Investments (Tables)

6 Months Ended

Oct. 31, 2013

Investments, Debt and Equity Securities [Abstract]

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

The carrying value and fair value of securities available-for-sale at October 31, 2013 were as follows:

($ in thousands)	Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Common stocks	$	103	$	52	$	(16	)	$	139
ETFs - equities		3,878		1,030		(8	)		4,900
Inverse ETFs - equities		3,537		-		(610	)		2,927
	$	7,518	$	1,082	$	(634	)	$	7,966
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

Schedule of income from securities transactions

	Three Months Ended October 31,					Six Months Ended October 31,
($ in thousands)	2013			2012		2013		2012
Dividend income	$	36		$	30	$	72	$	57
Other		(2	)		-		-		(1	)
Total income from securities transactions, net	$	34		$	30	$	72	$	56

Schedule of components of EAM's investment management operations

	Three Months Ended October 31,				Six Months Ended October 31,
($ in thousands) (unaudited)	2013		2012		2013		2012
Investment management fees earned from the Value Line Funds, net of waivers shown below	$	3,580	$	3,149	$	7,065	$	6,229
12b-1 fees and other fees, net of waivers shown below	$	1,294	$	985	$	2,413	$	1,876
Other income	$	8	$	-	$	10	$	-
Investment management fee waivers (1)	$	23	$	167	$	47	$	348
12b-1 fee waivers (1)	$	379	$	547	$	902	$	1,090
Value Line’s non-voting revenues interest	$	1,663	$	1,414	$	3,261	$	2,808
EAM’s net income (2)	$	382	$	230	$	724	$	388

(1) During fiscal 2013, investment management fee waivers primarily related to 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.  During fiscal 2014 and 2013, the 12b-1 fee waivers related to seven and nine of the Value Line Mutual Funds, respectively.

(2) 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.

Schedule of assets and liabilities

	October 31,			April 30,
($ in thousands)	2013			2013
	(unaudited)
EAM’s total assets	$	59,498		$	59,349
EAM’s total liabilities (1)		(2,828	)		(2,814	)
EAM’s total equity	$	56,670		$	56,535

(1) At October 31, 2013 and April 30, 2013, EAM’s total liabilities included a payable to VLI for its accrued non-voting revenues and non-voting profits interests of $1,835,000 and $1,621,000, respectively.