="22%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td bgcolor="#ffffff" valign="top" width="10%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> <td bgcolor="#ffffff" valign="top" width="2%"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2"> </font></td> </tr> <tr bgcolor="#ffffff"> <td valign="top" width="125%" colspan="8"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2">For the fiscal years ended April 30, 2013, 2012 and 2011, the Company was reimbursed $220,000, $268,000, and $356,000, respectively, for payments it made on behalf of and for services the Company provided to the Parent.  There were no receivables due from the Parent at April 30, 2013 or April 30, 2012.</font></div> <div style="text-align: justify; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font: 10pt/normal 'times new roman'; display: inline; ; font-family: times new roman,times;" size="2"> </font></div> </td> </tr> <tr bgcolor="#ffffff"> <td valign="top" width="125%" colspan="8"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2">The Company is a party to a tax-sharing arrangement with the Parent which allocates the tax liabilities of the two Companies between them.  For the years ended April 30, 2013, 2012, and 2011, the Company made  payments to the Parent for federal income tax amounting to $1,877,000, $845,000, and $348,000, respectively. At April 30, 2013 and April 30, 2012, prepaid and refundable income taxes in the Consolidated Balance Sheets included $0 and $530,000, respectively, for prepaid federal income tax due from the Parent.</font></div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> </div> </td> </tr> <tr bgcolor="#ffffff"> <td valign="top" width="125%" colspan="8"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline; ; font-family: times new roman,times;" size="2">From time to time, the Parent has purchased additional shares of common stock of the Company in the market when and as the Parent has determined it to be appropriate.  The Parent may make additional purchases of common stock of the Company from time to time in the future. As of April 30, 2013, the Parent owned approximately 87.4% of the outstanding shares of common stock of the Company.</font></div> </td> </tr> </table>falsefalsefalsenonnum:textBlockItemTypenaThe entire disclosure for related party transactions. 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Related Party Transactions

12 Months Ended

Apr. 30, 2013

Related Party Transactions

Note 3-Related Party Transactions:

Investment Management (overview):

On December 23, 2010, the Company deconsolidated its asset management and mutual fund distribution businesses and its interest in these businesses was restructured as a non-voting revenues and non-voting profits interests in EAM. Accordingly, the Company no longer reports this operation as a separate business segment, although it still maintains a significant interest in the cash flows generated by this business and will receive non-voting revenues and non-voting profits interests going forward, as discussed below.
Total assets in the Value Line Funds managed and/or distributed by EAM at April 30, 2013, were $2.19 billion, which is $73 million or 3.5% above total assets of $2.11 billion in the Value Line Funds managed by EAM at April 30, 2012.
Total assets in the Value Line Funds managed by EAM at April 30, 2012, were $2.11 billion, 5.9% below total assets of $2.24 billion in the Value Line Funds managed by EAM at April 30, 2011. Overall assets in the Value Line Funds at April 30, 2012, decreased $132 million since April 30, 2011, as a result of net redemptions within the Value Line Funds for the twelve months ended April 30, 2012.
During December 2011, the Value Line Convertible Fund merged into the Value Line Income and Growth Fund. The Value Line Convertible Fund had approximately $20 million in assets under management before the merger. In May 2012, the Value Line New York Tax Exempt Trust ($15 million) combined into the Value Line Tax Exempt Fund ($90 million). The combination offers many benefits for fund shareholders.
During October 2012, the USGMMF merged into a third party fund, the Daily Income Fund, managed by Reich & Tang. EAM distributes the Daily Income Fund on behalf of Reich & Tang and maintains the shareholder accounts on behalf of the Value Line Funds shareholders who invest in the Daily Income Fund, but EAM is no longer subsidizing the expenses of the USGMMF resulting from the low interest rate economic environment. In addition, the merger of the USGMMF eliminated the cost of administration and fund accounting.

During December 2012, the Value Line Aggressive Income Trust changed its investment strategy and changed its name to the Value Line Core Bond Fund. In doing so, the Value Line Funds now have a core bond fund offering that still meets the fundamental investment objectives of the Aggressive Income Trust, which is maximization of current income with a secondary objective of capital appreciation, yet have broader appeal and a larger pool of investors to attract assets. Such assets may include existing shareholders of other Value Line Funds as shareholders redeem equities.
During December 2012, the Value Line Emerging Opportunities Fund changed its name to Value Line Small Cap Opportunities Fund. By changing the name, the strategy of the fund and correct category is clearly defined for investors.
During March 2013, the Value Line U.S. Government Securities Fund merged into the Value Line Core Bond Fund. This created a core bond fund with $100 million in assets, a critical threshold for many institutional money managers.
The non-voting revenues and 90% of the Company’s non-voting profits interests due from EAM to the Company are payable each fiscal quarter under the provisions of the EAM Trust Agreement. The distributable amounts earned through the balance sheet date, which is included in the Investment in EAM Trust on the Consolidated Balance Sheets, and not yet paid, were $1,621,000 and $497,000 at April 30, 2013 and April 30, 2012, respectively.
EAM Trust - VLI’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. EAM currently has no separately managed account clients. During the period from December 23, 2010 until May 28, 2011, EAM occupied a portion of the premises that the Company leases from a third party. The Company received $44,000 for the month of May, 2011 for rent and certain accounting and other administrative support services provided to EAM during the transitional period. The Company recorded income from its non-voting revenues interest and its non-voting profits interests in EAM as follows:

	Fiscal Years Ended April 30,
($ in thousands)	2013		2012		2011
Non-voting revenues interest in EAM	$	5,781	$	5,684	$	2,187

Non-voting profits interest in EAM		479		206		168
	$	6,260	$	5,890	$	2,355

Transactions with Parent:

For the fiscal years ended April 30, 2013, 2012 and 2011, the Company was reimbursed $220,000, $268,000, and $356,000, respectively, for payments it made on behalf of and for services the Company provided to the Parent. There were no receivables due from the Parent at April 30, 2013 or April 30, 2012.
The Company is a party to a tax-sharing arrangement with the Parent which allocates the tax liabilities of the two Companies between them. For the years ended April 30, 2013, 2012, and 2011, the Company made payments to the Parent for federal income tax amounting to $1,877,000, $845,000, and $348,000, respectively. At April 30, 2013 and April 30, 2012, prepaid and refundable income taxes in the Consolidated Balance Sheets included $0 and $530,000, respectively, for prepaid federal income tax due from the Parent.
From time to time, the Parent has purchased additional shares of common stock of the Company in the market when and as the Parent has determined it to be appropriate. The Parent may make additional purchases of common stock of the Company from time to time in the future. As of April 30, 2013, the Parent owned approximately 87.4% of the outstanding shares of common stock of the Company.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References+ Details

XML 64 R14.xml IDEA: Property and Equipment 2.4.0.8014 - Disclosure - Property and Equipmenttruefalsefalse1false falsefalseContext_FYE__30-Apr-2013http://www.sec.gov/CIK0000717720duration2012-05-01T00:00:002013-04-30T00:00:001true 1us-gaap_PropertyPlantAndEquipmentAbstractus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse0Property, Plant and Equipment [Abstract]2false 2us-gaap_PropertyPlantAndEquipmentDisclosureTextBlockus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalseverboseLabel1falsefalsefalse00<div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; font-weight: bold; display: inline;">Note 6-Property and Equipment:</font></div> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> </div><div style='height:0px;width:0px;display:none'>6155799223l30i71g61jig5436kljg43</div> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Property and equipment are carried at cost.  Depreciation and amortization are provided using the straight-line method over the estimated useful lives of the assets, or in the case of leasehold improvements, over the remaining terms of the leases.  For income tax purposes, depreciation of furniture and equipment is computed using accelerated methods and buildings and leasehold improvements are depreciated over prescribed extended tax lives. Property and equipment, net, on the Consolidated Sheets was comprised of the following:</font></div> </div> </div> </div> <div> </div> <div align="left"> <table style="width: 70%; font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0"> <tr> <td style="padding-bottom: 2px;" valign="bottom" width="46%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="22%" colspan="6"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">As of April 30,</font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="46%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">($ in thousands)</font></div> </td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2013</font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2012</font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td valign="bottom" width="46%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td valign="bottom" width="10%" colspan="2"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td valign="bottom" width="10%" colspan="2"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="46%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Land</font></div> </td> <td style="text-align: right;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">726</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">726</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="46%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Building and leasehold improvements</font></div> </td> <td style="text-align: right;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">7,391</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">7,283</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" style="padding-bottom: 2px;" valign="bottom" width="46%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Furniture and equipment</font></div> </td> <td style="text-align: right; padding-bottom: 2px;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">11,180</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">10,955</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td valign="bottom" width="46%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td style="text-align: right;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">19,297</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">18,964</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" style="padding-bottom: 2px;" valign="bottom" width="46%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Accumulated depreciation and amortization</font></div> </td> <td style="text-align: right; padding-bottom: 2px;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(15,367</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;">)</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(15,110</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;">)</font></td> </tr> <tr> <td align="left" style="padding-bottom: 4px;" valign="bottom" width="46%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Total property and equipment, net</font></div> </td> <td style="text-align: right; padding-bottom: 4px;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">3,930</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">3,854</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> </table> </div>falsefalsefalsenonnum:textBlockItemTypenaThe entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6391035&loc=d3e2868-110229 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6391110&loc=d3e2921-110230 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1361-107760 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.13-14) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 false0Property and EquipmentfalseProperty and EquipmentUnKnownUnKnownUnKnownUnKnowntruefalsefalseSheethttp://www.valueline.com/role/PropertyAndEquipment12 XML 65 R2.xml IDEA: Consolidated Balance Sheets 2.4.0.8002 - Statement - Consolidated Balance SheetstruefalseIn Thousands, unless otherwise specifiedfalse1false USDfalsefalse$Context_As_Of__30-Apr-2013http://www.sec.gov/CIK0000717720instant2013-04-30T00:00:000001-01-01T00:00:00USDStandardhttp://www.xbrl.org/2003/iso4217USDiso42170USDUSD$2false USDfalsefalse$Context_As_Of__30-Apr-2012http://www.sec.gov/CIK0000717720instant2012-04-30T00:00:000001-01-01T00:00:00USDStandardhttp://www.xbrl.org/2003/iso4217USDiso42170USDUSD$1true 3us-gaap_AssetsCurrentAbstractus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalseverboseLabel1falsefalsefalse00falsefalsefalse2falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse0Current Assets:2false 4us-gaap_CashAndCashEquivalentsAtCarryingValueus-gaap_truedebitinstantfalsefalsefalsefalsefalsefalsefalsefalseverboseLabel1truefalsefalse68400006840USD$falsetruefalse2truefalsefalse1204200012042USD$falsetruefalsexbrli:monetaryItemTypemonetaryAmount of currency on hand as well as demand deposits with banks or financial institutions. 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Organization and Summary of Significant Accounting Policies

12 Months Ended

Apr. 30, 2013

Organization, Consolidation and Presentation Of Financial Statements [Abstract]

Organization and Summary of Significant Accounting Policies

Note 1-Organization and Summary of Significant Accounting Policies:

Value Line, Inc. (“Value Line” or “VLI”, and collectively with its subsidiaries, the “Company”) is incorporated in the State of New York. The name “Value Line” as used to describe the Company, its products, and its subsidiaries, is a registered trademark of the Company. The Company’s primary business is producing investment periodicals and related publications and making available copyright data including certain Value Line trademarks and Value Line Proprietary Ranking System information to third parties under written agreements for use in third party managed and marketed investment products.
Prior to December 23, 2010 (the “Restructuring Date”), VLI, through its direct subsidiary EULAV Asset Management LLC (“EAM LLC”), provided investment management services to the Value Line Mutual Funds (“Value Line Funds” or the “Funds”), institutions and individual accounts, and, through EAM LLC’s subsidiary EULAV Securities, Inc. (“ESI”), provided distribution, marketing, and administrative services to the Value Line Funds. On December 23, 2010, the Company deconsolidated the asset management and mutual fund distribution subsidiaries and exchanged its controlling interest in these subsidiaries for a non-voting revenues interest and a non-voting profits interest in EULAV Asset Management Trust, a Delaware business statutory trust (“EAM” or “EAM Trust”), the successor to EAM LLC and the sole member of EULAV Securities LLC (“ES”), the successor to ESI, (the “Restructuring Transaction”). During fiscal 2011, VLI also recorded as post-employment compensation expense the value of a voting profits interest in EAM granted to one of the trustees of EAM, a former VLI employee. Pursuant to the EAM Declaration of Trust dated as of December 23, 2010 (the “EAM Trust Agreement”), VLI granted EAM the right to use the Value Line name for all existing Value Line Funds and agreed to supply, without charge or expense, the Value Line Proprietary Ranking System information to EAM for use in managing the Value Line Funds. The name “Value Line” as used to describe the Company, its products, and its subsidiaries, is a registered trademark of the Company. 6155799223l30i71g61jig5436kljg43
Use of Estimates:
The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results may differ from those estimates.
Principles of Consolidation:

The Company follows the guidance in the Financial Accounting Standards Board’s (“FASB”) Topic 810 “Consolidation” to determine if it should consolidate its investment in a variable interest entity (“VIE”). A VIE is a legal entity in which either (i) equity investors do not have sufficient equity investment at risk to enable the entity to finance its activities independently or (ii) the equity holders at risk lack the obligation to absorb losses, the right to receive residual returns or the right to make decisions about the entity’s activities that most significantly affect the entity’s economic performance. A holder of a variable interest in a VIE is required to consolidate the entity if it is determined that it has a controlling financial interest in the VIE and is therefore the primary beneficiary. The determination of a controlling financial interest in a VIE is based on a qualitative assessment to identify the variable interest holder, if any, that has (i) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance, and (ii) either the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE. The accounting guidance requires the Company to perform an ongoing assessment of whether the Company is the primary beneficiary of a VIE and the Company has determined it is not the primary beneficiary of a VIE (see Note 5).
In accordance with FASB’s Topic 810, the assets, liabilities, and results of operations of subsidiaries in which the Company has a controlling interest have been consolidated. All significant intercompany accounts and transactions have been eliminated in consolidation. On December 23, 2010, the Company completed the Restructuring Transaction and deconsolidated the related affiliates in accordance with FASB’s Topic 810. As part of the Restructuring Transaction, the Company received a significant non-voting revenues interest (excluding distribution revenues) and a non-voting profits interest in the new entity, EAM. The Company relied on the guidance in FASB’s ASC Topics 323 and 810 in its determination not to consolidate its investment in EAM and to account for such investment under the equity method of accounting. The Company reports the amount it receives for its non-voting revenues and non-voting profits interests as a separate line item below operating income in the Consolidated Statements of Income.

Revenue Recognition:

Depending upon the product, subscription fulfillment for Value Line periodicals and related publications is available in print or digitally, via internet access. The length of a subscription varies by product and offer received by the subscriber. Generally, subscriptions are offered as annual subscriptions. Subscription revenues, net of discounts, are recognized ratably on a straight line basis when the product is served to the client over the life of the subscription. Accordingly, the amount of subscription fees to be earned by fulfilling subscriptions after the date of the balance sheets are shown as unearned revenue within current and long term liabilities.
Copyright data revenues are derived from providing certain Value Line trademarks and the Value Line Proprietary Ranking System information to third parties under written agreements for use in selecting securities for third party marketed products, including unit investment trusts, annuities and exchange traded funds (“ETFs”). The Company earns asset-based copyright data fees as specified in the individual agreements. Revenue is recognized monthly over the term of the agreement and, because it is asset-based, will fluctuate as the market value of the underlying portfolio increases or decreases in value.

Prior to the Restructuring Date, the Company earned investment management fees that consisted of management fees from the Value Line Funds and from asset management clients. Investment management fees for the Funds were earned on a monthly basis as services were performed. The fees were calculated based on the average daily net assets of the Funds in accordance with each Fund’s advisory agreement (see Note 3 “Related Party Transactions”).
The management fees and average daily net assets for the Value Line Funds are calculated by State Street Bank, which serves as the fund accountant, fund administrator, and custodian of the Value Line Funds.
The Value Line Funds are open-end management companies registered under the Investment Company Act of 1940 (the “1940 Act”). Shareholder transactions for the Value Line Funds are processed each business day by the third party transfer agent of the Funds. Shares can be redeemed without advance notice upon request of the shareowners each day that the New York Stock Exchange is open. Prior to December 1, 2010, EAM LLC, in addition to managing the Value Line Funds, separately managed accounts of institutions and high net worth individuals for which it was paid advisory fees. EAM had no separately managed accounts as of April 30, 2013 or April 30, 2012. Assets within the separately managed accounts were held at third party custodians and were subject to the terms of the applicable advisory agreements and did not have any advance notice requirement for withdrawals.
Also, prior to the Restructuring Date, service and distribution fees were received from the Value Line Funds in accordance with service and distribution plans under rule 12b-1 of the Investment Company Act of 1940. These plans are compensation plans, which means that the distributor’s fees under these plans are payable without regard to actual expenses incurred by the distributor, and therefore the distributor may earn a profit under the plan. Expenses incurred by ESI, the distributor of the Value Line Funds prior to the Restructuring Date, included payments to securities dealers, banks, financial institutions and other organizations that provided distribution, marketing, and administrative services with respect to the Value Line Funds. Service and distribution fees are received by the distributor on a monthly basis and calculated based upon the average daily net assets of the respective Fund in accordance with each Fund’s prospectus (see Note 3 “Related Party Transactions”).
Investment in Unconsolidated Entities:

The Company accounts for its investment in its unconsolidated entity, EAM, using the equity method of accounting in accordance with FASB’s ASC 323. The equity method is an appropriate means of recognizing increases or decreases measured by GAAP in the economic resources underlying the investments. Under the equity method, an investor recognizes its share of the earnings or losses of an investee in the periods for which they are reported by the investee in its financial statements rather than in the period in which an investee declares a dividend or distribution. An investor adjusts the carrying amount of an investment for its share of the earnings or losses recognized by the investee.
The Company’s “interests” in EAM, the investment adviser to and the sole member of the distributor of the Value Line Funds, consist of a “non-voting revenues interest” and a “non-voting profits interest” in EAM as defined in the EAM Trust Agreement. The non-voting revenues interest entitles the Company to receive a range of 41% to 55%, based on the amount of EAM’s adjusted gross revenues, excluding ES’s distribution revenues (“Revenues Interest”). The non-voting profits interest entitles the Company to receive 50% of EAM’s profits, subject to certain limited adjustments as defined in the EAM Trust Agreement (“Profits Interest”). The Revenues Interest and at least 90% of the Profits Interest are to be distributed each quarter to all interest holders of EAM, including Value Line. Subsequent to the Restructuring Date, the Company’s Revenues Interest in EAM excludes participation in the service and distribution fees of EAM’s subsidiary ES. The Company reflects its non-voting revenues and non-voting profits interests in EAM as non-operating income under the equity method of accounting subsequent to the Restructuring Transaction. Although the Company does not have control over the operating and financial policies of EAM, pursuant to the EAM Trust Agreement, the Company has a contractual right to receive its share of EAM’s revenues and profits.
Valuation of Securities:

The Company’s securities classified as cash equivalents and available-for-sale consist of shares of money market funds that invest primarily in short-term U.S. Government securities, investments in ETFs, shares of equity securities in various publicly traded companies and bank certificates of deposits and are valued in accordance with the requirements of the Fair Value Measurements Topic of the FASB’s ASC 820. The securities classified available-for-sale reflected in the Consolidated Balance Sheets are valued at market and unrealized gains and losses, net of applicable taxes, are reported as a separate component of shareholders’ equity. Realized gains and losses on sales of the securities classified as available-for-sale are recorded in earnings as of the trade date and are determined on the identified cost method.
The Company classifies its securities available-for-sale as current assets to properly reflect its liquidity and to recognize the fact that it has liquid assets available-for-sale should the need arise.
Market valuations of securities listed on a securities exchange and ETF shares are based on the closing sales prices on the last business day of each month. The market value of the Company’s fixed maturity U.S. Government debt securities is determined utilizing publicly quoted market prices. Cash equivalents consist of investments in money market funds that invest primarily in U.S. Government securities valued in accordance with rule 2a-7 under the 1940 Act.

The Fair Value Measurements Topic of FASB’s ASC defines fair value as the price that the Company would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market for the investment. The Fair Value Measurements Topic established a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the information that market participants would use in pricing the asset or liability, including assumptions about risk. Risks include those inherent in a particular valuation technique, such as the uncertainty inherent in the variables used by the valuation technique. Inputs are classified as observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the factors market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.
The three-tier hierarchy of inputs is summarized in the three broad levels listed below.
Level 1 – quoted prices in active markets for identical investments
Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)
Level 3 – significant unobservable inputs (including the Company’s own assumptions in determining the fair value of investments)
The following summarizes the levels of fair value measurements of the Company’s investments:

		As of April 30, 2013
($ in thousands)	Level 1	Level 2	Level 3	Total
Cash equivalents	$ 6,312	$ -	$ -	$ 6,312

Securities available-for-sale	6,682	-	-	6,682
	$ 12,994	$ -	$ -	$ 12,994

		As of April 30, 2012
($ in thousands)	Level 1	Level 2	Level 3	Total
Cash equivalents	$ 10,848	$ -	$ -	$ 10,848

Securities available-for-sale	3,881	-	-	3,881
	$ 14,729	$ -	$ -	$ 14,729

The Company had no other financial instruments such as futures, forwards and swap contracts. For the periods ended April 30, 2013 and April 30, 2012, there were no Level 2 nor Level 3 investments. The Company does not have any liabilities subject to fair value measurement.

Advertising expenses:

The Company expenses advertising costs as incurred.

Income Taxes:

The Company computes its income tax provision in accordance with the Income Tax Topic of the FASB’s ASC. Deferred tax liabilities and assets are recognized for the expected future tax consequences of events that have been reflected in the Consolidated Financial Statements. Deferred tax liabilities and assets are determined based on the differences between the book values and the tax bases of particular assets and liabilities, using tax rates currently in effect for the years in which the differences are expected to reverse.
The Income Tax Topic of the FASB’s ASC establishes for all entities, a minimum threshold for financial statement recognition of the benefit of positions taken in filing tax returns (including whether an entity is taxable in a particular jurisdiction), and requires certain expanded tax disclosures. As of April 30, 2013, management has reviewed the tax positions for the years still subject to tax audit under the statute of limitations, evaluated the implications, and determined that there is no material impact to the Company’s financial statements.

Earnings per share:

Earnings per share are based on the weighted average number of shares of common stock and common stock equivalents outstanding during each period. Any shares that are reacquired during the period are weighted for the portion of the period that they are outstanding. The Company does not have any potentially dilutive common shares from outstanding stock options, warrants, restricted stock, or restricted stock units.

Cash and Cash Equivalents:

For purposes of the Consolidated Statements of Cash Flows, the Company considers all cash held at banks and short term liquid investments with an original maturity of less than three months to be cash and cash equivalents. As of April 30, 2013 and April 30, 2012, cash equivalents included $6,312,000 and $10,848,000, respectively, for amounts invested in savings accounts at large commercial banks, held as bank certificates of deposits, and investments in money market mutual funds that invest in short term U.S. government securities.

Expenses Related to Restructuring:

During fiscal 2011, the Company expensed all costs associated with the Restructuring Transaction as incurred (see Note 15 “Restructuring Expenses and Provision for Settlement”). In addition, the Company recorded as non-cash post-employment compensation expense the value of the voting profits interest in EAM granted to a former employee.

- Definition

The entire disclosure for the organization, consolidation and basis of presentation of financial statements disclosure, and significant accounting policies of the reporting entity. May be provided in more than one note to the financial statements, as long as users are provided with an understanding of (1) the significant judgments and assumptions made by an enterprise in determining whether it must consolidate a VIE and/or disclose information about its involvement with a VIE, (2) the nature of restrictions on a consolidated VIE's assets reported by an enterprise in its statement of financial position, including the carrying amounts of such assets, (3) the nature of, and changes in, the risks associated with an enterprise's involvement with the VIE, and (4) how an enterprise's involvement with the VIE affects the enterprise's financial position, financial performance, and cash flows. Describes procedure if disclosures are provided in more than one note to the financial statements.

+ References+ Details

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Related Party Transactions (Detail Textuals) (USD $)	12 Months Ended				1 Months Ended	12 Months Ended							12 Months Ended			12 Months Ended
Related Party Transactions (Detail Textuals) (USD $)	Apr. 30, 2013	Apr. 30, 2012	Apr. 30, 2011	May 31, 2012	May 31, 2011 Value Line Inc	Apr. 30, 2013 Value Line Inc	Apr. 30, 2012 Value Line Inc	Apr. 30, 2011 Value Line Inc	Apr. 30, 2013 Value Line Inc Investment In EAM Trust	Apr. 30, 2012 Value Line Inc Investment In EAM Trust	Apr. 30, 2013 Value Line Inc Prepaid and refundable income taxes	Apr. 30, 2012 Value Line Inc Prepaid and refundable income taxes	Apr. 30, 2013 EAM Trust	Apr. 30, 2012 EAM Trust	Apr. 30, 2011 EAM Trust	Apr. 30, 2013 EAM Trust Minimum	Apr. 30, 2013 EAM Trust Maximum
Related Party Transaction [Line Items]
Total assets of value line funds managed by EAM				$ 20,000,000									$ 2,190,000,000	$ 2,110,000,000	$ 2,240,000,000
Increase in the value of assets managed by EAM													73,000,000	132,000,000
Percentage of assets increased in funds													3.50%	5.90%
Percentage of non voting profits interests due each quarter from EAM													90.00%
Non voting profits interest in variable entity not yet paid									1,621,000	497,000
Investment management fee revenues from its mutual fund and separate accounts business																41.00%	55.00%
Rental and accounting and other administrative support service income					44,000
Reimbursed income						220,000	268,000	356,000
Federal income tax payments to the Parent	(1,877,000)	(845,000)	(348,000)			1,877,000	845,000	348,000
Prepaid and refundable income taxes		$ 779,000									$ 0	$ 530,000
Percentage of ownership in outstanding shares of common stock of the Company by parent						87.40%

XML 69 R28.htm IDEA: XBRL DOCUMENT

Investments (Tables)

12 Months Ended

Apr. 30, 2013

Investments, Debt and Equity Securities [Abstract]

Schedule of carrying value and fair value of securities available-for-sale


($ in thousands)	Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Common stocks	$	103	$	27	$	(16	)	$	114
ETFs - equities		3,878		740		-			4,618
Inverse ETFs - equities		2,314		-		(364	)		1,950
	$	6,295	$	767	$	(380	)	$	6,682



($ in thousands)	Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Common stocks	$	103	$	14	$	(5	)	$	112
ETFs - equities		2,257		201		(5	)		2,453
Inverse ETFs - equities		1,389		-		(73	)		1,316
	$	3,749	$	215	$	(83	)	$	3,881

Schedule of income from securities transactions

	Fiscal Years Ended April 30,
($ in thousands)	2013			2012			2011
Dividend income	$	124		$	68		$	16
Interest income (1)		4			16			118
Realized and unrealized gains (losses) on securities available-for-sale (2)		-			(11	)		(63	)
Interest expense		-			-			(2	)
Other		(2	)		(3	)		(4	)
Total income from securities transactions, net	$	126		$	70		$	65

(1) Interest income was recorded net of bond premium amortization of $14,000 during fiscal year 2011.

(2) These amounts were reclassified from Accumulated Other Comprehensive Income in the Consolidated Balance Sheets to the Consolidated Statements of Income.

Schedule of components of EAM's investment management operations

	Fiscal Years Ended April 30,
($ in thousands)	2013		2012		2011 (1)
Investment management fees earned from the Value Line Funds, net of waivers shown below	$	12,773	$	12,465	$	4,592
12b-1 fees and other fees, net of waivers shown below	$	3,905	$	3,466	$	1,293
Other income	$	14	$	12	$	3
Investment management fee waivers and reimbursements (2)	$	379	$	806	$	303
12b-1 fee waivers (2)	$	2,156	$	2,257	$	855
Value Line’s non-voting revenues interest	$	5,781	$	5,684	$	2,187
EAM’s net income (3)	$	945	$	461	$	336

(1) Total results of EAM’s investment management operations was for the period from December 23, 2010 through April 30, 2011.

Schedule of assets and liabilities

Fiscal Years Ended April 30,
($ in thousands) 6155799223l30i71g61jig5436kljg43	2013			2012
EAM’s total assets	$	59,349		$	57,482
EAM’s total liabilities (1)		(2,814	)		(663	)
EAM’s total equity	$	56,535		$	56,819

(1) At April 30, 2013, EAM’s total liabilities included a payable to VLI for its accrued non-voting revenues and non-voting profits interests of $1,621,000.

- Definition

Tabular disclosure of investment income, including, but not limited to, interest and dividend income and amortization of discount (premium) derived from debt and equity securities. Excludes realized and unrealized gain (loss) on investments.

+ References+ Details

XML 70 R32.htm IDEA: XBRL DOCUMENT

Lease Commitments (Tables)

12 Months Ended

Apr. 30, 2013

Commitments and Contingencies Disclosure [Abstract]

Schedule of future minimum payments

Fiscal Years Ended April 30,		Current Lease		New Sublease		Total
				($ in thousands)

	2014	$	1,326	$	490	$	1,816
	2015		-		1,468		1,468
	2016		-		1,468		1,468
	2017		-		1,224		1,224
		$	1,326	$	4,650	$	5,976

XML 71 R24.xml IDEA: Organization and Summary of Significant Accounting Policies (Policies) 2.4.0.8024 - Disclosure - Organization and Summary of Significant Accounting Policies (Policies)truefalsefalse1false falsefalseContext_FYE__30-Apr-2013http://www.sec.gov/CIK0000717720duration2012-05-01T00:00:002013-04-30T00:00:001true 1us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstractus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse0Organization, Consolidation and Presentation Of Financial Statements [Abstract]2false 2us-gaap_UseOfEstimatesus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalseverboseLabel1falsefalsefalse00<div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; font-weight: bold; display: inline;">Use of Estimates:</font></div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results may differ from those estimates.</font></div><div style='height:0px;width:0px;display:none'>6155799223l30i71g61jig5436kljg43</div>falsefalsefalsenonnum:textBlockItemTypenaDisclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 275 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6927468&loc=d3e6143-108592 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 275 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=6927468&loc=d3e6132-108592 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 275 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6927468&loc=d3e6061-108592 false0Use of Estimates3false 2us-gaap_ConsolidationPolicyTextBlockus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalseverboseLabel1falsefalsefalse00<div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; font-weight: bold; display: inline;">Principles of Consolidation:</font></div> <div><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font> <font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font> <font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font> <font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font> <font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font> <font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font> <font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font> <font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></div><div style='height:0px;width:0px;display:none'>6155799223l30i71g61jig5436kljg43</div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">The Company follows the guidance in the Financial Accounting Standards Board’s (“FASB”) Topic 810 “Consolidation” to determine if it should consolidate its investment in a variable interest entity (“VIE”). A VIE is a legal entity in which either (i) equity investors do not have sufficient equity investment at risk to enable the entity to finance its activities independently or (ii) the equity holders at risk lack the obligation to absorb losses, the right to receive residual returns or the right to make decisions about the entity’s activities that most significantly affect the entity’s economic performance.  A holder of a variable interest in a VIE is required to consolidate the entity if it is determined that it has a controlling financial interest in the VIE and is therefore the primary beneficiary.  The determination of a controlling financial interest in a VIE is based on a qualitative assessment to identify the variable interest holder, if any, that has (i) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance, and (ii) either the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE.  The accounting guidance requires the Company to perform an ongoing assessment of whether the Company is the primary beneficiary of a VIE and the Company has determined it is not the primary beneficiary of a VIE (see Note 5).</font></div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> </div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">In accordance with FASB’s Topic 810, the assets, liabilities, and results of operations of subsidiaries in which the Company has a controlling interest have been consolidated.  All significant intercompany accounts and transactions have been eliminated in consolidation.  On December 23, 2010, the Company completed the Restructuring Transaction and deconsolidated the related affiliates in accordance with FASB’s Topic 810.  As part of the Restructuring Transaction, the Company received a significant non-voting revenues interest (excluding distribution revenues) and a non-voting profits interest in the new entity, EAM.  The Company relied on the guidance in FASB’s ASC Topics 323 and 810 in its determination not to consolidate its investment in EAM and to account for such investment under the equity method of accounting. The Company reports the amount it receives for its non-voting revenues and non-voting profits interests as a separate line item below operating income in the Consolidated  Statements of Income.</font></div>falsefalsefalsenonnum:textBlockItemTypenaDisclosure of accounting policy regarding (1) the principles it follows in consolidating or combining the separate financial statements, including the principles followed in determining the inclusion or exclusion of subsidiaries or other entities in the consolidated or combined financial statements and (2) its treatment of interests (for example, common stock, a partnership interest or other means of exerting influence) in other entities, for example consolidation or use of the equity or cost methods of accounting. 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font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0"> <tr> <td align="left" valign="bottom" width="125%" colspan="8"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; font-weight: bold; display: inline;">Revenue Recognition:</font></div> </td> </tr> <tr> <td valign="bottom" width="57%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="14%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="15%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="22%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="10%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> </tr> <tr> <td valign="top" width="125%" colspan="8"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Depending upon the product, subscription fulfillment for Value Line periodicals and related publications is available in print or digitally, via internet access.  The length of a subscription varies by product and offer received by the subscriber.  Generally, subscriptions are offered as annual subscriptions.  Subscription revenues, net of discounts, are recognized ratably on a straight line basis when the product is served to the client over the life of the subscription.  Accordingly, the amount of subscription fees to be earned by fulfilling subscriptions after the date of the balance sheets are shown as unearned revenue within current and long term liabilities.</font></div><div style='height:0px;width:0px;display:none'>6155799223l30i71g61jig5436kljg43</div> <div style="text-indent: 0pt; display: block;"> </div> </td> </tr> <tr> <td valign="top" width="125%" colspan="8"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Copyright data revenues are derived from providing certain Value Line trademarks and the Value Line Proprietary Ranking System information to third parties under written agreements for use in selecting securities for third party marketed products, including unit investment trusts, annuities and exchange traded funds (“ETFs”).  The Company earns asset-based copyright data fees as specified in the individual agreements.  Revenue is recognized monthly over the term of the agreement and, because it is asset-based, will fluctuate as the market value of the underlying portfolio increases or decreases in value.</font></div> </td> </tr> </table> <div> </div> <table style="width: 100%; font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0"> <tr> <td valign="top" width="125%" colspan="8"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Prior to the Restructuring Date, the Company earned investment management fees that consisted of management fees from the Value Line Funds and from asset management clients.  Investment management fees for the Funds were earned on a monthly basis as services were performed.  The fees were calculated based on the average daily net assets of the Funds in accordance with each Fund’s advisory agreement (see Note 3 “Related Party Transactions”).</font></div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> </div> </td> </tr> <tr> <td valign="top" width="125%" colspan="8"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">The management fees and average daily net assets for the Value Line Funds are calculated by State Street Bank, which serves as the fund accountant, fund administrator, and custodian of the Value Line Funds.</font></div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> </div> </td> </tr> <tr> <td valign="top" width="125%" colspan="8"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">The Value Line Funds are open-end management companies registered under the Investment Company Act of 1940 (the “1940 Act”).  Shareholder transactions for the Value Line Funds are processed each business day by the third party transfer agent of the Funds.  Shares can be redeemed without advance notice upon request of the shareowners each day that the New York Stock Exchange is open.  Prior to December 1, 2010, EAM LLC, in addition to managing the Value Line Funds, separately managed accounts of institutions and high net worth individuals for which it was paid advisory fees.  EAM had no separately managed accounts as of April 30, 2013 or April 30, 2012.  Assets within the separately managed accounts were held at third party custodians and were subject to the terms of the applicable advisory agreements and did not have any advance notice requirement for withdrawals.</font></div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> </div> </td> </tr> <tr> <td valign="top" width="125%" colspan="8"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Also, prior to the Restructuring Date, service and distribution fees were received from the Value Line Funds in accordance with service and distribution plans under rule 12b-1 of the Investment Company Act of 1940.  These plans are compensation plans, which means that the distributor’s fees under these plans are payable without regard to actual expenses incurred by the distributor, and therefore the distributor may earn a profit under the plan.  Expenses incurred by ESI, the distributor of the Value Line Funds prior to the Restructuring Date, included payments to securities dealers, banks, financial institutions and other organizations that provided distribution, marketing, and administrative services with respect to the Value Line Funds.  Service and distribution fees are received by the distributor on a monthly basis and calculated based upon the average daily net assets of the respective Fund in accordance with each Fund’s prospectus (see Note 3 “Related Party Transactions”).</font></div> </td> </tr> </table>falsefalsefalsenonnum:textBlockItemTypenaDisclosure of accounting policy for revenue recognition. If the entity has different policies for different types of revenue transactions, the policy for each material type of transaction is generally disclosed. If a sales transaction has multiple element arrangements (for example, delivery of multiple products, services or the rights to use assets) the disclosure may indicate the accounting policy for each unit of accounting as well as how units of accounting are determined and valued. The disclosure may encompass important judgment as to appropriateness of principles related to recognition of revenue. The disclosure also may indicate the entity's treatment of any unearned or deferred revenue that arises from the transaction.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18780-107790 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18726-107790 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 13 -Section B -Paragraph Question 1 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 605 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 13.B.Q1) -URI http://asc.fasb.org/extlink&oid=27012821&loc=d3e214044-122780 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18823-107790 false0Revenue Recognition5false 2us-gaap_EquityMethodInvestmentsPolicyus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalseverboseLabel1falsefalsefalse00<div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; font-weight: bold; display: inline;">Investment in Unconsolidated Entities:</font></div> <div><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font> <font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font> <font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font> <font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font> <font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font> <font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font> <font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font> <font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></div><div style='height:0px;width:0px;display:none'>6155799223l30i71g61jig5436kljg43</div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">The Company accounts for its investment in its unconsolidated entity, EAM, using the equity method of accounting in accordance with FASB’s ASC 323.  The equity method is an appropriate means of recognizing increases or decreases measured by GAAP in the economic resources underlying the investments.  Under the equity method, an investor recognizes its share of the earnings or losses of an investee in the periods for which they are reported by the investee in its financial statements rather than in the period in which an investee declares a dividend or distribution. An investor adjusts the carrying amount of an investment for its share of the earnings or losses recognized by the investee.</font></div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> </div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">The Company’s “interests” in EAM, the investment adviser to and the sole member of the distributor of the Value Line Funds, consist of a “non-voting revenues interest” and a “non-voting profits interest” in EAM as defined in the EAM Trust Agreement.  The non-voting revenues interest entitles the Company to receive a range of 41% to 55%, based on the amount of EAM’s adjusted gross revenues, excluding ES’s distribution revenues (“Revenues Interest”).  The non-voting profits interest entitles the Company to receive 50% of EAM’s profits, subject to certain limited adjustments as defined in the EAM Trust Agreement (“Profits Interest”).  The Revenues Interest and at least 90% of the Profits Interest are to be distributed each quarter to all interest holders of EAM, including Value Line.  Subsequent to the Restructuring Date, the Company’s Revenues Interest in EAM excludes participation in the service and distribution fees of EAM’s subsidiary ES.  The Company reflects its non-voting revenues and non-voting profits interests in EAM as non-operating income under the equity method of accounting subsequent to the Restructuring Transaction.  Although the Company does not have control over the operating and financial policies of EAM, pursuant to the EAM Trust Agreement, the Company has a contractual right to receive its share of EAM’s revenues and profits.</font></div>falsefalsefalsenonnum:textBlockItemTypenaDisclosure of accounting policy for the equity method of accounting for investments in common stock or other interests including unconsolidated subsidiaries, corporate joint ventures, noncontrolling interests in real estate ventures, limited partnerships, and limited liability companies. The accounting policy may include information such as: (1) initially recording an investment in the stock of an investee at cost; (2) adjusting the carrying amount of the investment to recognize the investor's share of the earnings or losses of the investee after the date of acquisition; and (3) adjustments to reflect the investor's share of changes in the investee's capital (dividends). This disclosure may also include a detailed description of the policy for determining the amount of equity method losses recognized after an investment has been reduced to zero as a result of previous losses, reasons for not using the equity method when the investor company owns 20 percent or more of the voting stock of the investee's company (including identification of the significant investee), reasons for using the equity method when the ownership percentage is less than 20 percent, and discussion of recognition of equity method losses when an investor's total investment in an investee includes, in addition to an investment in common stock, other investments such as preferred stock and loans to the investee. An entity also may describe how such investments are assessed for impairment.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18780-107790 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.12) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -URI http://asc.fasb.org/subtopic&trid=2196966 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 12 -Article 5 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 28 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14064-108612 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 50 -Paragraph 3 -Subparagraph (a)(2) -URI http://asc.fasb.org/extlink&oid=6382943&loc=d3e33918-111571 false0Investment in Unconsolidated Entities6false 2us-gaap_FairValueMeasurementPolicyPolicyTextBlockus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalseverboseLabel1falsefalsefalse00<table style="width: 100%; font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0"> <tr> <td align="left" valign="bottom" width="125%" colspan="8"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; font-weight: bold; display: inline;">Valuation of Securities:</font></div> </td> </tr> <tr> <td valign="bottom" width="57%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="14%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="15%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="22%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="10%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> </tr> <tr> <td valign="top" width="125%" colspan="8"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">The Company’s securities classified as cash equivalents and available-for-sale consist of shares of money market funds that invest primarily in short-term U.S. Government securities, investments in ETFs, shares of equity securities in various publicly traded companies and bank certificates of deposits and are valued in accordance with the requirements of the Fair Value Measurements Topic of the FASB’s ASC 820.  The securities classified available-for-sale reflected in the Consolidated Balance Sheets are valued at market and unrealized gains and losses, net of applicable taxes, are reported as a separate component of shareholders’ equity. Realized gains and losses on sales of the securities classified as available-for-sale are recorded in earnings as of the trade date and are determined on the identified cost method.</font></div> <div style="height: 0px; width: 0px; display: none;">6155799223l30i71g61jig5436kljg43</div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> </div> </td> </tr> <tr> <td valign="top" width="125%" colspan="8"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">The Company classifies its securities available-for-sale as current assets to properly reflect its liquidity and to recognize the fact that it has liquid assets available-for-sale should the need arise.</font></div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> </div> </td> </tr> <tr> <td valign="top" width="125%" colspan="8"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Market valuations of securities listed on a securities exchange and ETF shares are based on the closing sales prices on the last business day of each month. The market value of the Company’s fixed maturity U.S. Government debt securities is determined utilizing publicly quoted market prices.  Cash equivalents consist of investments in money market funds that invest primarily in U.S. Government securities valued in accordance with rule 2a-7 under the 1940 Act.</font></div> </td> </tr> </table> <div> </div> <table style="width: 100%; font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0"> <tr> <td valign="top" width="125%" colspan="8"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">The Fair Value Measurements Topic of FASB’s ASC defines fair value as the price that the Company would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market for the investment. The  Fair Value Measurements Topic established a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the information that market participants would use in pricing the asset or liability, including assumptions about risk. Risks include those inherent in a particular valuation technique, such as the uncertainty inherent in the variables used by the valuation technique. Inputs are classified as observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the factors market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.</font></div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"></font> </div> </td> </tr> <tr> <td valign="top" width="125%" colspan="8"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">The three-tier hierarchy of inputs is summarized in the three broad levels listed below.</font></div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> </div> </td> </tr> <tr> <td valign="top" width="125%" colspan="8"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Level 1 – quoted prices in active markets for identical investments</font></div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> </div> </td> </tr> <tr> <td valign="top" width="125%" colspan="8"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)</font></div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> </div> </td> </tr> <tr> <td valign="top" width="125%" colspan="8"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Level 3 – significant unobservable inputs (including the Company’s own assumptions in determining the fair value of investments)</font></div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> </div> </td> </tr> <tr> <td valign="top" width="125%" colspan="8"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">The following summarizes the levels of fair value measurements of the Company’s investments:</font></div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> </div> </td> </tr> </table> <div> </div> <div align="left"> <table style="width: 85%; font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0"> <tr> <td valign="middle" width="31%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="middle" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="middle" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="middle" width="12%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="middle" width="12%"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">As of April 30, 2013</font></div> </td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="middle" width="12%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="middle" width="12%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="top" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> </tr> <tr> <td align="left" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="middle" width="33%" colspan="2"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> ($ in thousands)</font></div> </td> <td align="left" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="middle" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="middle" width="12%"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Level 1</font></div> </td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="middle" width="12%"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Level 2</font></div> </td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="middle" width="12%"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Level 3</font></div> </td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="middle" width="12%"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Total</font></div> </td> <td valign="top" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> </tr> <tr> <td align="left" valign="middle" width="33%" colspan="2"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Cash equivalents</font></div> </td> <td valign="middle" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td align="right" valign="middle" width="12%"> <div align="right" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> $                  6,312</font></div> </td> <td align="right" valign="middle" width="12%"> <div align="right" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> $                 -</font></div> </td> <td align="right" valign="middle" width="12%"> <div align="right" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> $                -</font></div> </td> <td align="right" valign="middle" width="12%"> <div align="right" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> $          6,312  </font></div> </td> <td valign="top" width="2%"> </td> </tr> <tr> <td align="left" valign="middle" width="35%" colspan="3"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" valign="middle" width="12%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" valign="middle" width="12%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" valign="middle" width="12%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" valign="middle" width="12%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td valign="top" width="2%"> </td> </tr> <tr> <td align="left" valign="middle" width="35%" colspan="3"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Securities available-for-sale</font></div> </td> <td align="right" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="middle" width="12%"> <div align="right" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">                    6,682</font></div> </td> <td align="right" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="middle" width="12%"> <div align="right" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">                    -</font></div> </td> <td align="right" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="middle" width="12%"> <div align="right" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">                   -</font></div> </td> <td align="right" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="middle" width="12%"> <div align="right" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">            6,682  </font></div> </td> <td valign="top" width="2%"> </td> </tr> <tr> <td valign="middle" width="31%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="middle" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="middle" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td align="right" style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="middle" width="12%"> <div align="right" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> $                12,994</font></div> </td> <td align="right" style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="middle" width="12%"> <div align="right" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> $                 -</font></div> </td> <td align="right" style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="middle" width="12%"> <div align="right" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> $                -</font></div> </td> <td align="right" style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="middle" width="12%"> <div align="right" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> $        12,994  </font></div> </td> <td valign="top" width="2%"> </td> </tr> <tr> <td valign="top" width="31%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="top" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="top" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="top" width="12%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="top" width="12%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="top" width="12%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="top" width="12%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="top" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> </tr> <tr> <td valign="middle" width="31%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="middle" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="middle" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="middle" width="12%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="middle" width="12%"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">As of April 30, 2012</font></div> </td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="middle" width="12%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="middle" width="12%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="top" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> </tr> <tr> <td align="left" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="middle" width="33%" colspan="2"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> ($ in thousands)</font></div> </td> <td align="left" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="middle" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="middle" width="12%"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Level 1</font></div> </td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="middle" width="12%"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Level 2</font></div> </td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="middle" width="12%"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Level 3</font></div> </td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="middle" width="12%"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Total</font></div> </td> <td valign="top" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> </tr> <tr> <td align="left" valign="middle" width="33%" colspan="2"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Cash equivalents</font></div> </td> <td valign="middle" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td align="right" valign="middle" width="12%"> <div align="right" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> $                10,848</font></div> </td> <td align="right" valign="middle" width="12%"> <div align="right" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> $                 -</font></div> </td> <td align="right" valign="middle" width="12%"> <div align="right" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> $                -</font></div> </td> <td align="right" valign="middle" width="12%"> <div align="right" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> $        10,848  </font></div> </td> <td valign="top" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> </tr> <tr> <td align="left" valign="middle" width="35%" colspan="3"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" valign="middle" width="12%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" valign="middle" width="12%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" valign="middle" width="12%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" valign="middle" width="12%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td valign="top" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" valign="middle" width="35%" colspan="3"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Securities available-for-sale</font></div> </td> <td align="right" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="middle" width="12%"> <div align="right" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">                    3,881</font></div> </td> <td align="right" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="middle" width="12%"> <div align="right" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">                    -</font></div> </td> <td align="right" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="middle" width="12%"> <div align="right" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">                   -</font></div> </td> <td align="right" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="middle" width="12%"> <div align="right" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">            3,881  </font></div> </td> <td valign="top" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> </tr> <tr> <td valign="middle" width="31%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="middle" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="middle" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td align="right" style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="middle" width="12%"> <div align="right" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> $                14,729</font></div> </td> <td align="right" style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="middle" width="12%"> <div align="right" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> $                 -</font></div> </td> <td align="right" style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="middle" width="12%"> <div align="right" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> $                -</font></div> </td> <td align="right" style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="middle" width="12%"> <div align="right" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> $        14,729  </font></div> </td> <td valign="top" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> </tr> </table> </div> <div> </div> <table style="width: 100%; font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0"> <tr> <td valign="top" width="125%" colspan="8"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">The Company had no other financial instruments such as futures, forwards and swap contracts. For the periods ended April 30, 2013 and April 30, 2012, there were no Level 2 nor Level 3 investments. The Company does not have any liabilities subject to fair value measurement.</font></div> </td> </tr> </table>falsefalsefalsenonnum:textBlockItemTypenaDisclosure of accounting policy for fair value measurements of financial and non-financial assets, liabilities and instruments classified in shareholders' equity. Disclosures include, but are not limited to, how an entity that manages a group of financial assets and liabilities on the basis of its net exposure measures the fair value of those assets and liabilities.No definition available.false0Valuation of Securities7false 2us-gaap_AdvertisingCostsPolicyTextBlockus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalseverboseLabel1falsefalsefalse00<div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; font-weight: bold; display: inline;">Advertising expenses:</font></div> <div><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font> <font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font> <font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font> <font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font> <font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font> <font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font> <font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font> <font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></div><div style='height:0px;width:0px;display:none'>6155799223l30i71g61jig5436kljg43</div> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">The Company expenses advertising costs as incurred.</font></div>falsefalsefalsenonnum:textBlockItemTypenaDisclosure of accounting policy for advertising costs. For those costs that cannot be capitalized, discloses whether such costs are expensed as incurred or the first period in which the advertising takes place. For direct response advertising costs that are capitalized, describes those assets and the accounting policy used, including a description of the qualifying activity, the types of costs capitalized and the related amortization period. An entity also may disclose its accounting policy for cooperative advertising arrangements.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18780-107790 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 340 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=32704220&loc=d3e8275-108329 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 340 -SubTopic 20 -Section 55 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6387522&loc=d3e8384-108330 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 340 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2127066 false0Advertising expenses8false 2us-gaap_IncomeTaxPolicyTextBlockus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalseverboseLabel1falsefalsefalse00<table style="width: 100%; font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0"> <tr> <td align="left" valign="bottom" width="125%" colspan="8"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; font-weight: bold; display: inline;">Income Taxes:</font></div> </td> </tr> <tr> <td valign="bottom" width="57%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="14%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="15%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="22%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="10%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> </tr> <tr> <td valign="top" width="125%" colspan="8"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">The Company computes its income tax provision in accordance with the Income Tax Topic of the FASB’s ASC.  Deferred tax liabilities and assets are recognized for the expected future tax consequences of events that have been reflected in the Consolidated  Financial Statements. Deferred tax liabilities and assets are determined based on the differences between the book values and the tax bases of particular assets and liabilities, using tax rates currently in effect for the years in which the differences are expected to reverse.</font></div><div style='height:0px;width:0px;display:none'>6155799223l30i71g61jig5436kljg43</div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> </div> </td> </tr> <tr> <td valign="top" width="125%" colspan="8"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">The Income Tax Topic of the FASB’s ASC establishes for all entities, a minimum threshold for financial statement recognition of the benefit of positions taken in filing tax returns (including whether an entity is taxable in a particular jurisdiction), and requires certain expanded tax disclosures.  As of April 30, 2013, management has reviewed the tax positions for the years still subject to tax audit under the statute of limitations, evaluated the implications, and determined that there is no material impact to the Company’s financial statements.</font></div> </td> </tr> </table> <div> </div>falsefalsefalsenonnum:textBlockItemTypenaDisclosure of accounting policy for income taxes, which may include its accounting policies for recognizing and measuring deferred tax assets and liabilities and related valuation allowances, recognizing investment tax credits, operating loss carryforwards, tax credit carryforwards, and other carryforwards, methodologies for determining its effective income tax rate and the characterization of interest and penalties in the financial statements.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18780-107790 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -URI http://asc.fasb.org/subtopic&trid=2144681 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 30 -URI http://asc.fasb.org/subtopic&trid=2144749 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 19 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32840-109319 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 954 -SubTopic 740 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6491622&loc=d3e9504-115650 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 17 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32809-109319 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 45 -Paragraph 25 -URI http://asc.fasb.org/extlink&oid=21917399&loc=d3e32247-109318 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 45 -Paragraph 28 -URI http://asc.fasb.org/extlink&oid=21917399&loc=d3e32280-109318 false0Income Taxes9false 2us-gaap_EarningsPerSharePolicyTextBlockus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalseverboseLabel1falsefalsefalse00<div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; font-weight: bold; display: inline;">Earnings per share:</font></div> <div><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font> <font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font> <font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font> <font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font> <font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font> <font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font> <font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font> <font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></div><div style='height:0px;width:0px;display:none'>6155799223l30i71g61jig5436kljg43</div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Earnings per share are based on the weighted average number of shares of common stock and common stock equivalents outstanding during each period. Any shares that are reacquired during the period are weighted for the portion of the period that they are outstanding.  The Company does not have any potentially dilutive common shares from outstanding stock options, warrants, restricted stock, or restricted stock units.</font></div>falsefalsefalsenonnum:textBlockItemTypenaDisclosure of accounting policy for computing basic and diluted earnings or loss per share for each class of common stock and participating security. Addresses all significant policy factors, including any antidilutive items that have been excluded from the computation and takes into account stock dividends, splits and reverse splits that occur after the balance sheet date of the latest reporting period but before the issuance of the financial statements.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18780-107790 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -URI http://asc.fasb.org/subtopic&trid=2144384 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3630-109257 false0Earnings per share10false 2us-gaap_CashAndCashEquivalentsPolicyTextBlockus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalseverboseLabel1falsefalsefalse00<div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; font-weight: bold; display: inline;">Cash and Cash Equivalents:</font></div> <div><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font> <font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font> <font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font> <font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font> <font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font> <font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font> <font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font> <font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></div><div style='height:0px;width:0px;display:none'>6155799223l30i71g61jig5436kljg43</div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">For purposes of the Consolidated Statements of Cash Flows, the Company considers all cash held at banks and short term liquid investments with an original maturity of less than three months to be cash and cash equivalents. As of April 30, 2013 and April 30, 2012, cash equivalents included $6,312,000 and $10,848,000, respectively, for amounts invested in savings accounts at large commercial banks, held as bank certificates of deposits, and investments in money market mutual funds that invest in short term U.S. government securities.</font></div>falsefalsefalsenonnum:textBlockItemTypenaDisclosure of accounting policy for cash and cash equivalents, including the policy for determining which items are treated as cash equivalents. Other information that may be disclosed includes (1) the nature of any restrictions on the entity's use of its cash and cash equivalents, (2) whether the entity's cash and cash equivalents are insured or expose the entity to credit risk, (3) the classification of any negative balance accounts (overdrafts), and (4) the carrying basis of cash equivalents (for example, at cost) and whether the carrying amount of cash equivalents approximates fair value.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18780-107790 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Cash -URI http://asc.fasb.org/extlink&oid=6506951 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Cash Equivalents -URI http://asc.fasb.org/extlink&oid=6507016 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 1 -Article 5 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 305 -SubTopic 10 -URI http://asc.fasb.org/subtopic&trid=2122427 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6367179&loc=d3e4273-108586 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Financial Reporting Release (FRR) -Number 203 -Paragraph 02-03 false0Cash and Cash Equivalents11false 2us-gaap_CostsAssociatedWithExitOrDisposalActivitiesOrRestructuringsPolicyTextBlockus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalseverboseLabel1falsefalsefalse00<div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; font-weight: bold; display: inline;">Expenses Related to Restructuring:</font></div> <div><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font> <font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font> <font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font> <font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font> <font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font> <font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font> <font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font> <font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></div><div style='height:0px;width:0px;display:none'>6155799223l30i71g61jig5436kljg43</div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">During fiscal 2011, the Company expensed  all costs associated with the Restructuring Transaction as incurred (see Note 15 “Restructuring Expenses and Provision for Settlement”). In addition, the Company recorded as non-cash post-employment compensation expense the value of the voting profits interest in EAM granted to a former employee.</font></div>falsefalsefalsenonnum:textBlockItemTypenaDisclosure of accounting policy for recognizing and reporting costs associated with exiting, disposing of, and restructuring certain operations.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18780-107790 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 5 -Section P -Subsection 3, 4 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -URI http://asc.fasb.org/subtopic&trid=2175746 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 5.P.3,4) -URI http://asc.fasb.org/extlink&oid=27011515&loc=d3e140864-122747 false0Expenses Related to RestructuringfalseOrganization and Summary of Significant Accounting Policies (Policies)UnKnownUnKnownUnKnownUnKnowntruefalsefalseSheethttp://www.valueline.com/role/OrganizationAndSummaryOfSignificantAccountingPoliciesPolicies111 XML 72 R10.xml IDEA: Supplementary Cash Flow Information 2.4.0.8010 - Disclosure - Supplementary Cash Flow Informationtruefalsefalse1false falsefalseContext_FYE__30-Apr-2013http://www.sec.gov/CIK0000717720duration2012-05-01T00:00:002013-04-30T00:00:001true 1us-gaap_SupplementalCashFlowElementsAbstractus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse0Supplemental Cash Flow Elements [Abstract]2false 2us-gaap_CashFlowSupplementalDisclosuresTextBlockus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalseverboseLabel1falsefalsefalse00<table style="width: 100%; font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0"> <tr> <td align="left" valign="bottom" width="75%" colspan="4"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; font-weight: bold; display: inline;">Note 2-Supplementary Cash Flow Information:</font></div> </td> <td valign="bottom" width="15%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="22%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="10%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> </tr> </table> <div> </div><div style='height:0px;width:0px;display:none'>6155799223l30i71g61jig5436kljg43</div> <div align="left"> <table style="font: 10pt/normal times new roman; width: 85%; font-size-adjust: none; font-stretch: normal;" cellspacing="0" cellpadding="0"> <tr> <td style="padding-bottom: 2px; vertical-align: bottom; background-color: #ffffff;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td style="vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="vertical-align: bottom; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="10"> <div style="text-align: center; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font: 10pt/normal times new roman; display: inline; font-size-adjust: none; font-stretch: normal;">Fiscal Years Ended April 30,</font></div> </td> <td style="text-align: left; vertical-align: bottom; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; background-color: #ffffff;" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td style="text-align: left; vertical-align: bottom; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> ($ in thousands)</font></div> </td> <td style="vertical-align: bottom; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="vertical-align: bottom; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2013</font></div> </td> <td style="text-align: left; vertical-align: bottom; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="vertical-align: bottom; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="vertical-align: bottom; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2012</font></div> </td> <td style="text-align: left; vertical-align: bottom; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="vertical-align: bottom; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="vertical-align: bottom; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2011</font></div> </td> <td style="text-align: left; vertical-align: bottom; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td style="width: 40%; text-align: left; vertical-align: bottom;"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">State and local income tax payments</font></div> </td> <td style="width: 1%; text-align: left; vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="width: 1%; text-align: left; vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="width: 12%; text-align: right; vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(120</font></td> <td style="width: 1%; text-align: left; vertical-align: bottom;" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;">)</font></td> <td style="width: 1%; text-align: left; vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="width: 1%; text-align: left; vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="width: 12%; text-align: right; vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(159</font></td> <td style="width: 1%; text-align: left; vertical-align: bottom;" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;">)</font></td> <td style="width: 1%; text-align: left; vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="width: 1%; text-align: left; vertical-align: bottom; background-color: #ffffff;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="width: 12%; text-align: right; vertical-align: bottom; background-color: #ffffff;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(15</font></td> <td style="width: 1%; text-align: left; vertical-align: bottom; background-color: #ffffff;" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;">)</font></td> </tr> <tr> <td style="text-align: left; vertical-align: bottom;"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Federal income tax payments to the Parent</font></div> </td> <td style="text-align: left; vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(1,877</font></td> <td style="text-align: left; vertical-align: bottom;" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;">)</font></td> <td style="text-align: left; vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(845</font></td> <td style="text-align: left; vertical-align: bottom;" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;">)</font></td> <td style="text-align: left; vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; vertical-align: bottom; background-color: #ffffff;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; vertical-align: bottom; background-color: #ffffff;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(348</font></td> <td style="text-align: left; vertical-align: bottom; background-color: #ffffff;" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;">)</font></td> </tr> <tr> <td style="text-align: left; vertical-align: bottom;"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Federal income tax refunds from the Parent</font></div> </td> <td style="text-align: left; vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">-</font></td> <td style="text-align: left; vertical-align: bottom;" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">-</font></td> <td style="text-align: left; vertical-align: bottom;" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">1,598</font></td> <td style="text-align: left; vertical-align: bottom;" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td style="vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td style="vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; vertical-align: bottom;" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; vertical-align: bottom;" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; vertical-align: bottom;" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td style="text-align: left; vertical-align: bottom;"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Interest payments</font></div> </td> <td style="text-align: left; vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">-</font></td> <td style="text-align: left; vertical-align: bottom;" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">-</font></td> <td style="text-align: left; vertical-align: bottom;" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(2</font></td> <td style="text-align: left; vertical-align: bottom;" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;">)</font></td> </tr> </table> </div> <div> </div> <table style="width: 100%; font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0"> <tr bgcolor="#ffffff"> <td valign="top" width="125%" colspan="8"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">The Company also received $1,598,000 of federal income tax refunds during the first quarter of fiscal 2011, which was included as prepaid and refundable income taxes in the Consolidated Balance Sheet of April 30, 2010.</font></div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> </div> </td> </tr> <tr> <td valign="top" width="125%" colspan="8"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">On December 23, 2010, the Company completed the Restructuring Transaction which included the receipt of a non-voting revenues interest and a non-voting profits interest in EAM in exchange for VLI’s voting shares in EAM LLC and ESI. This investment, classified as Investment in EAM Trust on the Consolidated Balance Sheets, was valued at $55,805,000 as of December 23, 2010, which included $5,484,000 of cash and $1,516,000 of FDIC insured corporate notes, contributed by VLI to EAM as part of the Restructuring Transaction. The Company satisfied its non-cash post-employment compensation obligation, valued at $1,770,000, by granting a voting profits interest in EAM to a former employee in connection with the Restructuring Transaction.</font></div> </td> </tr> <tr> <td valign="bottom" width="57%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="14%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="15%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="22%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="10%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="2%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> </tr> <tr> <td align="left" valign="top" width="125%" colspan="8"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">See Note 3-Related Party Transactions for tax amounts associated with Arnold Bernhard and Co., Inc. (“AB&Co.” or the “Parent”).</font></div> </td> </tr> </table>falsefalsefalsenonnum:textBlockItemTypenaThe entire disclosure for supplemental cash flow activities, including cash, noncash, and part noncash transactions, for the period. Noncash is defined as information about all investing and financing activities of an enterprise during a period that affect recognized assets or liabilities but that do not result in cash receipts or cash payments in the period. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6367179&loc=d3e4332-108586 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6367179&loc=d3e4313-108586 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6367179&loc=d3e4304-108586 false0Supplementary Cash Flow InformationfalseSupplementary Cash Flow InformationUnKnownUnKnownUnKnownUnKnowntruefalsefalseSheethttp://www.valueline.com/role/SupplementaryCashFlowInformation12 XML 73 R37.htm IDEA: XBRL DOCUMENT

Organization and Summary of Significant Accounting Policies (Detail Textuals) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Apr. 30, 2013	Apr. 30, 2012
Schedule of Equity Method Investments [Line Items]
Non-voting profits interest ("Profits Interest")	50.00%
Short term investments (in dollars)	$ 6,312	$ 10,848
EAM Trust
Schedule of Equity Method Investments [Line Items]
Non-voting profits interest ("Profits Interest")	50.00%
Percentage of non voting profits interests due each quarter from EAM	90.00%
EAM Trust \| Minimum
Schedule of Equity Method Investments [Line Items]
Investment management fee revenues from its mutual fund and separate accounts business	41.00%
EAM Trust \| Maximum
Schedule of Equity Method Investments [Line Items]
Investment management fee revenues from its mutual fund and separate accounts business	55.00%

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Federal, State and Local Income Taxes (Detail Textuals) (USD $)	12 Months Ended
	Apr. 30, 2013	Apr. 30, 2012	Apr. 30, 2011
Income Tax Disclosure [Abstract]
Net operating loss carryforward	$ 360,000	$ 7,300,000
Gain from deconsolidation of the company's asset management and mutual fund distribution subsidiaries	50,510,000
Deferred non-cash postemployment compensation granted to VLI's former employee	1,770,000
Tax benefits related to exit lease obligation			$ 914,000
Effective income tax rate	37.00%	38.71%	38.53%

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Process Flow-Through: 002 - Statement - Consolidated Balance Sheets Process Flow-Through: Removing column 'Apr. 30, 2011' Process Flow-Through: Removing column 'Apr. 30, 2010' Process Flow-Through: 003 - Statement - Consolidated Balance Sheets (Parentheticals) Process Flow-Through: Removing column 'Apr. 30, 2011' Process Flow-Through: Removing column 'Apr. 30, 2010' Process Flow-Through: 004 - Statement - Consolidated Statements of Income Process Flow-Through: 005 - Statement - Consolidated Statements of Comprehensive Income Process Flow-Through: 006 - Statement - Consolidated Statements of Cash Flows Process Flow-Through: 008 - Statement - Consolidated Statements of Changes in Shareholders' Equity (Parentheticals) valu-20130430.xml valu-20130430.xsd valu-20130430_cal.xml valu-20130430_def.xml valu-20130430_lab.xml valu-20130430_pre.xml true true XML 81 R48.xml IDEA: Investments - Equity Method Investment (Detail Textuals 1) 2.4.0.8048 - Disclosure - Investments - Equity Method Investment (Detail Textuals 1)truefalsefalse1false USDfalsefalseContext_FYE__30-Apr-2013http://www.sec.gov/CIK0000717720duration2012-05-01T00:00:002013-04-30T00:00:00pureStandardhttp://www.xbrl.org/2003/instancepurexbrli0USDStandardhttp://www.xbrl.org/2003/iso4217USDiso42170$2false USDfalsefalse$Context_As_Of__30-Apr-2012http://www.sec.gov/CIK0000717720instant2012-04-30T00:00:000001-01-01T00:00:00USDStandardhttp://www.xbrl.org/2003/iso4217USDiso42170USDUSD$1true 3us-gaap_ScheduleOfEquityMethodInvestmentsLineItemsus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalseverboseLabel1falsefalsefalse00falsefalsefalse2falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse0Schedule of Equity Method Investments [Line Items]2false 4us-gaap_EquityMethodInvestmentsus-gaap_truedebitinstantfalsefalsefalsefalsefalsefalsefalsefalseverboseLabel1truefalsefalse5751100057511000USD$falsetruefalse2truefalsefalse5633100056331000USD$falsetruefalsexbrli:monetaryItemTypemonetaryThis item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.12) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 45 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=16385135&loc=d3e33749-111570 false2Investment in EAM Trust3false 4valu_PercentageOfNonVotingProfitInterestvalu_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalseverboseLabel1truetruefalse0.500.50falsefalsefalse2falsefalsefalse00falsefalsefalsenum:percentItemTypepureRepresents percentage of non-voting profits interest.No definition available.false0Non-voting profits interest ("Profits Interest")4false 0truefalsetruefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalse2falsefalsefalse00falsefalsefalse3false USDtruefalseContext_FYE__30-Apr-2013_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_EulavAssetManagementLlcMemberhttp://www.sec.gov/CIK0000717720duration2012-05-01T00:00:002013-04-30T00:00:00falsefalseEAM Trustus-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxisxbrldihttp://xbrl.org/2006/xbrldivalu_EulavAssetManagementLlcMemberus-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxisexplicitMemberpureStandardhttp://www.xbrl.org/2003/instancepurexbrli0USDStandardhttp://www.xbrl.org/2003/iso4217USDiso42170$nanafalse0EAM Trust5true 3us-gaap_ScheduleOfEquityMethodInvestmentsLineItemsus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalseverboseLabel1falsefalsefalse00falsefalsefalse2falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse0Schedule of Equity Method Investments [Line Items]6false 4us-gaap_EquityMethodInvestmentsus-gaap_truedebitinstantfalsefalsefalsefalsefalsefalsefalsefalseverboseLabel1truefalsefalse5751100057511000[1]USD$falsefalsefalse2truefalsefalse5633100056331000[1]USD$falsefalsefalsexbrli:monetaryItemTypemonetaryThis item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.12) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 45 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=16385135&loc=d3e33749-111570 false2Investment in EAM Trust7false 4valu_FairValueOfContributedCapitalAtInceptionvalu_falsedebitinstantfalsefalsefalsefalsefalsefalsefalsefalseverboseLabel1truefalsefalse5580500055805000USD$falsefalsefalse2truefalsefalse5580500055805000USD$falsefalsefalsexbrli:monetaryItemTypemonetaryRepresents the fair value of contributed capital at inception.No definition available.false2Fair value of contributed capital at inception8false 4valu_CashAndLiquidSecuritiesInExcessOfWorkingCapitalRequirementsContributedToCapitalAccountvalu_falsedebitinstantfalsefalsefalsefalsefalsefalsefalsefalseterseLabel1truefalsefalse58200005820000USD$falsefalsefalse2truefalsefalse58200005820000USD$falsefalsefalsexbrli:monetaryItemTypemonetaryRepresents the cash and liquid securities in excess of working capital requirements contributed to capital account.No definition available.false2Cash and liquid securities in excess of working capital requirements contributed to capital account9false 4valu_PercentageOfNonVotingProfitInterestvalu_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalseverboseLabel1truetruefalse0.500.50falsefalsefalse2falsefalsefalse00falsefalsefalsenum:percentItemTypepureRepresents percentage of non-voting profits interest.No definition available.false0Non-voting profits interest ("Profits Interest")10false 4valu_AccruedNonVotingRevenuesAndNonVotingProfitsInterestsPayablevalu_falsecreditinstantfalsefalsefalsefalsefalsefalsefalsefalseverboseLabel1truefalsefalse16210001621000USD$falsetruefalse2falsefalsefalse00falsefalsefalsexbrli:monetaryItemTypemonetarySum of the carrying values as of the balance sheet date of accrued payable non-voting revenues and non-voting profits interests.No definition available.false2Payable to VLI for its accrued non-voting revenues and non-voting profits interests1Reported within Long Term Assets on Consolidated Balance Sheets.falseInvestments - Equity Method Investment (Detail Textuals 1) (USD $)NoRoundingUnKnownUnKnownUnKnowntruefalsefalseSheethttp://www.valueline.com/role/InvestmentsEquityMethodInvestmentDetailTextuals1210 XML 82 R50.htm IDEA: XBRL DOCUMENT

Variable Interest Entity (Detail textuals)	12 Months Ended
Variable Interest Entity (Detail textuals)	Apr. 30, 2013
Variable Interest Entity [Abstract]
Non-voting profits interest in EAM	50.00%

XML 83 R45.htm IDEA: XBRL DOCUMENT

Investments - Components of EAM's investment management operations (Details 2) (USD $)
In Thousands, unless otherwise specified

12 Months Ended

Apr. 30, 2013

Apr. 30, 2012

Apr. 30, 2011

Schedule of Investments [Line Items]

Value Line's non-voting revenues interest

$ 5,781

$ 5,684

$ 2,187

EAM's net income

6,619

6,925

37,782

EAM Trust

Schedule of Investments [Line Items]

Investment management fees earned from the Value Line Funds, net of waivers shown below

12,773

12,465

4,592

^[1]

12b-1 fees and other fees, net of waivers shown below

3,905

3,466

1,293

^[1]

Other income

^[1]

Investment management fee waivers and reimbursements

379

^[2]

806

^[2]

303

^[1],[2]

12b-1 fee waivers

2,156

^[2]

2,257

^[2]

855

^[1],[2]

Value Line's non-voting revenues interest

5,781

5,684

2,187

^[1]

EAM's net income

$ 945

^[3]

$ 461

^[3]

$ 336

^[1],[3]

[1]	Total results of EAM's investment management operations was for the period from December 23, 2010 through April 30, 2011.
[2]	During fiscal 2013 investment management fee waivers and reimbursements primarily related to the Value Line Core Bond Fund and the U.S. Government Money Market Fund ("USGMMF") which was merged into a third party fund, the Daily Income Fund, managed by Reich & Tang, effective October 19, 2012. The 12b-1 fee waivers related to nine of the Value Line Mutual Funds. In fiscal 2012, investment management fee waivers and reimbursements primarily related to the USGMMF and the 12b-1 fee waivers related to eleven of the Value Line Mutual Funds.
[3]	Represents EAM's net income, after giving effect to Value Line's non-voting revenues interest, but before distributions to voting profits interest holders and to the Company in respect of its 50% non-voting profits interest.

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 04

-Paragraph 20

-Article 9

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 28

-URI http://asc.fasb.org/extlink&oid=31042434&loc=d3e3602-108585

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Other Comprehensive Income

-URI http://asc.fasb.org/extlink&oid=6519514

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Net Income

-URI http://asc.fasb.org/extlink&oid=6518256

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 944

-SubTopic 225

-Section S99

-Paragraph 1

-Subparagraph (SX 210.7-04.19)

-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 225

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SX 210.5-03.18)

-URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 944

-SubTopic 225

-Section S99

-Paragraph 1

-Subparagraph (SX 210.7-04.22)

-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 220

-SubTopic 10

-Section 45

-Paragraph 6

-URI http://asc.fasb.org/extlink&oid=28358780&loc=d3e565-108580

Reference 10: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 03

-Paragraph 19

-Article 5

+ Details

XML 84 R3.htm IDEA: XBRL DOCUMENT

Consolidated Balance Sheets (Parentheticals) (USD $)
In Thousands, except Share data, unless otherwise specified

Apr. 30, 2013

Apr. 30, 2012

Statement Of Financial Position [Abstract]

Short term investments (in dollars)

$ 6,312

$ 10,848

Allowance for doubtful accounts (in dollars)

$ 17

$ 44

Common stock, par value (in dollars per share)

$ 0.10

Common stock, shares authorized

30,000,000

Common stock, shares issued

10,000,000

Treasury stock, shares

123,572

103,619

^[1]

[1]	Includes 85,219 shares with a total average cost of $1,036,000 that were acquired during the former repurchase program, which was authorized in January 2011 and expired in January 2012.

XML 85 R14.htm IDEA: XBRL DOCUMENT

Property and Equipment

12 Months Ended

Apr. 30, 2013

Property, Plant and Equipment [Abstract]

Property and Equipment

Note 6-Property and Equipment:

	As of April 30,
($ in thousands)	2013			2012

Land	$	726		$	726
Building and leasehold improvements		7,391			7,283
Furniture and equipment		11,180			10,955
		19,297			18,964
Accumulated depreciation and amortization		(15,367	)		(15,110	)
Total property and equipment, net	$	3,930		$	3,854

- Definition

The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures.

+ References+ Details

XML 86 R20.xml IDEA: Comprehensive Income 2.4.0.8020 - Disclosure - Comprehensive Incometruefalsefalse1false falsefalseContext_FYE__30-Apr-2013http://www.sec.gov/CIK0000717720duration2012-05-01T00:00:002013-04-30T00:00:001true 1valu_ComprehensiveIncomeLossNoteAbstractvalu_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse0Comprehensive Income (Loss) Note [Abstract]2false 2us-gaap_ComprehensiveIncomeNoteTextBlockus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalseverboseLabel1falsefalsefalse00<div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-weight: bold; display: inline;"><font style="font-family: times new roman; font-size: 10pt; font-weight: bold; display: inline;">Note 12-Comprehensive Income:</font></font></div> </div><div style='height:0px;width:0px;display:none'>6155799223l30i71g61jig5436kljg43</div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-weight: bold; display: inline;"> </font></div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-weight: bold; display: inline;"><font style="font-family: times new roman; font-size: 10pt; font-weight: normal; display: inline;">The FASB’s ASC Comprehensive Income topic requires the reporting of comprehensive income in addition to net income from operations.  Comprehensive income is a more inclusive financial reporting methodology that includes disclosure of certain financial information that otherwise would not be recognized in the calculation of net income.</font></font></div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-weight: bold; display: inline;"> </font></div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-weight: bold; display: inline;"><font style="font-family: times new roman; font-size: 10pt; font-weight: normal; display: inline;">In May 2012, the Company adopted the provisions of Accounting Standards Update 2011-05 to reflect comprehensive income in two statements which include the components of net income and total net income in the first statement, immediately followed by a financial statement that presents the components of other comprehensive income, a total for other comprehensive income and a total for comprehensive income.</font></font></div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-weight: bold; display: inline;"> </font></div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-weight: bold; display: inline;"><font style="font-family: times new roman; font-size: 10pt; font-weight: normal; display: inline;">As of April 30, 2013, and April 30, 2012, the Company held equity securities consisting primarily of ETFs and select common stock holdings of blue chip companies with a concentration on large capitalization companies with high relative dividend yields that are classified as securities available-for-sale on the Consolidated Balance Sheets.  Additionally, as of April 30, 2013, and April 30, 2012, the Company held non-leveraged ETFs, classified as securities available-for-sale, whose performance inversely corresponds to the market value changes of investments in other ETF securities held in the equity portfolio for dividend yield.  The change in valuation of these securities, net of deferred income taxes, has been recorded in accumulated other comprehensive income in the Company’s Consolidated Balance Sheets.</font></font></div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-weight: bold; display: inline;"> </font></div> </div> </div> </div> </div> </div> <div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">The components of comprehensive income that are included in the Consolidated  Statement of Changes in Shareholders’ Equity for the twelve months ending April 30, 2013 are as follows:</font></div> </div> <div align="left"> <div align="left"> <table style="width: 80%; font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0"> <tr> <td valign="bottom" width="80%" colspan="17"> </td> </tr> <tr> <td align="left" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="32%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> ($ in thousands)</font></div> </td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="10%" colspan="2" nowrap="nowrap"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Amount Before Tax</font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Tax Expense</font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Tax Benefit</font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Amount Net of <br /> Tax</font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" style="padding-bottom: 2px;" valign="bottom" width="32%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Change in unrealized gains on securities</font></div> </td> <td align="right" style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">255</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(195</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;">)</font></td> <td align="right" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">106</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">166</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td style="padding-bottom: 4px;" valign="bottom" width="32%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td align="right" style="padding-bottom: 4px;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">255</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(195</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;">)</font></td> <td align="right" style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">106</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">166</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> </table> </div> <div> <div style="text-align: justify; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></div> <div style="text-align: justify; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">The components of comprehensive income that are included in the Consolidated Statement of Changes in Shareholders’ Equity for the twelve months ending April 30, 2012 are as follows:</font></div> </div> <div align="left"> <div align="left"> <table style="width: 80%; font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0"> <tr> <td valign="bottom" width="32%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="32%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> ($ in thousands)</font></div> </td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="10%" colspan="2" nowrap="nowrap"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Amount Before Tax</font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Tax Expense</font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Tax Benefit</font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Amount Net of <br /> Tax</font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="32%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Change in unrealized gains on securities</font></div> </td> <td align="right" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">24</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(33</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;">)</font></td> <td align="right" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">24</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">15</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" style="padding-bottom: 2px;" valign="bottom" width="32%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Add: Losses realized in net income</font></div> </td> <td align="right" style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">11</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(4</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;">)</font></td> <td align="right" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">-</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">7</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td style="padding-bottom: 4px;" valign="bottom" width="32%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td align="right" style="padding-bottom: 4px;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">35</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(37</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;">)</font></td> <td align="right" style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">24</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">22</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> </table> </div> <div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">The components of comprehensive income that are included in the Consolidated Statement of Changes in Shareholders’ Equity for the twelve months ending April 30, 2011 are as follows:</font></div> </div> <div align="left"> <table style="width: 80%; font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0"> <tr> <td valign="bottom" width="32%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="32%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> ($ in thousands)</font></div> </td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="10%" colspan="2" nowrap="nowrap"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Amount Before Tax</font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Tax Expense</font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Tax Benefit</font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Amount Net of <br /> Tax</font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" style="padding-bottom: 2px;" valign="bottom" width="32%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Change in unrealized gains on securities</font></div> </td> <td align="right" style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">32</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(14</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;">)</font></td> <td align="right" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">3</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">21</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" style="padding-bottom: 2px;" valign="bottom" width="32%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Add: Losses realized in net income</font></div> </td> <td align="right" style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">68</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(24</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;">)</font></td> <td align="right" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">-</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">44</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td style="padding-bottom: 4px;" valign="bottom" width="32%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td align="right" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">100</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(38</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;">)</font></td> <td align="right" style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">3</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">65</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> </table> </div> </div> </div> <div> </div> <div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">At April 30, 2011, the Company held both equity and U.S. Government debt securities that are classified as available-for-sale on the Consolidated Balance Sheets.  The change in valuation of these securities, net of deferred income taxes, has been recorded in Accumulated Other Comprehensive Income in the Company’s Consolidated Balance Sheets.</font></div> </div>falsefalsefalsenonnum:textBlockItemTypenaThe entire disclosure for comprehensive income, which includes, but is not limited to, 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=28358780&loc=d3e637-108580 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section 45 -Paragraph 14 -URI http://asc.fasb.org/extlink&oid=28358780&loc=d3e681-108580 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section 45 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=28358780&loc=d3e689-108580 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section 45 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=28358780&loc=SL7669619-108580 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section 45 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=28358780&loc=d3e640-108580 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section 45 -Paragraph 17 -URI http://asc.fasb.org/extlink&oid=28358780&loc=d3e716-108580 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section 45 -Paragraph 16 -URI http://asc.fasb.org/extlink&oid=28358780&loc=d3e709-108580 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Reclassification Adjustments -URI http://asc.fasb.org/extlink&oid=6522872 false0Comprehensive IncomefalseComprehensive IncomeUnKnownUnKnownUnKnownUnKnowntruefalsefalseSheethttp://www.valueline.com/role/ComprehensiveIncome12 XML 87 R5.htm IDEA: XBRL DOCUMENT

Consolidated Statements of Comprehensive Income (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Apr. 30, 2013	Apr. 30, 2012	Apr. 30, 2011
Statement Of Other Comprehensive Income [Abstract]
Net income	$ 6,619	$ 6,925	$ 37,782
Other comprehensive income, net of tax:
Change in unrealized gains on securities, net of taxes	166	22	65
Other comprehensive income	166	22	65
Comprehensive income	$ 6,785	$ 6,947	$ 37,847

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

XML 88 R58.htm IDEA: XBRL DOCUMENT

Lease Commitments (Detail Textuals) (USD $)	0 Months Ended	12 Months Ended			167 Months Ended	12 Months Ended	0 Months Ended
Lease Commitments (Detail Textuals) (USD $)	Jun. 04, 1993	Apr. 30, 2013	Apr. 30, 2012	Apr. 30, 2011	Apr. 30, 2007	Apr. 30, 2011 General and Administrative Expense	Feb. 07, 2013 Company and Citibank, N.A. (the "Sublandlord") sqft
Operating Leased Assets [Line Items]
Term of lease	15 years
Extended term of lease					5 years
Area of land for lease							44,493
Base rent under the sublease agreement per annum							$ 1,468,269
Security deposit in cash							489,423
Rental expenses		2,509,000	2,509,000	3,862,000
Operating lease exit cost related to relocation		$ 37,000	$ 475,000			$ 914,000

XML 89 R2.htm IDEA: XBRL DOCUMENT

Consolidated Balance Sheets (USD $)
In Thousands, unless otherwise specified

Apr. 30, 2013

Apr. 30, 2012

Current Assets:

Cash and cash equivalents (including short term investments of $6,312 and $10,848, respectively)

$ 6,840

$ 12,042

Securities available-for-sale

6,682

3,881

Accounts receivable, net of allowance for doubtful accounts of $17 and $44, respectively

1,278

902

Prepaid and refundable income taxes

779

Prepaid expenses and other current assets

1,646

1,071

Deferred income taxes

227

442

Total current assets

16,673

19,117

Long term assets:

Investment in EAM Trust

57,511

56,331

Property and equipment, net

3,930

3,854

Capitalized software and other intangible assets, net

6,227

5,067

Total long term assets

67,668

65,252

Total assets

84,341

84,369

Current Liabilities:

Accounts payable and accrued liabilities

2,460

2,948

Accrued salaries

1,200

1,108

Dividends payable

1,481

1,484

Accrued taxes on income

180

Unearned revenue

22,073

21,548

Total current liabilities

27,394

27,184

Long term liabilities:

Unearned revenue

2,636

4,447

Deferred income taxes

21,326

20,424

Total long term liabilities

23,962

24,871

Total liabilities

51,356

52,055

Shareholders' Equity:

Common stock, $0.10 par value; authorized 30,000,000 shares; issued 10,000,000 shares

1,000

Additional paid-in capital

991

Retained earnings

32,315

31,628

Treasury stock, at cost (123,572 shares and 103,619 shares, respectively)

(1,572)

(1,390)

^[1]

Accumulated other comprehensive income, net of tax

251

Total shareholders' equity

32,985

32,314

Total liabilities and shareholders' equity

$ 84,341

$ 84,369

[1]	Includes 85,219 shares with a total average cost of $1,036,000 that were acquired during the former repurchase program, which was authorized in January 2011 and expired in January 2012.

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Common stock represent the ownership interest in a corporation.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Article 3 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.29) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 30 -Article 5 falseinstant2013-04-30T00:00:000001-01-01T00:00:001Balance (in shares) at Apr. 30, 20131Were acquired during the new repurchase program authorized in September 2012.trueConsolidated Statements of Changes in Shareholders' Equity (USD $)ThousandsNoRoundingUnKnownUnKnowntruefalsefalseSheethttp://www.valueline.com/role/ConsolidatedStatementsOfChangesInShareholdersEquity626 XML 92 R17.xml IDEA: Lease Commitments 2.4.0.8017 - Disclosure - Lease Commitmentstruefalsefalse1false falsefalseContext_FYE__30-Apr-2013http://www.sec.gov/CIK0000717720duration2012-05-01T00:00:002013-04-30T00:00:001true 1us-gaap_CommitmentsAndContingenciesDisclosureAbstractus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse0Commitments and Contingencies Disclosure [Abstract]2false 2us-gaap_CommitmentsDisclosureTextBlockus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalseverboseLabel1falsefalsefalse00<div> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; font-weight: bold; display: inline;">Note 9-Lease Commitments:</font></div> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> </div> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">On June 4, 1993, the Company entered into a 15 year lease agreement to provide primary office space.  The lease included free rental periods as well as scheduled base rent escalations over the term of the lease.  In April 2007, the Company extended the term for 5 additional years at a market rental rate to May 2013. The total amount of the base rent payments is being charged to expense on the straight-line method over the term of the lease. The Company recorded a deferred charge on its Consolidated Balance Sheets to reflect the excess of annual rental expense over cash payments since inception of the lease.</font></div> </div> </div> </div> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> </div> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">On February 7, 2013, the Company and Citibank, N.A. (the “Sublandlord”) entered into a sublease agreement, pursuant to which Value Line will lease approximately 44,493 square feet of office space located on the ninth floor at 485 Lexington Ave., New York, NY (“Building” or “Premises”) beginning on or about July 1, 2013 and ending on February 27, 2017 (“Sublease”).  Base rent under the Sublease will be $1,468,269 per annum, subject to customary concessions in the Company’s favor and pass-through of certain increases in operating costs and real estate taxes.  The Company provided a security deposit in cash in the amount of $489,423.  This Building will become 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.  The Sublease terms will provide for a significant decrease in the Company’s annual rental expenses.</font></div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> </div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Value Line reached an agreement with its current landlord to extend the term of the current lease for its current corporate office facility, which was due to expire on May 31, 2013, for a period of three and a half months beginning June 1, 2013 and expiring September 15, 2013 (“Lease Modification”) at a rental which approximates the Company’s monthly rent payments under the current lease obligation.</font></div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> </div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Future minimum payments, exclusive of potential increases in real estate taxes and operating cost escalations, under operating leases for office space, with remaining terms of one year or more, are as follows:</font></div> </div> </div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> </div> </div> </div> <div> <div align="center"> <table style="width: 60%; font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0"> <tr> <td align="left" width="41%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font> <font style="font-family: times new roman; font-size: 10pt; display: inline;">Fiscal Years Ending April 30,</font></td> <td width="3%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="10%" nowrap="nowrap" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Current Lease</font></div> </td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="14%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">New Sublease</font></div> </td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="10%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Total</font></div> </td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td width="11%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="30%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td align="left" width="3%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" width="10%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="14%" nowrap="nowrap" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">($ in thousands)</font></div> </td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" width="1%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" width="10%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td width="11%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="30%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td width="3%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="10%" valign="bottom" colspan="2"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="14%" valign="bottom" colspan="2"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="10%" valign="bottom" colspan="2"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" width="11%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" width="30%" valign="bottom"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2014</font></div> </td> <td align="left" width="3%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td width="9%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">1,326</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td width="13%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">490</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td width="9%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">1,816</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" width="11%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" width="30%" valign="bottom"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2015</font></div> </td> <td align="left" width="3%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">-</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="13%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">1,468</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">1,468</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" width="11%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" width="30%" valign="bottom"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2016</font></div> </td> <td align="left" width="3%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">-</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="13%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">1,468</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">1,468</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" width="11%" valign="bottom" style="padding-bottom: 2px;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" width="30%" valign="bottom" style="padding-bottom: 2px;"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2017</font></div> </td> <td align="left" width="3%" valign="bottom" style="padding-bottom: 2px;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">-</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" width="1%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="13%" valign="bottom" style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">1,224</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" width="1%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">1,224</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td width="11%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="30%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td align="left" width="3%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td width="9%" valign="bottom" style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">1,326</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" width="1%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td width="13%" valign="bottom" style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">4,650</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" width="1%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td width="9%" valign="bottom" style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">5,976</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> </table> </div> </div> <div> </div> <div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Rental expense for the years ended April 30, 2013, 2012, and 2011 under the current operating lease covering office space was $2,509,000, $2,509,000, and $3,862,000, respectively.  During fiscal years of 2013 and 2012, office space rental decreased as a result of the classification of a portion of the lease payments as a reduction of the accrued lease exit obligation related to EAM’s relocation in fiscal 2011.  The increase in fiscal 2011 rent expenses was a result of an accrual of $914,000 for operating lease exit costs related to the deconsolidation of EAM from the operating facility of the Company. As of April 30, 2013 and 2012, the remaining lease exit obligation related to EAM’s relocation was  $37,000 and $475,000, respectively.  For the fiscal year ended April 30, 2011, $914,000 of the accrued lease exit obligation related to EAM’s relocation, was included as an expense in office and administration in the Consolidated Statements of Income.</font></div> </div>falsefalsefalsenonnum:textBlockItemTypenaThe entire disclosure for significant arrangements with third parties, which includes operating lease arrangements and arrangements in which the entity has agreed to expend funds to procure goods or services, or has agreed to commit resources to supply goods or services, and operating lease arrangements. 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Property and Equipment - Components of property and equipment, net (Details) (USD $) In Thousands, unless otherwise specified	Apr. 30, 2013	Apr. 30, 2012
Property, Plant and Equipment [Abstract]
Land	$ 726	$ 726
Building and leasehold improvements	7,391	7,283
Furniture and equipment	11,180	10,955
Property, plant and equipment, gross	19,297	18,964
Accumulated depreciation and amortization	(15,367)	(15,110)
Total property and equipment, net	$ 3,930	$ 3,854

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font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0"> <tr> <td style="padding-bottom: 2px;" bgcolor="#ffffff" valign="bottom" width="40%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="13%" colspan="10"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Fiscal Years Ended April 30,</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" bgcolor="#ffffff" valign="bottom" width="40%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> ($ in thousands)</font></div> </td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="13%" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2013</font></div><div style='height:0px;width:0px;display:none'>6155799223l30i71g61jig5436kljg43</div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="13%" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2012</font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="13%" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2011</font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" bgcolor="#ffffff" valign="bottom" width="40%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Non-voting revenues interest in EAM</font></div> </td> <td align="right" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="12%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">5,781</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="12%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">5,684</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" bgcolor="#ffffff" valign="bottom" width="12%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2,187</font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" bgcolor="#ffffff" valign="bottom" width="40%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" bgcolor="#ffffff" valign="bottom" width="12%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" bgcolor="#ffffff" valign="bottom" width="12%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" bgcolor="#ffffff" valign="bottom" width="12%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" style="padding-bottom: 2px;" bgcolor="#ffffff" valign="bottom" width="40%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Non-voting profits interest in EAM</font></div> </td> <td align="right" style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" bgcolor="#ffffff" valign="bottom" width="12%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">479</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" bgcolor="#ffffff" valign="bottom" width="12%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">206</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" bgcolor="#ffffff" valign="bottom" width="12%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">168</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" bgcolor="#ffffff" valign="bottom" width="40%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td align="right" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" bgcolor="#ffffff" valign="bottom" width="12%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">6,260</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" bgcolor="#ffffff" valign="bottom" width="12%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">5,890</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" bgcolor="#ffffff" valign="bottom" width="12%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2,355</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> </table> </div>falsefalsefalsenonnum:textBlockItemTypenaSchedule of non voting revenues interest and non voting profits interests.No definition available.false0Schedule of non voting revenues interest and non voting profits interestsfalseRelated Party Transactions (Tables)UnKnownUnKnownUnKnownUnKnowntruefalsefalseSheethttp://www.valueline.com/role/RelatedPartyTransactionsTables12 XML 97 R18.xml IDEA: Business Segments 2.4.0.8018 - Disclosure - Business Segmentstruefalsefalse1false falsefalseContext_FYE__30-Apr-2013http://www.sec.gov/CIK0000717720duration2012-05-01T00:00:002013-04-30T00:00:001true 1us-gaap_SegmentReportingAbstractus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse0Segment Reporting [Abstract]2false 2us-gaap_SegmentReportingDisclosureTextBlockus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalseverboseLabel1falsefalsefalse00<div> <div> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;">Note 10-Business Segments:</font></div> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> </div> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Prior to December 23, 2010, (the Restructuring Transaction date), the Company operated two reportable business segments: (1) Publishing and (2) Investment Management. The Publishing segment, the Company’s only reportable segment subsequent to the Restructuring Transaction date, produces investment periodicals and related publications (retail and institutional) in both print and electronic form, and includes copyright data fees for the Value Line Proprietary Ranking System information and other proprietary information. The Investment Management segment provided advisory services to the Value Line Funds, as well as institutional and individual accounts. The segments were differentiated by the products and services they offered. The accounting policies of the segments are the same as those described in the summary of significant accounting policies.</font></div> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> </div> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">As more fully described in Note 1 - Organization and Summary of Significant Accounting Policies, the Company deconsolidated its investment management business on December 23, 2010 and therefore no longer reports the investment management operation as a separate business unit.  Although VLI continues to receive significant cash flows from these operations through its non-controlling investment in EAM, it no longer considers this to be a reportable business segment due to its lack of control over the operating and financial policies of EAM.  Accordingly, the Investment Management segment reflects activity only through the date of the Restructuring Transaction.</font></div> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> </div> <strong></strong> </div> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Disclosure of reportable segment information for the twelve months ended April 30, 2011 was as follows:</font></div> </div> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> </div> </div> </div> </div> </div> <div align="left"> <table style="width: 70%; font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0"> <tr> <td align="left" style="border-bottom: black 2px solid;" valign="bottom" width="34%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">($ in thousands)</font></div> </td> <td style="border-bottom: black 2px solid;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Publishing</font></div> </td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Investment Management</font></div> </td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Consolidated Total</font></div> </td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="34%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Revenues from external customers</font></div> </td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">37,974</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">10,693</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">48,667</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="34%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Intersegment revenues</font></div> </td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">7</font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="right" style="border-bottom: black 2px solid;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">-</font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="left" style="border-bottom: black 2px solid;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">7</font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="34%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Total revenues for reportable segments</font></div> </td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">37,981</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">10,693</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">48,674</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="34%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Elimination of intersegment revenues</font></div> </td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">(7</font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;">)</font></td> <td align="left" style="border-bottom: black 2px solid;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">-</font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="left" style="border-bottom: black 2px solid;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">(7</font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;">)</font></td> </tr> <tr> <td align="left" valign="bottom" width="34%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Total consolidated revenues</font></div> </td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">37,974</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">10,693</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">48,667</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> <tr> <td valign="bottom" width="34%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> <tr> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="text-align: left; vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;"> </td> <td style="text-align: left; vertical-align: bottom;" nowrap="nowrap"> </td> <td style="vertical-align: bottom;"> </td> <td style="text-align: left; vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;"> </td> <td style="text-align: left; vertical-align: bottom;" nowrap="nowrap"> </td> <td style="vertical-align: bottom;"> </td> <td style="text-align: left; vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;"> </td> <td style="text-align: left; vertical-align: bottom;" nowrap="nowrap"> </td> </tr> <tr> <td align="left" valign="bottom" width="34%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Depreciation and amortization</font></div> </td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">579</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">14</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">593</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> <tr> <td style="text-align: left; vertical-align: bottom;">Depreciation related to corporate assets</td> <td style="text-align: left; vertical-align: bottom;"> </td> <td style="text-align: left; vertical-align: bottom;">$</td> <td style="text-align: right; vertical-align: bottom;">(3</td> <td style="text-align: left; vertical-align: bottom;" nowrap="nowrap">)</td> <td style="text-align: left; vertical-align: bottom;"> </td> <td style="text-align: left; vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;">-</td> <td style="text-align: left; vertical-align: bottom;" nowrap="nowrap"> </td> <td style="text-align: left; vertical-align: bottom;"> </td> <td style="text-align: left; vertical-align: bottom;">$</td> <td style="text-align: right; vertical-align: bottom;">(3</td> <td style="text-align: left; vertical-align: bottom;" nowrap="nowrap">)</td> </tr> <tr> <td valign="bottom" width="34%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="34%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Gain from deconsolidation of subsidiaries (1)</font></div> </td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">-</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">50,510</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">50,510</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="34%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Income from securities transactions</font></div> </td> <td align="right" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">-</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">6</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">6</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="34%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Segment profit (loss) from operations (2)</font></div> </td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">8,984</font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="left" style="border-bottom: black 2px solid;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">(448</font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;">)</font></td> <td align="left" style="border-bottom: black 2px solid;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">8,536</font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="34%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Profit for reportable segments</font></div> </td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">8,984</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">50,068</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">59,052</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> <tr> <td valign="bottom" width="34%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="34%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Revenues and profits interests in EAM Trust</font></div> </td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">2,355</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="45%" colspan="4"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Income from securities transactions related to corporate assets</font></div> </td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">59</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> <tr> <td align="left" style="padding-bottom: 2px;" valign="bottom" width="34%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Depreciation related to corporate assets</font></div> </td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right; padding-bottom: 2px;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right; padding-bottom: 2px;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="left" style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">(3</font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;">)</font></td> </tr> <tr> <td align="left" style="padding-bottom: 4px;" valign="bottom" width="34%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Income before income taxes</font></div> </td> <td style="padding-bottom: 4px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left; padding-bottom: 4px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right; padding-bottom: 4px;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left; padding-bottom: 4px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="padding-bottom: 4px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left; padding-bottom: 4px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right; padding-bottom: 4px;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left; padding-bottom: 4px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="left" style="padding-bottom: 4px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="border-bottom: black 4px double; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">61,463</font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> <tr> <td valign="bottom" width="34%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> </table> </div> <div> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">(1) Represents the gain of $50,510,000 from deconsolidation of the asset management and Value Line Mutual Fund Distribution subsidiaries.</font></div> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> </div> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">(2) Included in the Investment Management business segment in fiscal 2011 are expenses of $3,764,000 related to the Company’s restructure of its Investment Management business segment, $914,000 of expenses related to its exit lease obligation for the office space previously occupied by EAM LLC, and non-cash post-employment  compensation expense of $1,770,000  related to the value of the voting profits interest in EAM granted by VLI to a former employee of the Company who is presently the CEO of EAM.  Fiscal 2011 Investment Management segment expenses included the reversal of $1,767,000 of previously recorded expenses associated with the Provision for Settlement due to a change in estimated costs to administer the Fair Fund.</font></div> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> </div> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">As of April 30, 2011, additional reportable segment information was as follows:</font></div> </div> </div> </div> <div> </div> <div align="left"> <table style="width: 70%; font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0"> <tr> <td align="left" style="border-bottom: black 2px solid;" valign="bottom" width="46%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">($ in thousands)</font></div> </td> <td style="border-bottom: black 2px solid;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Assets</font></div> </td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Expenditures<br />for Segment<br />Assets</font></div> </td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="46%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Publishing</font></div> </td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">11,827</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">1,897</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="46%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Investment Management</font></div> </td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">-</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">10</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> <tr> <td align="left" style="padding-bottom: 2px;" valign="bottom" width="46%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Corporate assets</font></div> </td> <td align="left" style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">75,976</font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="left" style="border-bottom: black 2px solid;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">-</font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="46%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  Consolidated total</font></div> </td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="border-bottom: black 4px double; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">87,803</font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="left" style="border-bottom: black 4px double;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="border-bottom: black 4px double; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">1,907</font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> </table> </div> </div>falsefalsefalsenonnum:textBlockItemTypenaThe entire disclosure for reporting segments including data and tables. 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Variable Interest Entity (Tables)

12 Months Ended

Apr. 30, 2013

Variable Interest Entity [Abstract]

Schedule of total assets, the maximum exposure to loss, value of the assets and liabilities in EAM

			Value Line 6155799223l30i71g61jig5436kljg43
($ in thousands)	VIE Assets		Investment in EAM Trust (1)		Liabilities		Maximum Exposure to Loss
As of April 30, 2013	$	59,349	$	57,511	$	-	$	57,511
As of April 30, 2012	$	57,482	$	56,331	$	-	$	56,331

(1) Reported within Long Term Assets on Consolidated Balance Sheets.

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References+ Details

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Restructuring Expenses and Provision for Settlement	12 Months Ended
Restructuring Expenses and Provision for Settlement	Apr. 30, 2013
Restructuring and Related Activities [Abstract]
Restructuring Expenses and Provision for Settlement	Note 15- Restructuring Expenses and Provision for Settlement: In fiscal 2011, expenses for professional fees including the cost of the proxy solicitation for the Value Line Funds, of $3,764,000 were associated with the Restructuring Transaction that was completed on December 23, 2010. The Company’s policy was to expense those costs as incurred. In November 2009, the Company concluded a negotiated settlement with the SEC as a result of an investigation into former brokerage practices (the “Settlement”). To comply with the SEC order, the Company during fiscal 2011 disassociated itself from the former Investment Adviser and broker-dealer operations in the previously defined Restructuring Transaction. 6155799223l30i71g61jig5436kljg43 As required by the Settlement, the SEC created a “Fair Fund” pursuant to Section 308(a) of the Sarbanes-Oxley Act of 2002. The Fair Fund is being used to reimburse shareholders who owned shares in the affected Value Line Funds in the period covered by the Settlement. The Company is required to bear all costs associated with the Fair Fund administration, including compensating a third party consultant appointed by the SEC to administer the Fair Fund distribution. The SEC has appointed A.B. Data, Ltd., which has no affiliation with the Company, as the Administrator of the Fair Fund. During fiscal 2011, the Company reduced its estimate of the remaining costs of administration of the Fair Fund and other costs associated with the Settlement by $1,767,000. The provision for settlement included anticipated costs of Fair Fund administration as well as certain fees and costs arising from the Settlement and the Restructuring Transaction. During fiscal 2013, 2012 and 2011, the Company made payments to the Administrator of the Fair Fund aggregating $32,000, $1,189,000 and $2,783,000, respectively. The Company believes that the outstanding provision for settlement in the amount of $243,000 reflected as a liability in the Consolidated Balance Sheet at April 30, 2013, is sufficient to meet the remaining obligations of the Fair Fund administration.

- Definition

The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled.

+ References+ Details

XML 101 R44.htm IDEA: XBRL DOCUMENT

Investments - Composition of income from securities transactions (Details 1) (USD $)
In Thousands, unless otherwise specified

12 Months Ended

Apr. 30, 2013

Apr. 30, 2012

Apr. 30, 2011

Investment Income, Net [Abstract]

Dividend income

$ 124

$ 68

$ 16

Interest income

^[1]

118

^[1]

Realized and unrealized gains (losses) on securities available-for-sale

^[2]

(11)

^[2]

(63)

^[2]

Interest expense

(2)

Other

(2)

(3)

(4)

Total income from securities transactions, net

$ 126

$ 70

$ 65

[1]	Interest income was recorded net of bond premium amortization of $14,000 during fiscal year 2011.
[2]	These amounts were reclassified from Accumulated Other Comprehensive Income in the Consolidated Balance Sheets to the Consolidated Statements of Income.

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Federal, State and Local Income Taxes - Provision for income taxes differs from the amount of income tax determined by applying the applicable U.S. statutory income tax rate (Details 2)	12 Months Ended
	Apr. 30, 2013	Apr. 30, 2012	Apr. 30, 2011
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Abstract]
U.S. statutory federal rate	35.00%	35.00%	35.00%
Increase (decrease) in tax rate from:
State and local income taxes, net of federal income tax benefit	2.96%	2.58%	2.95%
Effect of dividends received deductions	(0.27%)
Alternative minimum tax - net operating loss limitation		1.23%	0.58%
Domestic production tax credit	(0.52%)
Other, net	(0.17%)	(0.10%)
Effective income tax rate	37.00%	38.71%	38.53%

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Treasury Stock and Repurchase Program (Detail Textuals) (USD $)

12 Months Ended

1 Months Ended

Apr. 30, 2013

Apr. 30, 2012

Apr. 30, 2011

Sep. 19, 2012

September 2012 Share Repurchase Program

Jan. 20, 2011

January 2011 Share Repurchase Program

Jan. 31, 2012

Former Repurchase Program

Equity, Class of Treasury Stock [Line Items]

Authorized repurchase amount of common stock

$ 3,000,000

$ 3,200,000

Number of treasury shares

19,953

^[1]

78,500

6,719

85,219

Total average cost

$ 182,000

^[1]

$ 946,000

$ 90,000

$ 1,036,000

[1]	Were acquired during the new repurchase program authorized in September 2012.

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Supplementary Cash Flow Information (Detail Textuals) (USD $) In Thousands, unless otherwise specified	12 Months Ended			3 Months Ended	1 Months Ended
	Apr. 30, 2013	Apr. 30, 2012	Apr. 30, 2011	Jul. 31, 2010 Prepaid and refundable income taxes	Dec. 23, 2010 Investment In EAM Trust
Supplementary Cash Flow Information [Line Items]
Federal income tax refunds			$ 1,598	$ 1,598
Investment in EAM Trust	57,511	56,331			55,805
Amount of cash paid in equity method investments			5,484		5,484
Amount of investment through FDIC insured corporate notes					1,516
Share-based compensation			$ 1,770		$ 1,770

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font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0"> <tr> <td style="padding-bottom: 2px;" valign="bottom" width="34%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="34%" colspan="10"> <div align="center" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Fiscal Years Ended April 30,</font></div> </td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> <tr> <td align="left" style="border-bottom: black 2px solid;" valign="bottom" width="34%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">($ in thousands)</font></div> </td> <td style="border-bottom: black 2px solid;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">2013</font></div> </td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">2012</font></div> </td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">2011</font></div> </td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="34%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Current tax expense (benefit):</font></div> </td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td valign="bottom" width="10%" colspan="2"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td valign="bottom" width="10%" colspan="2"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td valign="bottom" width="10%" colspan="2"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="34%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">    Federal</font></div> </td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="text-align: right;" bgcolor="#ffffff" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">2,679</font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="text-align: right;" bgcolor="#ffffff" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">139</font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="text-align: right;" bgcolor="#ffffff" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">356</font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> <tr> <td align="left" style="padding-bottom: 2px;" valign="bottom" width="34%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">    State and local</font></div> </td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" bgcolor="#ffffff" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">130</font></td> <td style="border-bottom: black 2px solid; text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" bgcolor="#ffffff" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">(54</font></td> <td style="border-bottom: black 2px solid; text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;">)</font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" bgcolor="#ffffff" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">(413</font></td> <td style="border-bottom: black 2px solid; text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;">)</font></td> </tr> <tr> <td valign="bottom" width="34%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" bgcolor="#ffffff" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">2,809</font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" bgcolor="#ffffff" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">85</font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" bgcolor="#ffffff" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">(57</font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;">)</font></td> </tr> <tr> <td align="left" valign="bottom" width="34%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Deferred tax expense:</font></div> </td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" bgcolor="#ffffff" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" bgcolor="#ffffff" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" bgcolor="#ffffff" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="34%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">    Federal</font></div> </td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" bgcolor="#ffffff" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">728</font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" bgcolor="#ffffff" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">3,785</font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" bgcolor="#ffffff" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">20,535</font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> <tr> <td align="left" style="padding-bottom: 2px;" valign="bottom" width="34%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">    State and local</font></div> </td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" bgcolor="#ffffff" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">350</font></td> <td style="border-bottom: black 2px solid; text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" bgcolor="#ffffff" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">503</font></td> <td style="border-bottom: black 2px solid; text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" bgcolor="#ffffff" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">3,203</font></td> <td style="border-bottom: black 2px solid; text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> <tr> <td style="padding-bottom: 2px;" valign="bottom" width="34%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">1,078</font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">4,288</font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">23,738</font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> <tr> <td align="left" style="padding-bottom: 4px;" valign="bottom" width="34%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Income tax provision:</font></div> </td> <td align="left" style="padding-bottom: 4px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="border-bottom: black 4px double; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">3,887</font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="left" style="border-bottom: black 4px double;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="border-bottom: black 4px double; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">4,373</font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="left" style="border-bottom: black 4px double;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="border-bottom: black 4px double; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">23,681</font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> </table> </div> </div>falsefalsefalsenonnum:textBlockItemTypenaTabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 false0Schedule of provision for income taxes3false 2us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlockus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalseverboseLabel1falsefalsefalse00<div> <div> </div> <div align="left"> <table style="width: 70%; font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0"> <tr> <td width="46%" valign="bottom" style="padding-bottom: 2px;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td width="1%" valign="bottom" style="padding-bottom: 2px;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="23%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="7"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">As of April 30,</font></div> </td> </tr> <tr> <td align="left" width="46%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">($ in thousands)</font></div> </td> <td width="1%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="10%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2013</font></div> </td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="10%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2012</font></div> </td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" width="46%" valign="bottom"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Federal tax benefit (liability):</font></div> </td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="10%" valign="bottom" colspan="2"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="10%" valign="bottom" colspan="2"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" width="46%" valign="bottom"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">    Net operating loss</font></div> </td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td width="9%" valign="bottom" style="text-align: right;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;">-</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td width="9%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">126</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" width="46%" valign="bottom"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">    Unrealized gains on securities available-for-sale</font></div> </td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(136</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;">)</font></td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(46</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">)</font></td> </tr> <tr> <td align="left" width="46%" valign="bottom"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">    Operating lease exit obligation</font></div> </td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;">13</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">153</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" width="46%" valign="bottom"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">    Deferred professional fees</font></div> </td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;">49</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">80</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" width="46%" valign="bottom" style="padding-bottom: 2px;"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">    Deferred charges</font></div> </td> <td width="1%" valign="bottom" style="padding-bottom: 2px;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;">265</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">76</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" width="46%" valign="bottom"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Total federal tax benefit</font></div> </td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">191</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">389</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td width="46%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" width="46%" valign="bottom"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">State and local tax benefits:</font></div> </td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" width="46%" valign="bottom"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">    Net operating loss</font></div> </td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;">-</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">15</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" width="46%" valign="bottom" style="padding-bottom: 2px;"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">    Other</font></div> </td> <td width="1%" valign="bottom" style="padding-bottom: 2px;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;">36</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">38</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" width="46%" valign="bottom" style="padding-bottom: 2px;"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Total state and local tax benefits</font></div> </td> <td width="1%" valign="bottom" style="padding-bottom: 2px;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">36</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">53</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" width="46%" valign="bottom" style="padding-bottom: 4px;"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Deferred tax asset, short term</font></div> </td> <td width="1%" valign="bottom" style="padding-bottom: 4px;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td width="9%" valign="bottom" style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">227</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td width="9%" valign="bottom" style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">442</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> </table> </div> </div> <div style="text-indent: 0pt; display: block;"> </div> <div style="text-align: center;"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> </div> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> </div> </div> <div align="left"> <table style="width: 70%; font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0"> <tr> <td width="66%" valign="bottom" style="padding-bottom: 2px;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td width="1%" valign="bottom" style="padding-bottom: 2px;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="31%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="6"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">As of April 30,</font></div> </td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" width="66%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> ($ in thousands)</font></div> </td> <td width="1%" valign="bottom" style="padding-bottom: 2px; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="14%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2013</font></div> </td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="padding-bottom: 2px; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="14%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2012</font></div> </td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" width="66%" valign="bottom"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Federal tax liability (benefit):</font></div> </td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="14%" valign="bottom" colspan="2"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="14%" valign="bottom" colspan="2"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" width="66%" valign="bottom"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">   Deferred gain on deconsolidation of EAM</font></div> </td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td width="13%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">17,679</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td width="13%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">17,679</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" width="66%" valign="bottom"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">   Deferred non-cash post-employment compensation</font></div> </td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="13%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(619</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">)</font></td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="13%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(619</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">)</font></td> </tr> <tr> <td align="left" width="66%" valign="bottom" style="padding-left: 0pt; margin-left: 446pt;"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">   Depreciation and amortization</font></div> </td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="13%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">1,642</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="13%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">1,032</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" width="66%" valign="bottom" style="padding-bottom: 2px; padding-left: 0pt; margin-left: 446pt;"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">   Other</font></div> </td> <td width="1%" valign="bottom" style="padding-bottom: 2px;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="13%" valign="bottom" style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">262</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="padding-bottom: 2px; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="13%" valign="bottom" style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">120</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" width="66%" valign="bottom"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Total federal tax liability</font></div> </td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="13%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">18,964</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="13%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">18,212</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td width="66%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="13%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="13%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" width="66%" valign="bottom"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">State and local tax liabilities (benefits):</font></div> </td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="13%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="13%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" width="66%" valign="bottom"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">   Deferred gain on deconsolidation of EAM</font></div> </td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="13%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2,243</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="13%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2,182</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" width="66%" valign="bottom"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">   Deferred non-cash post-employment compensation</font></div> </td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="13%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(79</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">)</font></td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="13%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(76</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">)</font></td> </tr> <tr> <td align="left" width="66%" valign="bottom"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">   Depreciation and amortization</font></div> </td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="13%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">208</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="13%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">127</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" width="66%" valign="bottom" style="padding-bottom: 2px;"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">   Deferred professional fees</font></div> </td> <td width="1%" valign="bottom" style="padding-bottom: 2px;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="13%" valign="bottom" style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(10</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">)</font></td> <td width="1%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="13%" valign="bottom" style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(21</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">)</font></td> </tr> <tr> <td align="left" width="66%" valign="bottom" style="padding-bottom: 2px;"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Total state and local tax liabilities</font></div> </td> <td width="1%" valign="bottom" style="padding-bottom: 2px;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="13%" valign="bottom" style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2,362</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="padding-bottom: 2px; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="13%" valign="bottom" style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2,212</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" width="66%" valign="bottom" style="padding-bottom: 4px;"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Deferred tax liability, long term</font></div> </td> <td width="1%" valign="bottom" style="padding-bottom: 4px;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td width="13%" valign="bottom" style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">21,326</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td width="13%" valign="bottom" style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">20,424</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> </table> </div> <div> </div>falsefalsefalsenonnum:textBlockItemTypenaTabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 false0Schedule of components of deferred tax asset and deferred tax liability4false 2us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlockus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalseverboseLabel1falsefalsefalse00<div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> </div> </div><div style='height:0px;width:0px;display:none'>6155799223l30i71g61jig5436kljg43</div> </div> </div> </div> </div> <div align="left"> <table style="width: 80%; font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0"> <tr> <td style="padding-bottom: 2px;" valign="bottom" width="44%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="34%" colspan="10"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Fiscal Years Ended April 30,</font></div> </td> <td style="text-align: left; padding-bottom: 2px; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td style="padding-bottom: 2px;" valign="bottom" width="44%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2013</font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2012</font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2011</font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="44%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">U.S. statutory federal rate</font></div> </td> <td align="right" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">35.00</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;">%</font></td> <td align="right" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">35.00</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;">%</font></td> <td align="right" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">35.00</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;">%</font></td> </tr> <tr> <td align="left" valign="bottom" width="44%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Increase (decrease) in tax rate from:</font></div> </td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="44%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  State and local income taxes, net of federal income tax benefit</font></div> </td> <td align="right" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2.96</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;">%</font></td> <td align="right" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2.58</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;">%</font></td> <td align="right" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2.95</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;">%</font></td> </tr> <tr> <td align="left" valign="bottom" width="44%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  Effect of dividends received deductions</font></div> </td> <td align="right" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">-0.27</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;">%</font></td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">-</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">-</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="44%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  Alternative minimum tax - net operating loss limitation</font></div> </td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">-</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">1.23</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;">%</font></td> <td align="right" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">0.58</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;">%</font></td> </tr> <tr> <td align="left" valign="bottom" width="44%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  Domestic production tax credit</font></div> </td> <td align="right" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">-0.52</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;">%</font></td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">-</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">-</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" style="padding-bottom: 2px;" valign="bottom" width="44%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  Other, net</font></div> </td> <td align="right" style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">-0.17</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;">%</font></td> <td align="right" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">-0.10</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;">%</font></td> <td align="left" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">-</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" style="padding-bottom: 4px;" valign="bottom" width="44%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Effective income tax rate</font></div> </td> <td align="right" style="padding-bottom: 4px;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">37.00</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;">%</font></td> <td align="right" style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">38.71</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;">%</font></td> <td align="right" style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">38.53</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;">%</font></td> </tr> </table> </div> <div> </div>falsefalsefalsenonnum:textBlockItemTypenaTabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32687-109319 false0Schedule of effective income tax rate reconciliationfalseFederal, State and Local Income Taxes (Tables)UnKnownUnKnownUnKnownUnKnowntruefalsefalseSheethttp://www.valueline.com/role/FederalStateAndLocalIncomeTaxesTables14 XML 109 R35.htm IDEA: XBRL DOCUMENT

Treasury Stock and Repurchase Program (Tables)

12 Months Ended

Apr. 30, 2013

Treasury Stock [Abstract]

Schedule of treasury stock, at cost

($ in thousands except for cost per share)	Shares		Total Average Cost Assigned		Average Cost per Share		Aggregate Purchase Price Remaining Under the Program
Balance as of April 30, 2010 (1)		18,400	$	354	$	19.24		n/a
Purchases effected in open market		6,719		90	$	13.39	$	3,110
Balance as of April 30, 2011		25,119	$	444	$	17.67	$	3,110
Purchases effected in open market		78,500		946	$	12.05	$	2,165
Balance as of April 30, 2012 (2)		103,619	$	1,390	$	13.41	$	-
Purchases effected in open market (3)		19,953		182	$	9.13	$	2,818
Balance as of April 30, 2013		123,572	$	1,572	$	12.72	$	2,818

(1) Were acquired prior to the repurchase program authorized in January 2011.

(2) Includes 85,219 shares with a total average cost of $1,036,000 that were acquired during the former repurchase program, which was authorized in January 2011 and expired in January 2012.

(3) Were acquired during the new repurchase program authorized in September 2012.

XML 110 R36.htm IDEA: XBRL DOCUMENT

Organization and Summary of Significant Accounting Policies (Details) (USD $) In Thousands, unless otherwise specified	Apr. 30, 2013	Apr. 30, 2012
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	$ 6,312	$ 10,848
Securities available-for-sale	6,682	3,881
Investments, fair value disclosure	12,994	14,729
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	6,312	10,848
Securities available-for-sale	6,682	3,881
Investments, fair value disclosure	12,994	14,729
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents
Securities available-for-sale
Investments, fair value disclosure
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents
Securities available-for-sale
Investments, fair value disclosure

- Definition

This element represents the portion of the balance sheet assertion valued at fair value by the entity whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission. This item represents Available-for-sale Securities which consist of all investments in certain debt and equity securities neither classified as trading or held-to-maturity securities. A debt security represents a creditor relationship with an enterprise. Debt securities include, among other items, US Treasury securities, US government securities, municipal securities, corporate bonds, convertible debt, commercial paper, and all securitized debt instruments. An equity security represents an ownership interest in an enterprise or the right to acquire or dispose of an ownership interest in an enterprise at fixed or determinable prices. Equity securities include, among other things, common stock, certain preferred stock, warrant rights, call options, and put options, but do not include convertible debt. An entity may opt to provide the reader with additional narrative text to better understand the nature of investments in debt and equity securities which are categorized as Available-for-sale.

+ References+ Details

XML 111 R30.xml IDEA: Property and Equipment (Tables) 2.4.0.8030 - Disclosure - Property and Equipment (Tables)truefalsefalse1false falsefalseContext_FYE__30-Apr-2013http://www.sec.gov/CIK0000717720duration2012-05-01T00:00:002013-04-30T00:00:001true 1us-gaap_PropertyPlantAndEquipmentAbstractus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse0Property, Plant and Equipment [Abstract]2false 2us-gaap_PropertyPlantAndEquipmentTextBlockus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalseverboseLabel1falsefalsefalse00<div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> </div> </div><div style='height:0px;width:0px;display:none'>6155799223l30i71g61jig5436kljg43</div> </div> </div> <div align="left"> <table style="width: 70%; font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0"> <tr> <td style="padding-bottom: 2px;" valign="bottom" width="46%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="22%" colspan="6"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">As of April 30,</font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="46%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">($ in thousands)</font></div> </td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2013</font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2012</font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td valign="bottom" width="46%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td valign="bottom" width="10%" colspan="2"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td valign="bottom" width="10%" colspan="2"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="46%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Land</font></div> </td> <td style="text-align: right;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">726</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">726</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="46%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Building and leasehold improvements</font></div> </td> <td style="text-align: right;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">7,391</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">7,283</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" style="padding-bottom: 2px;" valign="bottom" width="46%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Furniture and equipment</font></div> </td> <td style="text-align: right; padding-bottom: 2px;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">11,180</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">10,955</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td valign="bottom" width="46%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td style="text-align: right;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">19,297</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">18,964</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" style="padding-bottom: 2px;" valign="bottom" width="46%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Accumulated depreciation and amortization</font></div> </td> <td style="text-align: right; padding-bottom: 2px;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(15,367</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;">)</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(15,110</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;">)</font></td> </tr> <tr> <td align="left" style="padding-bottom: 4px;" valign="bottom" width="46%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Total property and equipment, net</font></div> </td> <td style="text-align: right; padding-bottom: 4px;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">3,930</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">3,854</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> </table> </div>falsefalsefalsenonnum:textBlockItemTypenaTabular disclosure of physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, balances by class of assets, depreciation and depletion expense and method used, including composite depreciation, and accumulated deprecation.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6391035&loc=d3e2868-110229 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.13) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 13 -Subparagraph b -Article 5 false0Schedule of property and equipmentfalseProperty and Equipment (Tables)UnKnownUnKnownUnKnownUnKnowntruefalsefalseSheethttp://www.valueline.com/role/PropertyAndEquipmentTables12 XML 112 R13.htm IDEA: XBRL DOCUMENT

Variable Interest Entity

12 Months Ended

Apr. 30, 2013

Variable Interest Entity [Abstract]

Variable Interest Entity

Note 5: Variable Interest Entity

			Value Line
($ in thousands)	VIE Assets		Investment in EAM Trust (1)		Liabilities		Maximum Exposure to Loss
As of April 30, 2013	$	59,349	$	57,511	$	-	$	57,511
As of April 30, 2012	$	57,482	$	56,331	$	-	$	56,331

(1) Reported within Long Term Assets on Consolidated Balance Sheets.

XML 113 R62.htm IDEA: XBRL DOCUMENT

Comprehensive Income - Components of comprehensive income that are included in the Consolidated Statement of Changes in Shareholders' Equity (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Apr. 30, 2013	Apr. 30, 2012	Apr. 30, 2011
Comprehensive Income (Loss) Note [Abstract]
Change in unrealized gains (losses) on securities during the period, before tax	$ 255	$ 24	$ 32
Change in unrealized gains (losses) on securities during the period, tax expense	(195)	(33)	(14)
Change in unrealized gains (losses) on securities during the period, tax benefit	106	24	3
Change in unrealized gains (losses) on securities during the period, net of tax	166	15	21
Add: Losses realized in net income, before tax		11	68
Add: Losses realized in net income, tax expense		(4)	(24)
Add: Losses realized in net income, tax benefit
Add: Losses realized in net income, net of tax		7	44
Other comprehensive income (loss), available-for-sale securities adjustment, before tax	255	35	100
Other comprehensive income (loss), available-for-sale securities, tax expense	(195)	(37)	(38)
Other comprehensive income (loss), available-for-sale securities, tax benefit	106	24	3
Other comprehensive income (loss), available-for-sale securities adjustment, net of tax	$ 166	$ 22	$ 65

XML 114 R21.xml IDEA: Accounting for the Costs of Computer Software Developed for Internal Use 2.4.0.8021 - Disclosure - Accounting for the Costs of Computer Software Developed for Internal Usetruefalsefalse1false falsefalseContext_FYE__30-Apr-2013http://www.sec.gov/CIK0000717720duration2012-05-01T00:00:002013-04-30T00:00:001true 1valu_InternalUseSoftwareAbstractvalu_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse0Internal Use Software [Abstract]2false 2valu_InternalUseSoftwareDisclosureTextBlockvalu_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalseverboseLabel1falsefalsefalse00<div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; font-weight: bold; display: inline;">Note 13-Accounting for the Costs of Computer Software Developed for Internal Use:</font></div> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> </div><div style='height:0px;width:0px;display:none'>6155799223l30i71g61jig5436kljg43</div> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">The Company has adopted the provisions of the Statement of Position 98-1 (SOP 98-1), “Accounting for the Costs of Computer Software Developed for Internal Use”.  SOP 98-1 requires companies to capitalize as long-lived assets many of the costs associated with developing or obtaining software for internal use and amortize those costs over the software’s estimated useful life in a systematic and rational manner.</font></div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> </div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">The Company capitalized  $2,457,000 and $3,383,000 related to the development of software for internal use for the twelve months ended April 30, 2013 and 2012, respectively, of which $2,326,000 and $2,153,000 related to development costs for  the digital production software  project and $131,000 and $1,230,000 related to a new fulfillment system, respectively.  Such costs are capitalized and amortized over the expected useful life of the asset which is approximately from 3 to 5 years.  Amortization expense for the years ended April 30, 2013, 2012, and 2011 was $1,295,000, $446,000, and $332,000, respectively.</font></div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> </div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">The new fulfillment system was placed in service on December 1, 2011.  The Company’s refreshed website, Single Sign On (“SSO”) and new e-commerce and website shopping cart were also placed in service during December 2011.  A new institutional sales website ValueLinePro.com was launched by the Company during March 2012.</font></div> </div> </div> </div> </div>falsefalsefalsenonnum:textBlockItemTypenaDisclosure of accounting policy for its computer software activities including the accounting treatment for costs incurred for (1) research and development activities, (2) development of computer software for internal use, (3) in-process research and development acquired in a purchase business combination.No definition available.false0Accounting for the Costs of Computer Software Developed for Internal UsefalseAccounting for the Costs of Computer Software Developed for Internal UseUnKnownUnKnownUnKnownUnKnowntruefalsefalseSheethttp://www.valueline.com/role/AccountingForTheCostsOfComputerSoftwareDevelopedForInternalUse12 XML 115 R30.htm IDEA: XBRL DOCUMENT

Property and Equipment (Tables)

12 Months Ended

Apr. 30, 2013

Property, Plant and Equipment [Abstract]

Schedule of property and equipment

	As of April 30,
($ in thousands)	2013			2012

Land	$	726		$	726
Building and leasehold improvements		7,391			7,283
Furniture and equipment		11,180			10,955
		19,297			18,964
Accumulated depreciation and amortization		(15,367	)		(15,110	)
Total property and equipment, net	$	3,930		$	3,854

XML 116 R42.htm IDEA: XBRL DOCUMENT

Related Party Transactions (Detail Textuals 1) (USD $) In Millions, unless otherwise specified	May 31, 2012	Dec. 31, 2011 Value Line Convertible Fund	May 31, 2012 Value Line New York Tax Exempt Trust	May 31, 2012 Value Line Tax Exempt Fund	Mar. 31, 2013 Value Line Core Bond Fund
Related Party Transaction [Line Items]
Assets under management	$ 20	$ 20	$ 15	$ 90	$ 100

XML 117 R16.htm IDEA: XBRL DOCUMENT

Employees' Profit Sharing and Savings Plan	12 Months Ended
Employees' Profit Sharing and Savings Plan	Apr. 30, 2013
Compensation Related Costs [Abstract]
Employees' Profit Sharing and Savings Plan	Note 8-Employees’ Profit Sharing and Savings Plan: 6155799223l30i71g61jig5436kljg43 Substantially all employees of the Company and its subsidiaries are members of the Value Line, Inc. Profit Sharing and Savings Plan (the “Plan”). In general, this is a qualified, contributory plan which provides for a discretionary annual Company contribution which is determined by a formula based on the salaries of eligible employees and the amount of consolidated net operating income as defined in the Plan. For the fiscal years ended April 30, 2013, 2012, and 2011, the estimated profit sharing plan contribution, which is included as an expense in salaries and employee benefits in the Consolidated Statements of Income, was $240,000, $447,000 and $500,000, respectively.

- Definition

The entire disclosure for compensation costs, including compensated absences accruals, compensated absences liability, deferred compensation arrangements and income statement compensation items. Deferred compensation arrangements may include a description of an arrangement with an individual employee, which is generally an employment contract between the entity and a selected officer or key employee containing a promise by the employer to pay certain amounts at designated future dates, usually including a period after retirement, upon compliance with stipulated requirements. This type of arrangement is distinguished from broader based employee benefit plans as it is usually tailored to the employee. Disclosure also typically includes the amount of related compensation expense recognized during the reporting period, the number of shares (units) issued during the period under such arrangements, and the carrying amount as of the balance sheet date of the related liability.

+ References+ Details

XML 118 R22.xml IDEA: Treasury Stock and Repurchase Program 2.4.0.8022 - Disclosure - Treasury Stock and Repurchase Programtruefalsefalse1false falsefalseContext_FYE__30-Apr-2013http://www.sec.gov/CIK0000717720duration2012-05-01T00:00:002013-04-30T00:00:001true 1valu_TreasuryStockAbstractvalu_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse0Treasury Stock [Abstract]2false 2us-gaap_TreasuryStockTextBlockus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalseverboseLabel1falsefalsefalse00<div> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; font-weight: bold; display: inline;">Note 14 - Treasury Stock and Repurchase Program:</font></div> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> </div><div style='height:0px;width:0px;display:none'>6155799223l30i71g61jig5436kljg43</div> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">On September 19, 2012, the Company’s Board of Directors approved a new share repurchase program, authorizing the repurchase of shares of the Company’s common stock up to an aggregate purchase price of $3,000,000.  The repurchases will be made from time to time on the open market at prevailing market prices, in negotiated transactions off the market, in block purchases or otherwise. The new repurchase program may be suspended or discontinued at any time at the Company’s discretion and has no set expiration date.</font></div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> </div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">On January 20, 2011, the Company’s Board of Directors approved the repurchase of shares of the Company’s common stock, at such times and prices as management determined to be advisable up to an aggregate purchase amount of $3,200,000.  The repurchase program expired on January 15, 2012 and was not renewed by the Company’s Board of Directors.</font></div> </div> </div> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> </div> </div> <div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Treasury stock, at cost, consists of the following:</font></div> </div> <div align="left"> <table style="width: 80%; font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0"> <tr> <td valign="bottom" width="32%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td valign="bottom" width="10%" colspan="2"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td valign="bottom" width="10%" colspan="2"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td valign="bottom" width="10%" colspan="2"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td valign="bottom" width="10%" colspan="2"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="32%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">($ in thousands except for cost per share)</font></div> </td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Shares</font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="10%" colspan="2" nowrap="nowrap"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Total Average<br /> Cost Assigned</font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Average Cost per Share</font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="10%" colspan="2" nowrap="nowrap"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Aggregate Purchase Price<br /> Remaining Under the Program</font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="32%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Balance as of April 30, 2010 (1)</font></div> </td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">18,400</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">354</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">19.24</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">n/a</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="32%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Purchases effected in open market</font></div> </td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">6,719</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">90</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">13.39</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">3,110</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="32%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Balance as of April 30, 2011</font></div> </td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">25,119</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">444</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">17.67</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">3,110</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="32%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Purchases effected in open market</font></div> </td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">78,500</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">946</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">12.05</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2,165</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="32%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Balance as of April 30, 2012 (2)</font></div> </td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">103,619</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">1,390</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">13.41</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">-</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="32%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Purchases effected in open market (3)</font></div> </td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">19,953</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">182</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">9.13</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2,818</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="32%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Balance as of April 30, 2013</font></div> </td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">123,572</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">1,572</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">12.72</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2,818</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> </table> </div> <div> </div> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(1) Were acquired prior to the repurchase program authorized in January 2011.</font></div> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> </div> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(2) Includes 85,219 shares with a total average cost of $1,036,000 that were acquired during the former repurchase program, which was authorized in January 2011 and expired in January 2012.</font></div> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> </div> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(3) Were acquired during the new repurchase program authorized in September 2012.</font></div> </div> </div>falsefalsefalsenonnum:textBlockItemTypenaThe entire disclosure for treasury stock, including, but not limited to, average cost per share, description of share repurchase program, shares repurchased, shares held for each class of treasury stock.No definition available.false0Treasury Stock and Repurchase ProgramfalseTreasury Stock and Repurchase ProgramUnKnownUnKnownUnKnownUnKnowntruefalsefalseSheethttp://www.valueline.com/role/TreasuryStockAndRepurchaseProgram12 XML 119 R12.htm IDEA: XBRL DOCUMENT

Investments

12 Months Ended

Apr. 30, 2013

Investments, Debt and Equity Securities [Abstract]

Investments


Note 4-Investments:

Securities Available-for-Sale:
Investments held by the Company and its subsidiaries are classified as securities available-for-sale in accordance with FASB’s ASC 320, Investments - Debt and Equity Securities. All of the Company’s securities classified as available-for-sale were readily marketable or had a maturity of twelve months or less and are classified as current assets on the Consolidated Balance Sheets.

Equity Securities:

The carrying value and fair value of securities available-for-sale at April 30, 2013 were as follows:


($ in thousands)	Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Common stocks	$	103	$	27	$	(16	)	$	114
ETFs - equities		3,878		740		-			4,618
Inverse ETFs - equities		2,314		-		(364	)		1,950
	$	6,295	$	767	$	(380	)	$	6,682

The carrying value and fair value of securities available-for-sale at April 30, 2012 were as follows:

($ in thousands)	Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Common stocks	$	103	$	14	$	(5	)	$	112
ETFs - equities		2,257		201		(5	)		2,453
Inverse ETFs - equities		1,389		-		(73	)		1,316
	$	3,749	$	215	$	(83	)	$	3,881

Government Debt Securities (Fixed Income Securities):

Fixed income securities consist of government debt securities issued by the United States federal government. There were no fixed income securities as of April 30, 2013 or April 30, 2012.

Income from securities transactions was comprised of the following:

	Fiscal Years Ended April 30,
($ in thousands)	2013			2012			2011
Dividend income	$	124		$	68		$	16
Interest income (1)		4			16			118
Realized and unrealized gains (losses) on securities available-for-sale (2)		-			(11	)		(63	)
Interest expense		-			-			(2	)
Other		(2	)		(3	)		(4	)
Total income from securities transactions, net	$	126		$	70		$	65

(1) Interest income was recorded net of bond premium amortization of $14,000 during fiscal year 2011.

(2) These amounts were reclassified from Accumulated Other Comprehensive Income in the Consolidated Balance Sheets to the Consolidated Statements of Income.

Investment in Unconsolidated Entities:

Equity Method Investment:

As of April 30, 2013 and April 30, 2012, the Company’s investment in EAM Trust, on the Consolidated Balance Sheets was $57,511,000 and $56,331,000, respectively.

The components of EAM’s investment management operations, provided to the Company by EAM, were as follows:

	Fiscal Years Ended April 30,
($ in thousands)	2013		2012		2011 (1)
Investment management fees earned from the Value Line Funds, net of waivers shown below	$	12,773	$	12,465	$	4,592
12b-1 fees and other fees, net of waivers shown below	$	3,905	$	3,466	$	1,293
Other income	$	14	$	12	$	3
Investment management fee waivers and reimbursements (2)	$	379	$	806	$	303
12b-1 fee waivers (2)	$	2,156	$	2,257	$	855
Value Line’s non-voting revenues interest	$	5,781	$	5,684	$	2,187
EAM’s net income (3)	$	945	$	461	$	336

(1) Total results of EAM’s investment management operations was for the period from December 23, 2010 through April 30, 2011.

	Fiscal Years Ended April 30,
($ in thousands)	2013			2012
EAM’s total assets	$	59,349		$	57,482
EAM’s total liabilities (1)		(2,814	)		(663	)
EAM’s total equity	$	56,535		$	56,819

(1) At April 30, 2013, EAM’s total liabilities included a payable to VLI for its accrued non-voting revenues and non-voting profits interests of $1,621,000.

- Definition

The entire disclosure for investments in certain debt and equity securities.

+ References

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+ Details

XML 120 R7.htm IDEA: XBRL DOCUMENT

Consolidated Statements of Changes in Shareholders' Equity (USD $)
In Thousands, except Share data, unless otherwise specified

Common stock

Additional paid-in capital

Treasury Stock

Retained earnings

Accumulated Other Comprehensive income/(loss)

Total

Balance at Apr. 30, 2010

$ 1,000

$ 991

$ (354)

$ 19,813

$ (2)

$ 21,448

Balance (in shares) at Apr. 30, 2010

10,000,000

(18,400)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net income

37,782

Change in unrealized gains on securities, net of taxes

Purchase of treasury stock

(90)

Purchase of treasury stock (in shares)

(6,719)

Dividends declared

(25,951)

Balance at Apr. 30, 2011

1,000

991

(444)

31,644

33,254

Balance (in shares) at Apr. 30, 2011

10,000,000

(25,119)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net income

6,925

Change in unrealized gains on securities, net of taxes

Purchase of treasury stock

(946)

Purchase of treasury stock (in shares)

(78,500)

Dividends declared

(6,941)

Balance at Apr. 30, 2012

1,000

991

(1,390)

31,628

32,314

Balance (in shares) at Apr. 30, 2012

10,000,000

(103,619)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net income

6,619

Change in unrealized gains on securities, net of taxes

166

Purchase of treasury stock

(182)

^[1]

Purchase of treasury stock (in shares)

(19,953)

^[1]

Dividends declared

(5,932)

Balance at Apr. 30, 2013

$ 1,000

$ 991

$ (1,572)

$ 32,315

$ 251

$ 32,985

Balance (in shares) at Apr. 30, 2013

10,000,000

(123,572)

[1]	Were acquired during the new repurchase program authorized in September 2012.

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

+ References+ Details

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Federal, State and Local Income Taxes - Provision for income taxes (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Apr. 30, 2013	Apr. 30, 2012	Apr. 30, 2011
Current tax expense (benefit):
Federal	$ 2,679	$ 139	$ 356
State and local	130	(54)	(413)
Current tax expense (benefit)	2,809	85	(57)
Deferred tax expense:
Federal	728	3,785	20,535
State and local	350	503	3,203
Deferred tax expense	1,078	4,288	23,738
Income tax provision	$ 3,887	$ 4,373	$ 23,681

- Definition

Amount of current federal tax expense (benefit) pertaining to income (loss) from continuing operations.

+ References+ Details

- Definition

Amount of current income tax expense (benefit) pertaining to taxable income (loss) from continuing operations.

+ References+ Details

- Definition

Amount of current state and local tax expense (benefit) pertaining to income (loss) from continuing operations.

+ References+ Details

- Definition

Amount of deferred federal income tax expense (benefit) pertaining to income (loss) from continuing operations.

+ References+ Details

- Definition

Amount of deferred income tax expense (benefit) pertaining to income (loss) from continuing operations.

+ References+ Details

- Definition

Amount of deferred state and local tax expense (benefit) pertaining to income (loss) from continuing operations.

+ References+ Details

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Investments (Detail Textuals) (USD $)

12 Months Ended

Apr. 30, 2013

Apr. 30, 2012

Apr. 30, 2011

Schedule of Available-for-sale Securities [Line Items]

Aggregate cost of equity securities available for sale

$ 6,295,000

$ 3,749,000

Fair value of equity securities

6,682,000

3,881,000

Other comprehensive income (loss), available-for-sale securities adjustment, before tax, portion attributable to parent

255,000

35,000

100,000

Proceeds from maturities and sales of government debt securities

11,196,000

38,021,000

Realized loss on sales of fixed income securities

^[1]

(11,000)

^[1]

(63,000)

^[1]

Accumulated other comprehensive income, net of tax

251,000

85,000

Equity Securities

Schedule of Available-for-sale Securities [Line Items]

Aggregate cost of equity securities available for sale

6,295,000

3,749,000

Fair value of equity securities

6,682,000

3,881,000

Increase in gross unrealized gains on equity securities

255,000

24,000

106,000

Deferred taxes on unrealized gains on securities

89,000

9,000

37,000

Proceeds from maturities and sales of government debt securities

89,000

Realized loss on sales of fixed income securities

11,000

Government Debt Securities (Fixed Income Securities)

Schedule of Available-for-sale Securities [Line Items]

Deferred taxes on unrealized gains on securities

136,000

46,000

Proceeds from maturities and sales of government debt securities

11,196,000

38,021,000

Realized loss on sales of fixed income securities

22,000

68,000

Accumulated other comprehensive income, net of tax

387,000

131,000

Interest income recorded net of bond premium amortization

$ 14,000

[1]	These amounts were reclassified from Accumulated Other Comprehensive Income in the Consolidated Balance Sheets to the Consolidated Statements of Income.

XML 126 R13.xml IDEA: Variable Interest Entity 2.4.0.8013 - Disclosure - Variable Interest Entitytruefalsefalse1false falsefalseContext_FYE__30-Apr-2013http://www.sec.gov/CIK0000717720duration2012-05-01T00:00:002013-04-30T00:00:001true 1valu_VariableInterestEntityAbstractvalu_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse0Variable Interest Entity [Abstract]2false 2valu_VariableInterestEntityTextBlockvalu_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalseverboseLabel1falsefalsefalse00<div> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; font-weight: bold; display: inline;">Note 5: Variable Interest Entity</font></div> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> </div><div style='height:0px;width:0px;display:none'>6155799223l30i71g61jig5436kljg43</div> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">The Company retained a  non-voting revenues interest and a 50% non-voting profits interest in EAM, which was formed, as a result of the Restructuring Transaction on December 23, 2010, to carry on the asset management and mutual fund distribution businesses formerly conducted by the Company.  EAM is considered to be a VIE.  The Company makes its determination for consolidation of EAM as a VIE based on a qualitative assessment of the purpose and design of EAM, the terms and characteristics of the variable interests in EAM, and the risks EAM is designed to originate and pass through to holders of variable interests.  Other than EAM, the Company does not have an interest in any other VIEs.</font></div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> </div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">The Company has determined that it does not have a controlling financial interest in EAM because it does not have the power to direct the activities of EAM that most significantly impact its economic performance.  Value Line does not hold any voting stock of EAM and it does not have any involvement in the day-to-day activities or operations of EAM.  Although the EAM Trust Agreement provides Value Line with certain consent rights and contains certain restrictive covenants related to the activities of EAM, these are considered to be protective rights and therefore Value Line does not maintain control over EAM.</font></div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> </div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">In addition, although EAM is expected to be profitable, there is a risk that it could operate at a loss.   While all of the profit interest shareholders in EAM are subject to variability based on EAM’s operations risk, Value Line’s non-voting revenues interest in EAM is a preferred interest in the revenues of EAM, rather than a profits interest in EAM, and Value Line accordingly believes it is subject to proportionately less risk than other holders of the profits interests.</font></div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> </div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">The Company has not provided any explicit or implicit financial or other support to EAM other than what was contractually agreed to in the EAM Trust Agreement.  Value Line has no obligation to fund EAM in the future and, as a result, has no exposure to loss beyond its initial investment and any undistributed revenues and profits interests retained in EAM.  The following table presents the total assets of EAM, the maximum exposure to loss due to involvement with EAM, as well as the value of the assets and liabilities the Company has recorded on its Consolidated Balance Sheets for its interest in EAM.</font></div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> </div> </div> </div> </div> </div> </div> </div> <div align="left"> <table style="width: 90%; font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0"> <tr> <td valign="bottom" width="42%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="10%" colspan="2"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="34%" colspan="10"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Value Line</font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td style="text-align: left; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="42%"> <div style="text-align: left; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">($ in thousands)</font></div> </td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">VIE Assets</font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Investment in<br /> EAM Trust </font></div> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(1)</font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: center; vertical-align: middle; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" width="10%" colspan="2"> <div style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Liabilities</font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Maximum <br /> Exposure to <br /> Loss</font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td style="text-align: left; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt;" valign="bottom" width="42%"> <div style="text-align: left; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">As of April 30, 2013</font></div> </td> <td align="right" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" bgcolor="#ffffff" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">59,349</font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" bgcolor="#ffffff" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">57,511</font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">-</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">57,511</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td style="text-align: left; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt;" valign="bottom" width="42%"> <div style="text-align: left; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">As of April 30, 2012</font></div> </td> <td align="right" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" bgcolor="#ffffff" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">57,482</font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" bgcolor="#ffffff" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">56,331</font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">-</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">56,331</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> </table> </div> <div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(1) Reported within Long Term Assets on Consolidated Balance Sheets.</font></div> </div>falsefalsefalsenonnum:textBlockItemTypenaThe entire disclosure for Categorization of Variable Interest Entities (VIE) for consolidation and (or) disclosure purposes, whether individually or in aggregate, by: (1) VIEs consolidated because the entity is the primary beneficiary, (2) VIEs not consolidated because the entity is not the primary beneficiary, and (3) VIEs or potential VIEs that are not consolidated because necessary information is not available. In general, a VIE is a corporation, partnership, trust, or any other legal structure used for business purposes that either (a) does not have equity investors with voting rights or (b) has equity investors that do not provide sufficient financial resources for the entity to support its activities. A VIE often holds financial assets, including loans or receivables, real estate or other property. A VIE may be essentially passive or it may engage in research and development or other activities on behalf of another company.No definition available.false0Variable Interest EntityfalseVariable Interest EntityUnKnownUnKnownUnKnownUnKnowntruefalsefalseSheethttp://www.valueline.com/role/VariableInterestEntity12 XML 127 R38.xml IDEA: Supplementary Cash Flow Information (Details) 2.4.0.8038 - Disclosure - Supplementary Cash Flow Information (Details)truefalseIn Thousands, unless otherwise specifiedfalse1false USDfalsefalse$Context_FYE__30-Apr-2013http://www.sec.gov/CIK0000717720duration2012-05-01T00:00:002013-04-30T00:00:00USDStandardhttp://www.xbrl.org/2003/iso4217USDiso42170USDUSD$2false USDfalsefalse$Context_FYE__30-Apr-2012http://www.sec.gov/CIK0000717720duration2011-05-01T00:00:002012-04-30T00:00:00USDStandardhttp://www.xbrl.org/2003/iso4217USDiso42170USDUSD$3false USDfalsefalse$Context_FYE__30-Apr-2011http://www.sec.gov/CIK0000717720duration2010-05-01T00:00:002011-04-30T00:00:00USDStandardhttp://www.xbrl.org/2003/iso4217USDiso42170USDUSD$1true 1us-gaap_SupplementalCashFlowElementsAbstractus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalse2falsefalsefalse00falsefalsefalse3falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse0Supplemental Cash Flow Elements [Abstract]2false 2valu_StateAndLocalIncomeTaxPaymentsvalu_falsecreditdurationfalsefalsefalsefalsefalsefalsefalsefalseverboseLabel1truefalsefalse-120000-120USD$falsetruefalse2truefalsefalse-159000-159USD$falsetruefalse3truefalsefalse-15000-15USD$falsetruefalsexbrli:monetaryItemTypemonetaryAmount represents State and local income tax payments.No definition available.false2State and local income tax payments3false 2valu_FederalIncomeTaxPaymentsToParentvalu_falsecreditdurationfalsefalsefalsefalsefalsefalsefalsefalseverboseLabel1truefalsefalse-1877000-1877falsefalsefalse2truefalsefalse-845000-845falsefalsefalse3truefalsefalse-348000-348falsefalsefalsexbrli:monetaryItemTypemonetaryAmount represents Federal income tax payments to the Parent.No definition available.false2Federal income tax payments to the Parent4false 2valu_FederalIncomeTaxRefundFromParentvalu_falsecreditdurationfalsefalsefalsefalsefalsefalsefalsefalseverboseLabel1falsefalsefalse00  falsefalsefalse2falsefalsefalse00  falsefalsefalse3truefalsefalse15980001598falsefalsefalsexbrli:monetaryItemTypemonetaryAmount represents federal income tax refund to the parent.No definition available.false2Federal income tax refunds5false 2valu_InterestPaymentsvalu_falsedebitdurationfalsefalsefalsefalsefalsefalsefalsetruenegatedLabel1falsefalsefalse00  falsefalsefalse2falsefalsefalse00  falsefalsefalse3truefalsefalse-2000-2USD$falsetruefalsexbrli:monetaryItemTypemonetaryAmount represents interest payments during the period.No definition available.false2Interest paymentsfalseSupplementary Cash Flow Information (Details) (USD $)ThousandsUnKnownUnKnownUnKnowntruefalsefalseSheethttp://www.valueline.com/role/SupplementaryCashFlowInformationDetails35 XML 128 R23.xml IDEA: Restructuring Expenses and Provision for Settlement 2.4.0.8023 - Disclosure - Restructuring Expenses and Provision for Settlementtruefalsefalse1false falsefalseContext_FYE__30-Apr-2013http://www.sec.gov/CIK0000717720duration2012-05-01T00:00:002013-04-30T00:00:001true 1us-gaap_RestructuringAndRelatedActivitiesAbstractus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse0Restructuring and Related Activities [Abstract]2false 2us-gaap_RestructuringAndRelatedActivitiesDisclosureTextBlockus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalseverboseLabel1falsefalsefalse00<div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; font-weight: bold; display: inline;">Note 15- Restructuring Expenses and Provision for Settlement:</font></div> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> </div> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">In fiscal 2011, expenses for professional fees including the cost of the proxy solicitation for the Value Line Funds, of $3,764,000 were associated with the Restructuring Transaction that was completed on December 23, 2010. The Company’s policy was to expense those costs as incurred.</font></div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> </div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">In November 2009, the Company concluded a negotiated settlement with the SEC as a result of an investigation into former brokerage practices (the “Settlement”).  To comply with the SEC order, the Company during fiscal 2011 disassociated itself from the former Investment Adviser and broker-dealer operations in the previously defined Restructuring Transaction.</font></div><div style='height:0px;width:0px;display:none'>6155799223l30i71g61jig5436kljg43</div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> </div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">As required by the Settlement, the SEC created a “Fair Fund” pursuant to Section 308(a) of the Sarbanes-Oxley Act of 2002.  The Fair Fund is being used to reimburse shareholders who owned shares in the affected Value Line Funds in the period covered by the Settlement.  The Company is required to bear all costs associated with the Fair Fund administration, including compensating a third party consultant appointed by the SEC to administer the Fair Fund distribution.  The SEC has appointed A.B. Data, Ltd., which has no affiliation with the Company, as the Administrator of the Fair Fund.  During fiscal 2011, the Company reduced its estimate of the remaining costs of administration of the Fair Fund and other costs associated with the Settlement by $1,767,000.   The provision for settlement included anticipated costs of Fair Fund administration as well as certain fees and costs arising from the Settlement and the Restructuring Transaction.  During fiscal 2013, 2012 and 2011, the Company made payments to the Administrator of the Fair Fund aggregating $32,000, $1,189,000 and $2,783,000, respectively.  The Company believes that the outstanding provision for settlement in the amount of $243,000 reflected as a liability in the Consolidated Balance Sheet at April 30, 2013, is sufficient to meet the remaining obligations of the Fair Fund administration.</font></div> </div> </div> </div>falsefalsefalsenonnum:textBlockItemTypenaThe entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 5.P.3) -URI http://asc.fasb.org/extlink&oid=27011515&loc=d3e140864-122747 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 5 -Section P -Subsection 3, 4 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB TOPIC 5.P.4) -URI http://asc.fasb.org/extlink&oid=27011515&loc=d3e140904-122747 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6394359&loc=d3e17939-110869 false0Restructuring Expenses and Provision for SettlementfalseRestructuring Expenses and Provision for SettlementUnKnownUnKnownUnKnownUnKnowntruefalsefalseSheethttp://www.valueline.com/role/Restructuringexpensesandprovisionforsettlement12 XML 129 R33.htm IDEA: XBRL DOCUMENT

Business Segments (Tables)

12 Months Ended

Apr. 30, 2013

Segment Reporting [Abstract]

Schedule of reportable segment information

($ in thousands)	Publishing			Investment Management			Consolidated Total
Revenues from external customers	$	37,974		$	10,693		$	48,667
Intersegment revenues		7			-			7
Total revenues for reportable segments		37,981			10,693			48,674
Elimination of intersegment revenues		(7	)		-			(7	)
Total consolidated revenues	$	37,974		$	10,693		$	48,667


Depreciation and amortization	$	579		$	14		$	593
Depreciation related to corporate assets	$	(3	)		-		$	(3	)

Gain from deconsolidation of subsidiaries (1)	$	-		$	50,510		$	50,510
Income from securities transactions		-			6			6
Segment profit (loss) from operations (2)		8,984			(448	)		8,536
Profit for reportable segments	$	8,984		$	50,068		$	59,052

Revenues and profits interests in EAM Trust								2,355
Income from securities transactions related to corporate assets								59
Depreciation related to corporate assets								(3	)
Income before income taxes							$	61,463

(1) Represents the gain of $50,510,000 from deconsolidation of the asset management and Value Line Mutual Fund Distribution subsidiaries.

Schedule of additional reportable segment information

($ in thousands) 6155799223l30i71g61jig5436kljg43	Assets		Expenditures for Segment Assets
Publishing	$	11,827	$	1,897
Investment Management		-		10
Corporate assets		75,976		-
Consolidated total	$	87,803	$	1,907

- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

+ References+ Details

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Restructuring Expenses and Provision for Settlement (Detail Textuals) (USD $)	12 Months Ended
	Apr. 30, 2013	Apr. 30, 2012	Apr. 30, 2011
Restructuring Cost and Reserve [Line Items]
Restructuring transaction			$ 3,764,000
Value line funds
Restructuring Cost and Reserve [Line Items]
Restructuring transaction			3,764,000
Fair fund administration and other cost settlement amount			1,767,000
Payment to administrator of fair fund	32,000	1,189,000	2,783,000
Outstanding provision for settlement reflected as liability	$ 243,000

- Definition

Amount of expenses associated with exit or disposal activities pursuant to an authorized plan. Excludes expenses related to a discontinued operation or an asset retirement obligation.

+ References+ Details

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Business Segments - Disclosure of reportable segment information (Details) (USD $)
In Thousands, unless otherwise specified

12 Months Ended

Apr. 30, 2013

Apr. 30, 2012

Apr. 30, 2011

Segment Reporting Information [Line Items]

Total revenues

$ 35,840

$ 36,609

$ 48,667

Depreciation and amortization

1,552

724

593

Gain from deconsolidation of subsidiaries

50,510

^[1]

Revenues and profits interests in EAM Trust

6,260

5,890

2,355

Income before income taxes

10,506

11,298

61,463

Reportable business segments

Segment Reporting Information [Line Items]

Revenues from external customers

48,667

Intersegment revenues

Total revenues for reportable segments

48,674

Elimination of intersegment revenues

(7)

Total revenues

48,667

Depreciation and amortization

593

(3)

Gain from deconsolidation of subsidiaries

50,510

Income from securities transactions

Segment profit (loss) from operations

8,536

^[2]

Profit for reportable segments

59,052

Revenues and profits interests in EAM Trust

2,355

Income from securities transactions related to corporate assets

(3)

Income before income taxes

61,463

Reportable business segments | Publishing

Segment Reporting Information [Line Items]

Revenues from external customers

37,974

Intersegment revenues

Total revenues for reportable segments

37,981

Elimination of intersegment revenues

(7)

Total revenues

37,974

Depreciation and amortization

579

(3)

Gain from deconsolidation of subsidiaries

^[1]

Income from securities transactions

Segment profit (loss) from operations

8,984

^[2]

Profit for reportable segments

8,984

Reportable business segments | Investment Management

Segment Reporting Information [Line Items]

Revenues from external customers

10,693

Intersegment revenues

Total revenues for reportable segments

10,693

Elimination of intersegment revenues

Total revenues

10,693

Depreciation and amortization

Gain from deconsolidation of subsidiaries

50,510

^[1]

Income from securities transactions

Segment profit (loss) from operations

(448)

^[2]

Profit for reportable segments

$ 50,068

[1]

Represents the gain of $50,510,000 from deconsolidation of the asset management and Value Line Mutual Fund Distribution subsidiaries.

[2]

Included in the Investment Management business segment in fiscal 2011 are expenses of $3,764,000 related to the Company's restructure of its Investment Management business segment, $914,000 of expenses related to its exit lease obligation for the office space previously occupied by EAM LLC, and non-cash post-employment compensation expense of $1,770,000 related to the value of the voting profits interest in EAM granted by VLI to a former employee of the Company who is presently the CEO of EAM. Fiscal 2011 Investment Management segment expenses included the reversal of $1,767,000 of previously recorded expenses associated with the Provision for Settlement due to a change in estimated costs to administer the Fair Fund.

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IDEA: Supplementary Cash Flow Information (Tables) 2.4.0.8026 - Disclosure - Supplementary Cash Flow Information (Tables)truefalsefalse1false falsefalseContext_FYE__30-Apr-2013http://www.sec.gov/CIK0000717720duration2012-05-01T00:00:002013-04-30T00:00:001true 1us-gaap_SupplementalCashFlowElementsAbstractus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse0Supplemental Cash Flow Elements [Abstract]2false 2us-gaap_ScheduleOfCashFlowSupplementalDisclosuresTableTextBlockus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalseverboseLabel1falsefalsefalse00<div> <div> </div> <div align="left"> <table style="font: 10pt/normal times new roman; width: 85%; font-size-adjust: none; font-stretch: normal;" cellspacing="0" cellpadding="0"> <tr> <td style="padding-bottom: 2px; vertical-align: bottom; background-color: #ffffff;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td style="vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="vertical-align: bottom; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="10"> <div style="text-align: center; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font: 10pt/normal times new roman; display: inline; font-size-adjust: none; font-stretch: normal;">Fiscal Years Ended April 30,</font></div><div style='height:0px;width:0px;display:none'>6155799223l30i71g61jig5436kljg43</div> </td> <td style="text-align: left; vertical-align: bottom; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; background-color: #ffffff;" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td style="text-align: left; vertical-align: bottom; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> ($ in thousands)</font></div> </td> <td style="vertical-align: bottom; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="vertical-align: bottom; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2013</font></div> </td> <td style="text-align: left; vertical-align: bottom; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="vertical-align: bottom; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="vertical-align: bottom; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2012</font></div> </td> <td style="text-align: left; vertical-align: bottom; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="vertical-align: bottom; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="vertical-align: bottom; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2011</font></div> </td> <td style="text-align: left; vertical-align: bottom; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td style="width: 40%; text-align: left; vertical-align: bottom;"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">State and local income tax payments</font></div> </td> <td style="width: 1%; text-align: left; vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="width: 1%; text-align: left; vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="width: 12%; text-align: right; vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(120</font></td> <td style="width: 1%; text-align: left; vertical-align: bottom;" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;">)</font></td> <td style="width: 1%; text-align: left; vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="width: 1%; text-align: left; vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="width: 12%; text-align: right; vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(159</font></td> <td style="width: 1%; text-align: left; vertical-align: bottom;" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;">)</font></td> <td style="width: 1%; text-align: left; vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="width: 1%; text-align: left; vertical-align: bottom; background-color: #ffffff;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="width: 12%; text-align: right; vertical-align: bottom; background-color: #ffffff;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(15</font></td> <td style="width: 1%; text-align: left; vertical-align: bottom; background-color: #ffffff;" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;">)</font></td> </tr> <tr> <td style="text-align: left; vertical-align: bottom;"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Federal income tax payments to the Parent</font></div> </td> <td style="text-align: left; vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(1,877</font></td> <td style="text-align: left; vertical-align: bottom;" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;">)</font></td> <td style="text-align: left; vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(845</font></td> <td style="text-align: left; vertical-align: bottom;" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;">)</font></td> <td style="text-align: left; vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; vertical-align: bottom; background-color: #ffffff;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; vertical-align: bottom; background-color: #ffffff;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(348</font></td> <td style="text-align: left; vertical-align: bottom; background-color: #ffffff;" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;">)</font></td> </tr> <tr> <td style="text-align: left; vertical-align: bottom;"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Federal income tax refunds from the Parent</font></div> </td> <td style="text-align: left; vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">-</font></td> <td style="text-align: left; vertical-align: bottom;" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">-</font></td> <td style="text-align: left; vertical-align: bottom;" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">1,598</font></td> <td style="text-align: left; vertical-align: bottom;" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td style="vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td style="vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; vertical-align: bottom;" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; vertical-align: bottom;" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; vertical-align: bottom;" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td style="text-align: left; vertical-align: bottom;"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Interest payments</font></div> </td> <td style="text-align: left; vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">-</font></td> <td style="text-align: left; vertical-align: bottom;" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">-</font></td> <td style="text-align: left; vertical-align: bottom;" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; vertical-align: bottom;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(2</font></td> <td style="text-align: left; vertical-align: bottom;" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;">)</font></td> </tr> </table> </div> <div> </div> </div>falsefalsefalsenonnum:textBlockItemTypenaTabular disclosure of supplemental cash flow information for the periods presented.No definition available.false0Schedule of cash flow supplemental disclosuresfalseSupplementary Cash Flow Information (Tables)UnKnownUnKnownUnKnownUnKnowntruefalsefalseSheethttp://www.valueline.com/role/SupplementaryCashFlowInformationTables12 XML 138 R28.xml IDEA: Investments (Tables) 2.4.0.8028 - Disclosure - Investments (Tables)truefalsefalse1false falsefalseContext_FYE__30-Apr-2013http://www.sec.gov/CIK0000717720duration2012-05-01T00:00:002013-04-30T00:00:001true 1us-gaap_InvestmentsDebtAndEquitySecuritiesAbstractus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse0Investments, Debt and Equity Securities [Abstract]2false 2us-gaap_ScheduleOfAvailableForSaleSecuritiesReconciliationTableTextBlockus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalseverboseLabel1falsefalsefalse00<div style="text-align: left; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> <div style="text-align: left; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"></font> </div> </div> <div style="height: 0px; width: 0px; display: none;">6155799223l30i71g61jig5436kljg43</div> </div> </div> </div> <div> <div align="left"> <table style="width: 80%; font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0"> <tr> <td valign="bottom" width="32%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td valign="bottom" width="10%" colspan="2"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td valign="bottom" width="10%" colspan="2"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td valign="bottom" width="10%" colspan="2"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td valign="bottom" width="10%" colspan="2"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="32%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">($ in thousands)</font></div> </td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Cost</font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Gross</font></div> <div style="text-align: center; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font: 10pt/normal times new roman; display: inline; font-size-adjust: none; font-stretch: normal;">Unrealized</font></div> <div style="text-align: center; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font: 10pt/normal times new roman; display: inline; font-size-adjust: none; font-stretch: normal;">Gains</font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Gross</font></div> <div style="text-align: center; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font: 10pt/normal times new roman; display: inline; font-size-adjust: none; font-stretch: normal;">Unrealized</font></div> <div style="text-align: center; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font: 10pt/normal times new roman; display: inline; font-size-adjust: none; font-stretch: normal;">Losses</font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Fair Value</font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="32%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Common stocks</font></div> </td> <td align="right" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">103</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">27</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(16</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;">)</font></td> <td align="right" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">114</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="32%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">ETFs - equities</font></div> </td> <td align="right" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">3,878</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">740</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">-</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">4,618</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="32%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Inverse ETFs - equities</font></div> </td> <td align="right" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2,314</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">-</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(364</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;">)</font></td> <td align="right" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">1,950</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td style="padding-bottom: 4px;" valign="bottom" width="32%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td align="right" style="padding-bottom: 4px;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">6,295</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">767</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(380</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;">)</font></td> <td align="right" style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">6,682</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr bgcolor="#ffffff"> <td valign="bottom" width="32%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td valign="bottom" width="67%" colspan="16"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"></font> </div> </td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td valign="bottom" width="32%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="32%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">($ in thousands)</font></div> </td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Cost</font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Gross</font></div> <div style="text-align: center; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font: 10pt/normal times new roman; display: inline; font-size-adjust: none; font-stretch: normal;">Unrealized</font></div> <div style="text-align: center; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font: 10pt/normal times new roman; display: inline; font-size-adjust: none; font-stretch: normal;">Gains</font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Gross</font></div> <div style="text-align: center; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font: 10pt/normal times new roman; display: inline; font-size-adjust: none; font-stretch: normal;">Unrealized</font></div> <div style="text-align: center; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font: 10pt/normal times new roman; display: inline; font-size-adjust: none; font-stretch: normal;">Losses</font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Fair Value</font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="32%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Common stocks</font></div> </td> <td align="right" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">103</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">14</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(5</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;">)</font></td> <td align="right" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">112</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="32%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">ETFs - equities</font></div> </td> <td align="right" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2,257</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">201</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(5</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;">)</font></td> <td align="right" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2,453</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" style="padding-bottom: 2px;" valign="bottom" width="32%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Inverse ETFs - equities</font></div> </td> <td align="right" style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">1,389</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">-</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(73</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;">)</font></td> <td align="right" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">1,316</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td style="padding-bottom: 4px;" valign="bottom" width="32%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td align="right" style="padding-bottom: 4px;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">3,749</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">215</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(83</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;">)</font></td> <td align="right" style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">3,881</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> </table> </div> </div>falsefalsefalsenonnum:textBlockItemTypenaTabular disclosure of the reconciliation of available-for-sale securities from cost basis to fair value.No definition available.false0Schedule of carrying value and fair value of securities available-for-sale3false 2us-gaap_InvestmentIncomeTextBlockus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalseverboseLabel1falsefalsefalse00<div> </div> <div align="left"> <table style="width: 80%; font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0"> <tr> <td style="padding-bottom: 2px;" valign="bottom" width="44%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td> <td align="left" style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: center;" valign="bottom" width="10%" colspan="10"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font> <font style="display: inline; font-family: times new roman; font-size: 10pt;">Fiscal Years Ended April 30,</font></td> <td style="border-bottom: black 2px solid; text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> <tr> <td align="left" style="border-bottom: black 2px solid;" valign="bottom" width="44%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">($ in thousands)</font></div> </td> <td style="border-bottom: black 2px solid;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">2013</font></div> </td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">2012</font></div> </td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">2011</font></div> </td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> <tr> <td align="left" bgcolor="#ffffff" valign="bottom" width="44%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Dividend income</font></div> </td> <td align="right" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="text-align: right;" bgcolor="#ffffff" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">124</font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="text-align: right;" bgcolor="#ffffff" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">68</font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="text-align: right;" bgcolor="#ffffff" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">16</font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> <tr> <td align="left" bgcolor="#ffffff" valign="bottom" width="44%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Interest income (1)</font></div> </td> <td align="right" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" bgcolor="#ffffff" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">4</font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" bgcolor="#ffffff" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">16</font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" bgcolor="#ffffff" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">118</font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> <tr> <td align="left" bgcolor="#ffffff" valign="bottom" width="44%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Realized and unrealized gains (losses) on securities available-for-sale (2)</font></div> </td> <td align="right" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" bgcolor="#ffffff" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">-</font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" bgcolor="#ffffff" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">(11</font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;">)</font></td> <td align="right" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" bgcolor="#ffffff" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">(63</font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;">)</font></td> </tr> <tr> <td align="left" bgcolor="#ffffff" valign="bottom" width="44%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Interest expense</font></div> </td> <td align="right" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" bgcolor="#ffffff" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">-</font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" bgcolor="#ffffff" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">-</font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" bgcolor="#ffffff" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">(2</font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;">)</font></td> </tr> <tr> <td align="left" style="padding-bottom: 2px;" bgcolor="#ffffff" valign="bottom" width="44%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Other</font></div> </td> <td align="right" style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" bgcolor="#ffffff" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">(2</font></td> <td style="border-bottom: black 2px solid; text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;">)</font></td> <td align="right" style="border-bottom: black 2px solid;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" bgcolor="#ffffff" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">(3</font></td> <td style="border-bottom: black 2px solid; text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;">)</font></td> <td align="right" style="border-bottom: black 2px solid;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" bgcolor="#ffffff" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">(4</font></td> <td style="border-bottom: black 2px solid; text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;">)</font></td> </tr> <tr> <td align="left" style="padding-bottom: 4px;" bgcolor="#ffffff" valign="bottom" width="44%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Total income from securities transactions, net</font></div> </td> <td align="right" style="padding-bottom: 4px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 4px double; text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="border-bottom: black 4px double; text-align: right;" bgcolor="#ffffff" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">126</font></td> <td style="border-bottom: black 4px double; text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="right" style="border-bottom: black 4px double;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 4px double; text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="border-bottom: black 4px double; text-align: right;" bgcolor="#ffffff" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">70</font></td> <td style="border-bottom: black 4px double; text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="right" style="border-bottom: black 4px double;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 4px double; text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="border-bottom: black 4px double; text-align: right;" bgcolor="#ffffff" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">65</font></td> <td style="border-bottom: black 4px double; text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> </table> </div> <div> </div> <div> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">(1) Interest income was recorded net of bond premium amortization of $14,000 during fiscal year 2011.</font></div> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">(2) These amounts were reclassified from Accumulated Other Comprehensive Income in the Consolidated  Balance Sheets to the Consolidated  Statements of Income.</font></div> </div> </div>falsefalsefalsenonnum:textBlockItemTypenaTabular disclosure of investment income, including, but not limited to, interest and dividend income and amortization of discount (premium) derived from debt and equity securities. Excludes realized and unrealized gain (loss) on investments.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 225 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.8) -URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 225 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04.2) -URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 225 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.7(a),(b)) -URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 225 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.9) -URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688 false0Schedule of income from securities transactions4false 2us-gaap_InvestmentHoldingsOtherThanSecuritiesTextBlockus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalseverboseLabel1falsefalsefalse00<div> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> </div> </div><div style='height:0px;width:0px;display:none'>6155799223l30i71g61jig5436kljg43</div> </div> </div> </div> </div> </div> </div> </div> </div> </div> <div align="left"> <div align="left"> <table style="width: 90%; font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0"> <tr> <td valign="bottom" width="44%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="34%" colspan="10"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font> <font style="font-family: times new roman; font-size: 10pt; display: inline;">Fiscal Years Ended April 30,</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="44%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">($ in thousands)</font></div> </td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2013</font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2012</font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2011 (1)</font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr bgcolor="#ffffff"> <td align="left" valign="bottom" width="44%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Investment management fees earned from the Value Line Funds, net of waivers shown below</font></div> </td> <td align="right" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">12,773</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">12,465</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">4,592</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr bgcolor="#ffffff"> <td align="left" valign="bottom" width="44%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">12b-1 fees and other fees, net of waivers shown below</font></div> </td> <td align="right" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">3,905</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">3,466</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">1,293</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr bgcolor="#ffffff"> <td align="left" valign="bottom" width="44%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Other income</font></div> </td> <td align="right" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">14</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">12</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">3</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr bgcolor="#ffffff"> <td align="left" valign="bottom" width="44%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Investment management fee waivers and reimbursements (2)</font></div> </td> <td align="right" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">379</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">806</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">303</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr bgcolor="#ffffff"> <td align="left" valign="bottom" width="44%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">12b-1 fee waivers (2)</font></div> </td> <td align="right" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2,156</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2,257</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">855</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr bgcolor="#ffffff"> <td align="left" valign="bottom" width="44%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Value Line’s non-voting revenues interest</font></div> </td> <td align="right" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">5,781</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">5,684</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2,187</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr bgcolor="#ffffff"> <td align="left" valign="bottom" width="44%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">EAM’s net income (3)</font></div> </td> <td align="right" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">945</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">461</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">336</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> </table> </div> </div> <div> </div> <div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(1) Total results of EAM’s investment management operations was for the period from December 23, 2010 through April 30, 2011.</font></div> </div> <div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(2) During fiscal 2013 investment management fee waivers and reimbursements primarily related to the Value Line Core Bond Fund and the U.S. Government Money Market Fund (<font style="font-family: times new roman; display: inline;">“</font>USGMMF<font style="font-family: times new roman; display: inline;">”</font>) which was merged into a third party fund, the Daily Income Fund, managed by Reich & Tang, effective October 19, 2012.  The 12b-1 fee waivers related to nine of the Value Line Mutual Funds.  In fiscal 2012, investment management fee waivers and reimbursements primarily related to the USGMMF and the 12b-1 fee waivers related to eleven of the Value Line Mutual Funds.</font></div> </div> <div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(3) Represents EAM’s net income, after giving effect to Value Line’s non-voting revenues interest, but before distributions to voting profits interest holders and to the Company in respect of its 50% non-voting profits interest.</font></div> </div>falsefalsefalsenonnum:textBlockItemTypenaTabular disclosure of the investment holdings which are represented by other than securities (for example, commodities). The investment holdings, other than securities investments table lists the long positions of non-security investments held by entity.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -Section S99 -Paragraph 5 -Subparagraph (SX 210.12-13) -URI http://asc.fasb.org/extlink&oid=6955306&loc=d3e611282-123010 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 13 -Article 12 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 12C -Article 12 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 12 -Article 12 false0Schedule of components of EAM's investment management operations5false 2us-gaap_SummaryInvestmentHoldingsTextBlockus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalseverboseLabel1falsefalsefalse00<div align="left"> <table style="width: 60%; font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0"> <tr> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="10%" colspan="6"> <div style="text-align: center; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Fiscal Years Ended April 30,</font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" bgcolor="#ffffff" valign="bottom" width="36%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">($ in thousands)</font></div><div style='height:0px;width:0px;display:none'>6155799223l30i71g61jig5436kljg43</div> </td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2013</font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2012</font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" bgcolor="#ffffff" valign="bottom" width="36%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">    EAM’s total assets</font></div> </td> <td valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" bgcolor="#ffffff" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">59,349</font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" bgcolor="#ffffff" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">57,482</font></td> <td style="text-align: left;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" style="padding-bottom: 2px;" bgcolor="#ffffff" valign="bottom" width="36%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">    EAM’s total liabilities (1)</font></div> </td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" bgcolor="#ffffff" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(2,814</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;">)</font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" bgcolor="#ffffff" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(663</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;">)</font></td> </tr> <tr> <td align="left" style="padding-bottom: 4px;" bgcolor="#ffffff" valign="bottom" width="36%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">    EAM’s total equity</font></div> </td> <td style="padding-bottom: 4px;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" bgcolor="#ffffff" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">56,535</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" bgcolor="#ffffff" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" bgcolor="#ffffff" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">56,819</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" bgcolor="#ffffff" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> </table> </div> <div> </div> <div> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(1) At April 30, 2013, EAM’s total liabilities included a payable to VLI for its accrued non-voting revenues and non-voting profits interests of $1,621,000.</font></div> </div>falsefalsefalsenonnum:textBlockItemTypenaTabular disclosure of the summary of investment holdings.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -Section S99 -Paragraph 4 -Subparagraph (SX 210.12-12C) -URI http://asc.fasb.org/extlink&oid=6955306&loc=d3e611225-123010 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 12C -Article 12 false0Schedule of assets and liabilitiesfalseInvestments (Tables)UnKnownUnKnownUnKnownUnKnowntruefalsefalseSheethttp://www.valueline.com/role/InvestmentsTables15 XML 139 R19.htm IDEA: XBRL DOCUMENT

Disclosure of Credit Risk of Financial Instruments with Off-Balance Sheet Risk	12 Months Ended
	Apr. 30, 2013
Risks and Uncertainties [Abstract]
Disclosure of Credit Risk of Financial Instruments with Off-Balance Sheet Risk	Note 11-Disclosure of Credit Risk of Financial Instruments with Off-Balance Sheet Risk: Other than EAM and the Value Line Funds as explained in Note 3-Related Party Transactions, no single customer accounted for a significant portion of the Company’s sales in fiscal 2013, 2012, or 2011, nor its accounts receivable as of April 30, 2013 or 2012. 6155799223l30i71g61jig5436kljg43

- Definition

The entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date.

+ References+ Details

XML 140 R15.htm IDEA: XBRL DOCUMENT

Federal, State and Local Income Taxes

12 Months Ended

Apr. 30, 2013

Income Tax Disclosure [Abstract]

Federal, State and Local Income Taxes

Note 7-Federal, State and Local Income Taxes:

In accordance with the requirements of the Income Tax Topic of the FASB’s ASC, the Company’s provision for income taxes includes the following:

	Fiscal Years Ended April 30,
($ in thousands)	2013		2012			2011
Current tax expense (benefit):
Federal	$	2,679	$	139		$	356
State and local		130		(54	)		(413	)
		2,809		85			(57	)
Deferred tax expense:
Federal		728		3,785			20,535
State and local		350		503			3,203
		1,078		4,288			23,738
Income tax provision:	$	3,887	$	4,373		$	23,681

	As of April 30,
($ in thousands)	2013			2012
Federal tax benefit (liability):
Net operating loss	$	-		$	126
Unrealized gains on securities available-for-sale		(136	)		(46	)
Operating lease exit obligation		13			153
Deferred professional fees		49			80
Deferred charges		265			76
Total federal tax benefit		191			389

State and local tax benefits:
Net operating loss		-			15
Other		36			38
Total state and local tax benefits		36			53
Deferred tax asset, short term	$	227		$	442

	As of April 30,
($ in thousands)	2013			2012
Federal tax liability (benefit):
Deferred gain on deconsolidation of EAM	$	17,679		$	17,679
Deferred non-cash post-employment compensation		(619	)		(619	)
Depreciation and amortization		1,642			1,032
Other		262			120
Total federal tax liability		18,964			18,212

State and local tax liabilities (benefits):
Deferred gain on deconsolidation of EAM		2,243			2,182
Deferred non-cash post-employment compensation		(79	)		(76	)
Depreciation and amortization		208			127
Deferred professional fees		(10	)		(21	)
Total state and local tax liabilities		2,362			2,212
Deferred tax liability, long term	$	21,326		$	20,424

The Company’s net operating loss carryforward from fiscal 2012 of approximately $360,000 was fully utilized during the twelve months ended April 30, 2013.

The provision for income taxes differs from the amount of income tax determined by applying the applicable U.S. statutory income tax rate to pretax income as a result of the following:

	Fiscal Years Ended April 30,
	2013			2012			2011
U.S. statutory federal rate		35.00	%		35.00	%		35.00	%
Increase (decrease) in tax rate from:
State and local income taxes, net of federal income tax benefit		2.96	%		2.58	%		2.95	%
Effect of dividends received deductions		-0.27	%		-			-
Alternative minimum tax - net operating loss limitation		-			1.23	%		0.58	%
Domestic production tax credit		-0.52	%		-			-
Other, net		-0.17	%		-0.10	%		-
Effective income tax rate		37.00	%		38.71	%		38.53	%

The Company believes that, as of April 30, 2013, there were no material uncertain tax positions that would require disclosure under GAAP.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References+ Details

XML 141 R33.xml IDEA: Business Segments (Tables) 2.4.0.8033 - Disclosure - Business Segments (Tables)truefalsefalse1false falsefalseContext_FYE__30-Apr-2013http://www.sec.gov/CIK0000717720duration2012-05-01T00:00:002013-04-30T00:00:001true 1us-gaap_SegmentReportingAbstractus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse0Segment Reporting [Abstract]2false 2us-gaap_ScheduleOfEntityWideInformationRevenueFromExternalCustomersByProductsAndServicesTextBlockus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalseverboseLabel1falsefalsefalse00<div> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> </div> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> </div> </div> </div> </div> </div> <div align="left"> <table style="width: 70%; font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0"> <tr> <td align="left" style="border-bottom: black 2px solid;" valign="bottom" width="34%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">($ in thousands)</font></div> </td> <td style="border-bottom: black 2px solid;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Publishing</font></div> </td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Investment Management</font></div> </td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Consolidated Total</font></div> </td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="34%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Revenues from external customers</font></div> </td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">37,974</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">10,693</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">48,667</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="34%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Intersegment revenues</font></div> </td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">7</font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="right" style="border-bottom: black 2px solid;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">-</font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="left" style="border-bottom: black 2px solid;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">7</font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="34%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Total revenues for reportable segments</font></div> </td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">37,981</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">10,693</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">48,674</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="34%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Elimination of intersegment revenues</font></div> </td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">(7</font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;">)</font></td> <td align="left" style="border-bottom: black 2px solid;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">-</font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="left" style="border-bottom: black 2px solid;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">(7</font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;">)</font></td> </tr> <tr> <td align="left" valign="bottom" width="34%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Total consolidated revenues</font></div> </td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">37,974</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">10,693</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">48,667</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> <tr> <td valign="bottom" width="34%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> <tr> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="text-align: left; vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;"> </td> <td style="text-align: left; vertical-align: bottom;" nowrap="nowrap"> </td> <td style="vertical-align: bottom;"> </td> <td style="text-align: left; vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;"> </td> <td style="text-align: left; vertical-align: bottom;" nowrap="nowrap"> </td> <td style="vertical-align: bottom;"> </td> <td style="text-align: left; vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;"> </td> <td style="text-align: left; vertical-align: bottom;" nowrap="nowrap"> </td> </tr> <tr> <td align="left" valign="bottom" width="34%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Depreciation and amortization</font></div> </td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">579</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">14</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">593</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> <tr> <td style="text-align: left; vertical-align: bottom;">Depreciation related to corporate assets</td> <td style="text-align: left; vertical-align: bottom;"> </td> <td style="text-align: left; vertical-align: bottom;">$</td> <td style="text-align: right; vertical-align: bottom;">(3</td> <td style="text-align: left; vertical-align: bottom;" nowrap="nowrap">)</td> <td style="text-align: left; vertical-align: bottom;"> </td> <td style="text-align: left; vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;">-</td> <td style="text-align: left; vertical-align: bottom;" nowrap="nowrap"> </td> <td style="text-align: left; vertical-align: bottom;"> </td> <td style="text-align: left; vertical-align: bottom;">$</td> <td style="text-align: right; vertical-align: bottom;">(3</td> <td style="text-align: left; vertical-align: bottom;" nowrap="nowrap">)</td> </tr> <tr> <td valign="bottom" width="34%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="34%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Gain from deconsolidation of subsidiaries (1)</font></div> </td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">-</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">50,510</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">50,510</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="34%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Income from securities transactions</font></div> </td> <td align="right" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">-</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">6</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">6</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="34%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Segment profit (loss) from operations (2)</font></div> </td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">8,984</font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="left" style="border-bottom: black 2px solid;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">(448</font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;">)</font></td> <td align="left" style="border-bottom: black 2px solid;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">8,536</font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="34%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Profit for reportable segments</font></div> </td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">8,984</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">50,068</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">59,052</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> <tr> <td valign="bottom" width="34%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="34%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Revenues and profits interests in EAM Trust</font></div> </td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">2,355</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="45%" colspan="4"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Income from securities transactions related to corporate assets</font></div> </td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">59</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> <tr> <td align="left" style="padding-bottom: 2px;" valign="bottom" width="34%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Depreciation related to corporate assets</font></div> </td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right; padding-bottom: 2px;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right; padding-bottom: 2px;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="left" style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">(3</font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;">)</font></td> </tr> <tr> <td align="left" style="padding-bottom: 4px;" valign="bottom" width="34%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Income before income taxes</font></div> </td> <td style="padding-bottom: 4px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left; padding-bottom: 4px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right; padding-bottom: 4px;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left; padding-bottom: 4px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="padding-bottom: 4px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left; padding-bottom: 4px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right; padding-bottom: 4px;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left; padding-bottom: 4px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="left" style="padding-bottom: 4px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td> <td style="border-bottom: black 4px double; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">61,463</font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> <tr> <td valign="bottom" width="34%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> </tr> </table> </div> <div> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">(1) Represents the gain of $50,510,000 from deconsolidation of the asset management and Value Line Mutual Fund Distribution subsidiaries.</font></div> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> </div> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">(2) Included in the Investment Management business segment in fiscal 2011 are expenses of $3,764,000 related to the Company’s restructure of its Investment Management business segment, $914,000 of expenses related to its exit lease obligation for the office space previously occupied by EAM LLC, and non-cash post-employment  compensation expense of $1,770,000  related to the value of the voting profits interest in EAM granted by VLI to a former employee of the Company who is presently the CEO of EAM.  Fiscal 2011 Investment Management segment expenses included the reversal of $1,767,000 of previously recorded expenses associated with the Provision for Settlement due to a change in estimated costs to administer the Fair Fund.</font></div> </div> </div>falsefalsefalsenonnum:textBlockItemTypenaTabular disclosure of entity-wide revenues from external customers for each product or service or each group of similar products or services if the information is not provided as part of the reportable operating segment information.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9031-108599 false0Schedule of reportable segment information3false 2us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlockus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalseverboseLabel1falsefalsefalse00<div> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> </div> </div> </div> </div> <div align="left"> <table style="width: 70%; font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0"> <tr> <td align="left" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="46%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">($ in thousands)</font></div><div style='height:0px;width:0px;display:none'>6155799223l30i71g61jig5436kljg43</div> </td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Assets</font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Expenditures<br /> for Segment<br /> Assets</font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="46%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Publishing</font></div> </td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">11,827</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">1,897</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="46%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Investment Management</font></div> </td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">-</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">10</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" style="padding-bottom: 2px;" valign="bottom" width="46%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Corporate assets</font></div> </td> <td align="left" style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">75,976</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">-</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="46%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  Consolidated total</font></div> </td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">87,803</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">1,907</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> </table> </div>falsefalsefalsenonnum:textBlockItemTypenaTabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8721-108599 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8813-108599 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=14024403&loc=d3e13816-109267 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8736-108599 false0Schedule of additional reportable segment informationfalseBusiness Segments (Tables)UnKnownUnKnownUnKnownUnKnowntruefalsefalseSheethttp://www.valueline.com/role/BusinessSegmentsTables13 XML 142 R22.htm IDEA: XBRL DOCUMENT

Treasury Stock and Repurchase Program

12 Months Ended

Apr. 30, 2013

Treasury Stock [Abstract]

Treasury Stock and Repurchase Program

Note 14 - Treasury Stock and Repurchase Program:

Treasury stock, at cost, consists of the following:


($ in thousands except for cost per share)	Shares		Total Average Cost Assigned		Average Cost per Share		Aggregate Purchase Price Remaining Under the Program
Balance as of April 30, 2010 (1)		18,400	$	354	$	19.24		n/a
Purchases effected in open market		6,719		90	$	13.39	$	3,110
Balance as of April 30, 2011		25,119	$	444	$	17.67	$	3,110
Purchases effected in open market		78,500		946	$	12.05	$	2,165
Balance as of April 30, 2012 (2)		103,619	$	1,390	$	13.41	$	-
Purchases effected in open market (3)		19,953		182	$	9.13	$	2,818
Balance as of April 30, 2013		123,572	$	1,572	$	12.72	$	2,818

(1) Were acquired prior to the repurchase program authorized in January 2011.

(2) Includes 85,219 shares with a total average cost of $1,036,000 that were acquired during the former repurchase program, which was authorized in January 2011 and expired in January 2012.

(3) Were acquired during the new repurchase program authorized in September 2012.

XML 143 R15.xml IDEA: Federal, State and Local Income Taxes 2.4.0.8015 - Disclosure - Federal, State and Local Income Taxestruefalsefalse1false falsefalseContext_FYE__30-Apr-2013http://www.sec.gov/CIK0000717720duration2012-05-01T00:00:002013-04-30T00:00:001true 1us-gaap_IncomeTaxDisclosureAbstractus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse0Income Tax Disclosure [Abstract]2false 2us-gaap_IncomeTaxDisclosureTextBlockus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalseverboseLabel1falsefalsefalse00<div> <div> <div> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; font-weight: bold; display: inline;">Note 7-Federal, State and Local Income Taxes:</font></div> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> </div> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">In accordance with the requirements of the Income Tax Topic of the FASB’s ASC, the Company’s provision for income taxes includes the following:</font></div> </div> </div> <div> </div> <div align="left"> <table style="width: 70%; font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0"> <tr> <td width="34%" valign="bottom" style="padding-bottom: 2px;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td width="1%" valign="bottom" style="padding-bottom: 2px;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="34%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="10"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Fiscal Years Ended April 30,</font></div> </td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" width="34%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">($ in thousands)</font></div> </td> <td width="1%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="10%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2013</font></div> </td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="10%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2012</font></div> </td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="10%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2011</font></div> </td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" width="34%" valign="bottom"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Current tax expense (benefit):</font></div> </td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="10%" valign="bottom" colspan="2"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="10%" valign="bottom" colspan="2"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="10%" valign="bottom" colspan="2"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" width="34%" valign="bottom"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">    Federal</font></div> </td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td width="9%" valign="bottom" style="text-align: right;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2,679</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td width="9%" valign="bottom" style="text-align: right;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;">139</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td width="9%" valign="bottom" style="text-align: right;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;">356</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" width="34%" valign="bottom" style="padding-bottom: 2px;"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">    State and local</font></div> </td> <td width="1%" valign="bottom" style="padding-bottom: 2px;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;">130</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(54</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;">)</font></td> <td width="1%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(413</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;">)</font></td> </tr> <tr> <td width="34%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2,809</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;">85</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(57</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;">)</font></td> </tr> <tr> <td align="left" width="34%" valign="bottom"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Deferred tax expense:</font></div> </td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" width="34%" valign="bottom"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">    Federal</font></div> </td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;">728</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;">3,785</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;">20,535</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" width="34%" valign="bottom" style="padding-bottom: 2px;"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">    State and local</font></div> </td> <td width="1%" valign="bottom" style="padding-bottom: 2px;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;">350</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;">503</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;">3,203</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td width="34%" valign="bottom" style="padding-bottom: 2px;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td width="1%" valign="bottom" style="padding-bottom: 2px;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">1,078</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">4,288</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">23,738</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" width="34%" valign="bottom" style="padding-bottom: 4px;"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Income tax provision:</font></div> </td> <td align="left" width="1%" valign="bottom" style="padding-bottom: 4px;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td width="9%" valign="bottom" style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">3,887</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" width="1%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td width="9%" valign="bottom" style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">4,373</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" width="1%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td width="9%" valign="bottom" style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">23,681</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> </table> </div> <div> </div> <div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Deferred income taxes are provided for temporary differences between the financial reporting basis and the tax basis of the Company’s assets and liabilities.  The tax effect of temporary differences giving rise to the Company’s deferred tax asset and deferred tax liability are as follows:</font></div> </div> <div> </div> <div align="left"> <table style="width: 70%; font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0"> <tr> <td width="46%" valign="bottom" style="padding-bottom: 2px;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td width="1%" valign="bottom" style="padding-bottom: 2px;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="23%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="7"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">As of April 30,</font></div> </td> </tr> <tr> <td align="left" width="46%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">($ in thousands)</font></div> </td> <td width="1%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="10%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2013</font></div> </td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="10%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2012</font></div> </td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" width="46%" valign="bottom"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Federal tax benefit (liability):</font></div> </td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="10%" valign="bottom" colspan="2"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="10%" valign="bottom" colspan="2"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" width="46%" valign="bottom"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">    Net operating loss</font></div> </td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td width="9%" valign="bottom" style="text-align: right;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;">-</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td width="9%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">126</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" width="46%" valign="bottom"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">    Unrealized gains on securities available-for-sale</font></div> </td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(136</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;">)</font></td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(46</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">)</font></td> </tr> <tr> <td align="left" width="46%" valign="bottom"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">    Operating lease exit obligation</font></div> </td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;">13</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">153</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" width="46%" valign="bottom"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">    Deferred professional fees</font></div> </td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;">49</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">80</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" width="46%" valign="bottom" style="padding-bottom: 2px;"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">    Deferred charges</font></div> </td> <td width="1%" valign="bottom" style="padding-bottom: 2px;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;">265</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">76</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" width="46%" valign="bottom"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Total federal tax benefit</font></div> </td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">191</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">389</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td width="46%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" width="46%" valign="bottom"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">State and local tax benefits:</font></div> </td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" width="46%" valign="bottom"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">    Net operating loss</font></div> </td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;">-</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">15</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" width="46%" valign="bottom" style="padding-bottom: 2px;"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">    Other</font></div> </td> <td width="1%" valign="bottom" style="padding-bottom: 2px;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;">36</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" bgcolor="#ffffff"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">38</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" width="46%" valign="bottom" style="padding-bottom: 2px;"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Total state and local tax benefits</font></div> </td> <td width="1%" valign="bottom" style="padding-bottom: 2px;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">36</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">53</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" width="46%" valign="bottom" style="padding-bottom: 4px;"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Deferred tax asset, short term</font></div> </td> <td width="1%" valign="bottom" style="padding-bottom: 4px;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td width="9%" valign="bottom" style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">227</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td width="9%" valign="bottom" style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">442</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> </table> </div> </div> <p style="font: 1pt/normal times new roman, times, serif; margin: 0px; font-size-adjust: none; font-stretch: normal;"> </p> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> </div> </div> <div style="text-align: center;"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; font-weight: bold; display: inline;"></font> </div> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> </div> </div> <div align="left"> <table style="width: 70%; font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0"> <tr> <td width="66%" valign="bottom" style="padding-bottom: 2px;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td width="1%" valign="bottom" style="padding-bottom: 2px;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="31%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="6"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">As of April 30,</font></div> </td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" width="66%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> ($ in thousands)</font></div> </td> <td width="1%" valign="bottom" style="padding-bottom: 2px; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="14%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2013</font></div> </td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="padding-bottom: 2px; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="14%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2012</font></div> </td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" width="66%" valign="bottom"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Federal tax liability (benefit):</font></div> </td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="14%" valign="bottom" colspan="2"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="14%" valign="bottom" colspan="2"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" width="66%" valign="bottom"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">   Deferred gain on deconsolidation of EAM</font></div> </td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td width="13%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">17,679</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td width="13%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">17,679</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" width="66%" valign="bottom"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">   Deferred non-cash post-employment compensation</font></div> </td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="13%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(619</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">)</font></td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="13%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(619</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">)</font></td> </tr> <tr> <td align="left" width="66%" valign="bottom" style="padding-left: 0pt; margin-left: 446pt;"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">   Depreciation and amortization</font></div> </td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="13%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">1,642</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="13%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">1,032</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" width="66%" valign="bottom" style="padding-bottom: 2px; padding-left: 0pt; margin-left: 446pt;"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">   Other</font></div> </td> <td width="1%" valign="bottom" style="padding-bottom: 2px;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="13%" valign="bottom" style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">262</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="padding-bottom: 2px; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="13%" valign="bottom" style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">120</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" width="66%" valign="bottom"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Total federal tax liability</font></div> </td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="13%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">18,964</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="13%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">18,212</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td width="66%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="13%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="13%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" width="66%" valign="bottom"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">State and local tax liabilities (benefits):</font></div> </td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="13%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="13%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" width="66%" valign="bottom"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">   Deferred gain on deconsolidation of EAM</font></div> </td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="13%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2,243</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="13%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2,182</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" width="66%" valign="bottom"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">   Deferred non-cash post-employment compensation</font></div> </td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="13%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(79</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">)</font></td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="13%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(76</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">)</font></td> </tr> <tr> <td align="left" width="66%" valign="bottom"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">   Depreciation and amortization</font></div> </td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="13%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">208</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="13%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">127</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" width="66%" valign="bottom" style="padding-bottom: 2px;"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">   Deferred professional fees</font></div> </td> <td width="1%" valign="bottom" style="padding-bottom: 2px;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="13%" valign="bottom" style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(10</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">)</font></td> <td width="1%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="13%" valign="bottom" style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(21</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">)</font></td> </tr> <tr> <td align="left" width="66%" valign="bottom" style="padding-bottom: 2px;"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Total state and local tax liabilities</font></div> </td> <td width="1%" valign="bottom" style="padding-bottom: 2px;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="13%" valign="bottom" style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2,362</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="padding-bottom: 2px; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="13%" valign="bottom" style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2,212</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" width="66%" valign="bottom" style="padding-bottom: 4px;"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Deferred tax liability, long term</font></div> </td> <td width="1%" valign="bottom" style="padding-bottom: 4px;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td width="13%" valign="bottom" style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">21,326</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td width="13%" valign="bottom" style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">20,424</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> </table> </div> <div> </div> <div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">The Company’s net operating loss carryforward from fiscal 2012 of approximately $360,000 was fully utilized during the twelve months ended April 30, 2013.</font></div> <div style="text-align: justify; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font: 10pt/normal times new roman; display: inline; font-size-adjust: none; font-stretch: normal;"> </font></div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">The Company’s net operating loss carryforward of approximately $7.3 million was mostly utilized during the twelve months ended April 30, 2012.  The tax effect of temporary differences giving rise to the Company’s long term deferred tax liability is primarily a result of the federal, state, and local taxes related to the $50,510,000 gain from deconsolidation of the Company’s asset management and mutual fund distribution subsidiaries, partially offset by the long term tax benefit related to the non-cash post-employment compensation of $1,770,000 granted to VLI’s former employee and the tax benefits related to the Company’s exit lease obligation of $914,000 all recognized in fiscal 2011.</font></div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">The Company uses the effective income tax rate determined to provide for income taxes on a year-to-date basis and reflects the tax effect of any tax law changes and certain other discrete events in the period in which they occur.</font></div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> </div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">The overall effective income tax rates, as a percentage of pre-tax ordinary income for the twelve months ended April 30, 2013, 2012 and 2011 were 37.0%, 38.71% and 38.53%, respectively. The annual effective tax rate will change due to a number of factors including but not limited to an increase or decrease in the ratio of items that do not have tax consequences to pre-tax income, the Company’s geographic profit mix between tax jurisdictions, new tax laws, new interpretations of existing tax laws and rulings and settlements with tax authorities.  The fluctuation in the effective income tax rate during fiscal 2013 is attributable to a higher percentage of income subject to state and local taxes offset by the recognition of the domestic production tax credits and an increase in the dividends received deduction during the current fiscal year.  The change in the effective income tax rate in fiscal 2012 is attributable to the alternative minimum tax on the limitation to the Company’s net operating loss carryforward in fiscal years 2012 and 2011, and a slight decrease in state and local tax rate for fiscal 2012 primarily from EAM’s geographical income allocation.</font></div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> </div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">The provision for income taxes differs from the amount of income tax determined by applying the applicable U.S. statutory income tax rate to pretax income as a result of the following:</font></div> </div> </div> </div> </div> </div> <div> </div> <div align="left"> <table style="width: 80%; font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0"> <tr> <td width="44%" valign="bottom" style="padding-bottom: 2px;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td width="1%" valign="bottom" style="padding-bottom: 2px;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="34%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="10"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Fiscal Years Ended April 30,</font></div> </td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td width="44%" valign="bottom" style="padding-bottom: 2px;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td width="1%" valign="bottom" style="padding-bottom: 2px;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="10%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2013</font></div> </td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="10%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2012</font></div> </td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="10%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2011</font></div> </td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" width="44%" valign="bottom"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">U.S. statutory federal rate</font></div> </td> <td align="right" width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">35.00</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">%</font></td> <td align="right" width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">35.00</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">%</font></td> <td align="right" width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">35.00</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">%</font></td> </tr> <tr> <td align="left" width="44%" valign="bottom"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Increase (decrease) in tax rate from:</font></div> </td> <td align="left" width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" width="44%" valign="bottom"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  State and local income taxes, net of federal income tax benefit</font></div> </td> <td align="right" width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2.96</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">%</font></td> <td align="right" width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2.58</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">%</font></td> <td align="right" width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2.95</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">%</font></td> </tr> <tr> <td align="left" width="44%" valign="bottom"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  Effect of dividends received deductions</font></div> </td> <td align="right" width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">-0.27</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">%</font></td> <td align="left" width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">-</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">-</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" width="44%" valign="bottom"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  Alternative minimum tax - net operating loss limitation</font></div> </td> <td align="left" width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">-</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">1.23</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">%</font></td> <td align="right" width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">0.58</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">%</font></td> </tr> <tr> <td align="left" width="44%" valign="bottom"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  Domestic production tax credit</font></div> </td> <td align="right" width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">-0.52</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">%</font></td> <td align="left" width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">-</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">-</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" width="44%" valign="bottom" style="padding-bottom: 2px;"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  Other, net</font></div> </td> <td align="right" width="1%" valign="bottom" style="padding-bottom: 2px;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">-0.17</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">%</font></td> <td align="right" width="1%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">-0.10</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">%</font></td> <td align="left" width="1%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">-</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" width="44%" valign="bottom" style="padding-bottom: 4px;"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Effective income tax rate</font></div> </td> <td align="right" width="1%" valign="bottom" style="padding-bottom: 4px;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">37.00</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">%</font></td> <td align="right" width="1%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">38.71</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">%</font></td> <td align="right" width="1%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">38.53</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">%</font></td> </tr> </table> </div> <div> </div> <div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">The Company believes that, as of April 30, 2013, there were no material uncertain tax positions that would require disclosure under GAAP.</font></div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> </div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">The Company is included in the consolidated federal income tax return of the Parent.  The Company has a tax sharing agreement which requires it to make tax payments to the Parent equal to the Company’s liability/(benefit) as if it filed a separate return. </font></div> <div style="text-align: justify; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> </div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">The Company’s federal income tax returns (included in the Parent’s consolidated returns) and state and city tax returns for fiscal years 2009, 2010, and 2011 are subject to examination by the tax authorities, generally for three years after they were filed with the tax authorities.  In February 2012, the Internal Revenue Service (“IRS”) has concluded its examination of the Company’s federal income tax returns through the fiscal year 2010, which resulted in no changes that had any adverse effect on the Company’s financial statements.  The Company’s tax returns for the fiscal years ended April 30, 2010 and 2011 are being examined by the City of New York.  The Company does not expect the audit examination to have a material effect on its financial statements.</font></font></div> </div> </div>falsefalsefalsenonnum:textBlockItemTypenaThe entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph h -Article 4 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319 false0Federal, State and Local Income TaxesfalseFederal, State and Local Income TaxesUnKnownUnKnownUnKnownUnKnowntruefalsefalseSheethttp://www.valueline.com/role/FederalStateAndLocalIncomeTaxes12 XML 144 R20.htm IDEA: XBRL DOCUMENT

Comprehensive Income

12 Months Ended

Apr. 30, 2013

Comprehensive Income (Loss) Note [Abstract]

Comprehensive Income

Note 12-Comprehensive Income:

The components of comprehensive income that are included in the Consolidated Statement of Changes in Shareholders’ Equity for the twelve months ending April 30, 2013 are as follows:


($ in thousands)	Amount Before Tax		Tax Expense			Tax Benefit		Amount Net of Tax
Change in unrealized gains on securities	$	255	$	(195	)	$	106	$	166
	$	255	$	(195	)	$	106	$	166

The components of comprehensive income that are included in the Consolidated Statement of Changes in Shareholders’ Equity for the twelve months ending April 30, 2012 are as follows:


($ in thousands)	Amount Before Tax		Tax Expense			Tax Benefit		Amount Net of Tax
Change in unrealized gains on securities	$	24	$	(33	)	$	24	$	15
Add: Losses realized in net income		11		(4	)		-		7
	$	35	$	(37	)	$	24	$	22

The components of comprehensive income that are included in the Consolidated Statement of Changes in Shareholders’ Equity for the twelve months ending April 30, 2011 are as follows:


($ in thousands)	Amount Before Tax		Tax Expense			Tax Benefit		Amount Net of Tax
Change in unrealized gains on securities	$	32	$	(14	)	$	3	$	21
Add: Losses realized in net income		68		(24	)		-		44
	$	100	$	(38	)	$	3	$	65

- Definition

The entire disclosure for comprehensive income, which includes, but is not limited to, 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income.

+ References

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+ Details

XML 145 R35.xml IDEA: Treasury Stock and Repurchase Program (Tables) 2.4.0.8035 - Disclosure - Treasury Stock and Repurchase Program (Tables)truefalsefalse1false falsefalseContext_FYE__30-Apr-2013http://www.sec.gov/CIK0000717720duration2012-05-01T00:00:002013-04-30T00:00:001true 1valu_TreasuryStockAbstractvalu_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse0Treasury Stock [Abstract]2false 2us-gaap_ScheduleOfTreasuryStockByClassTextBlockus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalseverboseLabel1falsefalsefalse00<div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"></font> </div> </div><div style='height:0px;width:0px;display:none'>6155799223l30i71g61jig5436kljg43</div> <div align="left"> <table style="width: 80%; font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0"> <tr> <td align="left" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="32%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">($ in thousands except for cost per share)</font></div> </td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Shares</font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="10%" colspan="2" nowrap="nowrap"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Total Average<br /> Cost Assigned</font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Average Cost per Share</font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="10%" colspan="2" nowrap="nowrap"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Aggregate Purchase Price<br /> Remaining Under the Program</font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="32%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Balance as of April 30, 2010 (1)</font></div> </td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">18,400</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">354</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">19.24</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="right" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">n/a</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="32%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Purchases effected in open market</font></div> </td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">6,719</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">90</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">13.39</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">3,110</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="32%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Balance as of April 30, 2011</font></div> </td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">25,119</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">444</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">17.67</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">3,110</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="32%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Purchases effected in open market</font></div> </td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">78,500</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">946</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">12.05</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2,165</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="32%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Balance as of April 30, 2012 (2)</font></div> </td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">103,619</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">1,390</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">13.41</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">-</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="32%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Purchases effected in open market (3)</font></div> </td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">19,953</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">182</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">9.13</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2,818</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="32%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Balance as of April 30, 2013</font></div> </td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">123,572</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">1,572</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">12.72</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2,818</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> </table> </div> <div> </div> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(1) Were acquired prior to the repurchase program authorized in January 2011.</font></div> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> </div> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(2) Includes 85,219 shares with a total average cost of $1,036,000 that were acquired during the former repurchase program, which was authorized in January 2011 and expired in January 2012.</font></div> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> </div> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(3) Were acquired during the new repurchase program authorized in September 2012.</font></div> </div> </div>falsefalsefalsenonnum:textBlockItemTypenaTabular disclosure of treasury stock, including, but not limited to, average cost per share, description of share repurchase program, shares repurchased, shares held for each class of treasury stock.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6405834&loc=d3e23285-112656 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 30 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6405834&loc=d3e23315-112656 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 30 -Section 45 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6405813&loc=d3e23239-112655 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 30 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6405834&loc=d3e23309-112656 false0Schedule of treasury stock, at costfalseTreasury Stock and Repurchase Program (Tables)UnKnownUnKnownUnKnownUnKnowntruefalsefalseSheethttp://www.valueline.com/role/TreasuryStockandRepurchaseProgramTables12 XML 146 R1.htm IDEA: XBRL DOCUMENT

Document and Entity Information (USD $)	12 Months Ended
Document and Entity Information (USD $)	Apr. 30, 2013	Jun. 28, 2013	Oct. 31, 2012
Document and Entity Information [Abstract]
Entity Registrant Name	VALUE LINE INC
Entity Central Index Key	0000717720
Trading Symbol	valu
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Current Fiscal Year End Date	--04-30
Entity Filer Category	Non-accelerated Filer
Entity Well-known Seasoned Issuer	No
Entity Common Stock, Shares Outstanding		9,858,995
Entity Public Float			$ 12,529,120
Document Type	10-K
Document Period End Date	Apr. 30, 2013
Amendment Flag	false
Document Fiscal Year Focus	2013
Document Fiscal Period Focus	FY

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Accounting for the Costs of Computer Software Developed for Internal Use
12 Months Ended

Apr. 30, 2013

Internal Use Software [Abstract]

Accounting for the Costs of Computer Software Developed for Internal Use

Note 13-Accounting for the Costs of Computer Software Developed for Internal Use:

6155799223l30i71g61jig5436kljg43

The Company has adopted the provisions of the Statement of Position 98-1 (SOP 98-1), “Accounting for the Costs of Computer Software Developed for Internal Use”.  SOP 98-1 requires companies to capitalize as long-lived assets many of the costs associated with developing or obtaining software for internal use and amortize those costs over the software’s estimated useful life in a systematic and rational manner.

The Company capitalized  $2,457,000 and $3,383,000 related to the development of software for internal use for the twelve months ended April 30, 2013 and 2012, respectively, of which $2,326,000 and $2,153,000 related to development costs for  the digital production software  project and $131,000 and $1,230,000 related to a new fulfillment system, respectively.  Such costs are capitalized and amortized over the expected useful life of the asset which is approximately from 3 to 5 years.  Amortization expense for the years ended April 30, 2013, 2012, and 2011 was $1,295,000, $446,000, and $332,000, respectively.

The new fulfillment system was placed in service on December 1, 2011.  The Company’s refreshed website, Single Sign On (“SSO”) and new e-commerce and website shopping cart were also placed in service during December 2011.  A new institutional sales website ValueLinePro.com was launched by the Company during March 2012.

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Business Segments (Detail Textuals) (USD $)
In Thousands, unless otherwise specified
1 Months Ended 12 Months Ended

Dec. 23, 2010

Segment

Apr. 30, 2011

Segment Reporting [Abstract]

Number of reportable segment 2

Gain on deconsolidation of subsidiaries $ 50,510 ^[1]

Restructuring expenses 3,764

Exit lease obligation 914

Share-based compensation 1,770

Provision for settlement $ (1,767)

[1] Represents the gain of $50,510,000 from deconsolidation of the asset management and Value Line Mutual Fund Distribution subsidiaries.

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Apr. 30, 2011

Segment Reporting Information [Line Items]

Assets $ 87,803

Expenditures for Segment Assets 1,907

Publishing

Segment Reporting Information [Line Items]

Assets 11,827

Expenditures for Segment Assets 1,897

Investment Management

Segment Reporting Information [Line Items]

Assets

Expenditures for Segment Assets 10

Corporate assets

Segment Reporting Information [Line Items]

Assets 75,976

Expenditures for Segment Assets

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		New York		13-3139843
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)

	220 East 42nd Street, New York, New York			10017-5891
(Address of principal executive offices)			(Zip Code)

Total net assets of the Value Line Funds at April 30, 2013, were:

	($ in thousands)

Value Line Premier Growth Fund, Inc.	$	368,436
Value Line Strategic Asset Management Trust		335,561
Value Line Income and Growth Fund, Inc.		311,112
Value Line Small Cap Opportunities Fund, Inc.		307,913
Value Line Larger Companies Fund, Inc.		189,346
Value Line Asset Allocation Fund, Inc.		165,534
Value Line Centurion Fund, Inc.		140,757
Value Line Fund, Inc.		114,212
Value Line Core Bond Fund		101,619
Value Line Tax Exempt Fund, Inc.		89,869
Total EAM managed net assets	$	2,124,358

Daily Income Fund managed by Reich & Tang		61,917
Total net assets	$	2,186,276


	VALUE LINE, INC.
(Exact name of registrant as specified in its charter)

PART I
Item 1	Business	5
Item 1A	Risk Factors	14
Item 1B	Unresolved Staff Comments	18
Item 2	Properties	18
Item 3	Legal Proceedings	18
Item 4	Mine Safety Disclosures	18

PART II
Item 5	Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	19
Item 6	Selected Financial Data	21
Item 7	Management’s Discussion and Analysis of Financial Condition and Results of Operations	22
Item 7A	Quantitative and Qualitative Disclosures About Market Risk	42
Item 8	Financial Statements and Supplementary Data	43
Item 9	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	45
Item 9A	Controls and Procedures	45
Item 9B	Other Information	46

PART III
Item 10	Directors, Executive Officers, and Corporate Governance	47
Item 11	Executive Compensation	48
Item 12	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	49
Item 13	Certain Relationships and Related Transactions and Director Independence	49
Item 14	Principal Accounting Fees and Services	51

PART IV
Item 15	Exhibits and Financial Statement Schedules	52

Accounting for the Costs of Computer Software Developed for Internal Use	12 Months Ended
	Apr. 30, 2013
Internal Use Software [Abstract]
Accounting for the Costs of Computer Software Developed for Internal Use	Note 13-Accounting for the Costs of Computer Software Developed for Internal Use: 6155799223l30i71g61jig5436kljg43 The Company has adopted the provisions of the Statement of Position 98-1 (SOP 98-1), “Accounting for the Costs of Computer Software Developed for Internal Use”. SOP 98-1 requires companies to capitalize as long-lived assets many of the costs associated with developing or obtaining software for internal use and amortize those costs over the software’s estimated useful life in a systematic and rational manner. The Company capitalized $2,457,000 and $3,383,000 related to the development of software for internal use for the twelve months ended April 30, 2013 and 2012, respectively, of which $2,326,000 and $2,153,000 related to development costs for the digital production software project and $131,000 and $1,230,000 related to a new fulfillment system, respectively. Such costs are capitalized and amortized over the expected useful life of the asset which is approximately from 3 to 5 years. Amortization expense for the years ended April 30, 2013, 2012, and 2011 was $1,295,000, $446,000, and $332,000, respectively. The new fulfillment system was placed in service on December 1, 2011. The Company’s refreshed website, Single Sign On (“SSO”) and new e-commerce and website shopping cart were also placed in service during December 2011. A new institutional sales website ValueLinePro.com was launched by the Company during March 2012.

Business Segments - Additional reportable segment information (Details 1) (Reportable business segments, USD $) In Thousands, unless otherwise specified	Apr. 30, 2011
Segment Reporting Information [Line Items]
Assets	$ 87,803
Expenditures for Segment Assets	1,907
Publishing
Segment Reporting Information [Line Items]
Assets	11,827
Expenditures for Segment Assets	1,897
Investment Management
Segment Reporting Information [Line Items]
Assets
Expenditures for Segment Assets	10
Corporate assets
Segment Reporting Information [Line Items]
Assets	75,976
Expenditures for Segment Assets

Common Stock, $0.10 par value

The NASDAQ Global Market

(Title of class)

(Name of each exchange on which registered)

Securities registered pursuant to Section 12 (g) of the Act: None