10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

FORM 10-Q

(Mark One)

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended January 31, 2014

or

o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____________________________________ to __________________________________

Commission File Number:   0-11306

	VALUE LINE, INC.
(Exact name of registrant as specified in its charter)

	New York		13-3139843
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

	485 Lexington Avenue, New York, New York	10017-2630
(Address of principal executive offices)		(Zip Code)

	(212) 907-1500
(Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     

Yes x  No o

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files)”.                                                               

Yes x  No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.  See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer o	Accelerated filer o	Non-accelerated filer   x	Smaller reporting company o
		(Do not check if a smaller reporting company)

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes o  No x

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

Class Outstanding at March 10, 2014

Common stock, $0.10 par value   9,817,929 Shares

VALUE LINE INC.

TABLE OF CONTENTS

		Page No.
	PART I. FINANCIAL INFORMATION
Item 1.	Consolidated Condensed Financial Statements
	Consolidated Condensed Balance Sheets as of January 31, 2014 and April 30, 2013	3
	Consolidated Condensed Statements of Income for the three and nine months ended January 31, 2014 and January 31, 2013	4
	Consolidated Condensed Statements of Comprehensive Income for the three and nine months ended January 31, 2014 and January 31, 2013	5
	Consolidated Condensed Statements of Cash Flows for the nine months ended January 31, 2014 and January 31, 2013	6
	Consolidated Condensed Statement of Changes in Shareholders’ Equity for the nine months ended January 31, 2014	7
	Consolidated Condensed Statement of Changes in Shareholders’ Equity for the nine months ended January 31, 2013	8
	Notes to Consolidated Condensed Financial Statements	9
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	19
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	29
Item 4.	Controls and Procedures	31
	PART II. OTHER INFORMATION
Item 1.	Legal Proceedings	31
Item 1A.	Risk Factors	31
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	32
Item 5.	Other Information	32
Item 6.	Exhibits	32
	Signatures	33

Part I - Financial Information

Item 1. Financial Statements

Value Line, Inc.

Consolidated Condensed Balance Sheets

(in thousands, except share amounts)

	January 31,			April 30,
	2014			2013
	(unaudited)
Assets
Current Assets:
Cash and cash equivalents (including short term investments of $3,858 and $6,312, respectively)	$	4,808		$	6,840
Securities available-for-sale		9,160			6,682
Accounts receivable, net of allowance for doubtful accounts of $28 and $17, respectively		1,435			1,278
Prepaid expenses and other current assets		1,280			1,646
Deferred income taxes		463			227
Total current assets		17,146			16,673
Long term assets:
Investment in EAM Trust		57,900			57,511
Property and equipment, net		3,863			3,930
Capitalized software and other intangible assets, net		6,791			6,227
Total long term assets		68,554			67,668
Total assets	$	85,700		$	84,341
Liabilities and Shareholders’ Equity
Current Liabilities:
Accounts payable and accrued liabilities	$	2,289		$	2,460
Accrued salaries		1,092			1,200
Dividends payable		1,474			1,481
Accrued taxes on income		983			180
Unearned revenue		20,961			22,073
Total current liabilities		26,799			27,394
Long term liabilities:
Unearned revenue		3,038			2,636
Deferred charges		417			-
Deferred income taxes		22,359			21,326
Total long term liabilities		25,814			23,962
Total liabilities		52,613			51,356
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		32,974			32,315
Treasury stock, at cost (178,645 and 123,572 shares, respectively)		(2,081	)		(1,572	)
Accumulated other comprehensive income, net of tax		203			251
Total shareholders’ equity		33,087			32,985
Total liabilities and shareholders’ equity	$	85,700		$	84,341

The accompanying notes are an integral part of these consolidated condensed financial statements.

3

Value Line, Inc.

Consolidated Condensed Statements of Income

(in thousands, except share & per share amounts)

(unaudited)

	For the Three Months Ended				For the Nine Months Ended
	January 31,				January 31,
	2014		2013		2014		2013
Revenues:
Investment periodicals and related publications	$	8,554	$	7,938	$	25,056	$	23,793
Copyright data fees		720		1,008		2,183		2,900
Total revenues		9,274		8,946		27,239		26,693
Expenses:
Advertising and promotion		1,030		1,017		3,188		2,916
Salaries and employee benefits		4,155		3,683		12,020		11,096
Production and distribution		1,737		1,422		4,798		4,236
Office and administration		1,344		1,736		5,110		5,085
Total expenses		8,266		7,858		25,116		23,333
Income from operations		1,008		1,088		2,123		3,360
Revenues and profits interests in EAM Trust		1,974		1,625		5,597		4,627
Income from securities transactions, net		70		37		142		93
Income before income taxes		3,052		2,750		7,862		8,080
Income tax provision		1,026		1,003		2,775		2,985
Net income	$	2,026	$	1,747	$	5,087	$	5,095
Earnings per share, basic & fully diluted	$	0.21	$	0.18	$	0.52	$	0.52
Weighted average number of common shares		9,826,336		9,884,308		9,845,925		9,891,826

The accompanying notes are an integral part of these consolidated condensed financial statements.

4

Value Line, Inc.

Consolidated Condensed Statements of Comprehensive Income

(in thousands)

(unaudited)

	For the Three Months Ended					For the Nine Months Ended
	January 31,					January 31,
	2014			2013		2014			2013
Net income	$	2,026		$	1,747	$	5,087		$	5,095
Other comprehensive income (loss), net of tax:
Change in unrealized gains on securities, net of taxes		(87	)		19		(48	)		46
Other comprehensive income (loss)		(87	)		19		(48	)		46
Comprehensive income	$	1,939		$	1,766	$	5,039		$	5,141

The accompanying notes are an integral part of these consolidated condensed financial statements.

5

Value Line, Inc.

Consolidated Condensed Statements of Cash Flows

(in thousands)

(unaudited)

	For the Nine Months Ended
	January 31,
	2014			2013
Cash flows from operating activities:
Net income	$	5,087		$	5,095
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		1,514			1,136
Non-voting revenues interest in EAM Trust		(5,028	)		(4,280	)
Non-voting profits interest in EAM Trust		(569	)		(347	)
Deferred rent		617			-
Deferred income taxes		632			673
Changes in operating assets and liabilities:
Unearned revenue		(710	)		(1,962	)
Reserve for settlement		(141	)		(23	)
Operating lease exit obligation		(36	)		(329	)
Accounts payable & accrued expenses		(194	)		(206	)
Accrued salaries		(108	)		(116	)
Accrued taxes on income		995			484
Prepaid and refundable income taxes		-			779
Prepaid expenses and other current assets		366			67
Accounts receivable		(157	)		(309	)
Total adjustments		(2,819	)		(4,433	)
Net cash provided by operating activities		2,268			662
Cash flows from investing activities:
Purchases of securities classified as available-for-sale		(2,553	)		(1,200	)
Distributions received from EAM Trust		5,208			3,493
Acquisition of property and equipment		(137	)		(108	)
Expenditures for capitalized software		(1,874	)		(1,546	)
Net cash provided by investing activities		644			639
Cash flows from financing activities:
Purchase of treasury stock at cost		(509	)		(147	)
Dividends paid		(4,435	)		(4,453	)
Net cash used in financing activities		(4,944	)		(4,600	)
Net change in cash and cash equivalents		(2,032	)		(3,299	)
Cash and cash equivalents at beginning of year		6,840			12,042
Cash and cash equivalents at end of period	$	4,808		$	8,743

The accompanying notes are an integral part of these consolidated condensed financial statements.

6

Value Line, Inc.
Consolidated Condensed Statement of Changes in Shareholders’ Equity
For the Nine Months Ended January 31, 2014
(in thousands, except share amounts)
(unaudited)

	Common stock				Additional paid-in		Treasury Stock						Retained			Accumulated Other Comprehensive
	Shares		Amount		capital		Shares			Amount			earnings			income/(loss)			Total
Balance at April 30, 2013		10,000,000	$	1,000	$	991		(123,572	)	$	(1,572	)	$	32,315		$	251		$	32,985
Net income														5,087						5,087
Change in unrealized gains on securities, net of taxes																	(48	)		(48	)
Purchase of treasury stock								(55,073	)		(509	)								(509	)
Dividends declared														(4,428	)					(4,428	)
Balance at January 31, 2014		10,000,000	$	1,000	$	991		(178,645	)	$	(2,081	)	$	32,974		$	203		$	33,087

Dividends declared per share were $0.15 for each of the three months ending July 31, 2013, October 31, 2013 and January 31, 2014.

The accompanying notes are an integral part of these consolidated condensed financial statements.

7

Value Line, Inc.
Consolidated Condensed Statement of Changes in Shareholders’ Equity
For the Nine Months Ended January 31, 2013
(in thousands, except share amounts)
(unaudited)

	Common stock				Additional paid-in		Treasury Stock						Retained			Accumulated Other Comprehensive
	Shares		Amount		capital		Shares			Amount			earnings			income/(loss)		Total
Balance at April 30, 2012		10,000,000	$	1,000	$	991		(103,619	)	$	(1,390	)	$	31,628		$	85	$	32,314
Net income														5,095					5,095
Change in unrealized gains on securities, net of taxes																	46		46
Purchase of treasury stock								(16,330	)		(147	)							(147	)
Dividends declared														(4,451	)				(4,451	)
Balance at January 31, 2013		10,000,000	$	1,000	$	991		(119,949	)	$	(1,537	)	$	32,272		$	131	$	32,857

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

The accompanying notes are an integral part of these consolidated condensed financial statements.

8

Value Line, Inc.
Notes to Consolidated Condensed Financial Statements
January 31, 2014
(Unaudited)

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.

The Consolidated Condensed Balance Sheets as of January 31, 2014 and April 30, 2013, which have been derived from the unaudited interim Consolidated Condensed Financial Statements and the audited Consolidated Financial Statements, respectively, were prepared following the interim reporting requirements of the Securities and Exchange Commission (“SEC”). In the opinion of management, the accompanying Unaudited Interim Consolidated Condensed Financial Statements contain all adjustments (consisting of normal recurring accruals except as noted below) considered necessary for a fair presentation. This report should be read in conjunction with the audited financial statements and footnotes contained in the Company’s Annual Report on Form 10-K for the fiscal year ended April 30, 2013 filed with the SEC on July 26, 2013 (the “Form 10-K”). Results of operations covered by this report may not be indicative of the results of operations for the entire year.

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 3).

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 deconsolidation of the investment management related affiliates (the “Restructuring Transaction”) 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 significant non-voting profits interest in the new entity, EULAV Asset Management, a Delaware statutory trust (“EAM” or “EAM Trust”). 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 Condensed Statements of Income.

Revenue Recognition:

Depending upon the product, subscriptions to Value Line periodicals and related publications are 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 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.

9

Value Line, Inc.
Notes to Consolidated Condensed Financial Statements
January 31, 2014
(Unaudited)

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 equities including ETFs, 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 as available-for-sale reflected in the Consolidated Condensed 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 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 820 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. Examples of risks include those inherent in a particular valuation technique used to measure fair value such as the risk inherent in the inputs to 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 January 31, 2014
($ in thousands)	Level 1		Level 2		Level 3		Total
Cash equivalents	$	3,858	$	-	$	-	$	3,858
Securities available-for-sale		9,160		-		-		9,160
	$	13,018	$	-	$	-	$	13,018

10

Value Line, Inc.
Notes to Consolidated Condensed Financial Statements
January 31, 2014
(Unaudited)

	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

The Company had no other financial instruments such as futures, forwards and swap contracts. For the periods ended January 31, 2014 and April 30, 2013, 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 Condensed 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 January 31, 2014, 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 Condensed 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 January 31, 2014 and April 30, 2013, cash equivalents included $3,858,000 and $6,312,000, respectively, for amounts invested in savings accounts at commercial banks, held as bank certificates of deposits, and investments in money market mutual funds that invest in short term U.S. government securities.

Note 2 - 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 are readily marketable and have a maturity of twelve months or less and are classified as current assets on the Consolidated Condensed Balance Sheets.

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 January 31, 2014 and April 30, 2013, 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 Condensed Balance Sheets. Additionally, as of January 31, 2014 and April 30, 2013, 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 January 31, 2014 and April 30, 2013, 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, and inverse equity index ETFs, was $8,847,000 and $6,295,000, respectively, and the fair value was $9,160,000 and $6,682,000, respectively.

11

Value Line, Inc.
Notes to Consolidated Condensed Financial Statements
January 31, 2014
(Unaudited)

There were no sales or proceeds from sales of equity securities during the nine months ended January 31, 2014 and January 31, 2013. The decrease in gross unrealized gains on equity securities classified as available-for-sale of $74,000, net of deferred taxes of $26,000 was included in Shareholders’ Equity at January 31, 2014. The increase in gross unrealized gains on equity securities classified as available-for-sale of $70,000, net of deferred taxes of $24,000 was included in Shareholders’ Equity at January 31, 2013.

The changes in the value of equity securities investments are recorded in Other Comprehensive Income in the Consolidated Condensed Financial Statements. Realized gains and losses are recorded as of the trade date in the Consolidated Condensed Statements of Income when securities are sold, mature or are redeemed. As of January 31, 2014 and April 30, 2013, accumulated other comprehensive income was $313,000 and $387,000, net of deferred taxes of $110,000 and $136,000, respectively.

The carrying value and fair value of securities available-for-sale at January 31, 2014 were as follows:

($ in thousands)	Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Common stocks	$	101	$	47	$	(18	)	$	130
ETFs - equities		3,878		961		(8	)		4,831
Inverse ETFs - equities		4,868		-		(669	)		4,199
	$	8,847	$	1,008	$	(695	)	$	9,160

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

Government Debt Securities (Fixed Income Securities):

Fixed income securities held from time to time consist of government debt securities issued by the United States federal government. There were no fixed income securities as of January 31, 2014 or April 30, 2013.

Income from securities transactions was comprised of the following:

	Three Months Ended January 31,					Nine Months Ended January 31,
($ in thousands)	2014			2013		2014			2013
Dividend income	$	36		$	34	$	109		$	91
Interest income		1			3		2			4
Capital gain		36			-		36			-
Other		(3	)		-		(5	)		(2	)
Total income from securities transactions, net	$	70		$	37	$	142		$	93

Investment in Unconsolidated Entities:
Equity Method Investment:

As of January 31, 2014 and April 30, 2013, the Company’s investment in EAM Trust, on the Consolidated Balance Sheets was $57,900,000 and $57,511,000, respectively.

The value of VLI’s investment in EAM at January 31, 2014 and April 30, 2013 reflects the fair value of contributed capital of $55,805,000 at inception including $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 Condensed 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.

12

Value Line, Inc.
Notes to Consolidated Condensed Financial Statements
January 31, 2014
(Unaudited)

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 2014 or 2013.

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

	Three Months Ended January 31,				Nine Months Ended January 31,
($ in thousands) (unaudited)	2014		2013		2014		2013
Investment management fees earned from the Value Line Funds, net of fee waivers	$	3,750	$	3,252	$	10,815	$	9,481
12b-1 fees and other fees, net of fee waivers	$	1,344	$	992	$	3,757	$	2,868
Other income	$	3	$	5	$	13	$	5
Investment management fee waivers (1)	$	22	$	16	$	69	$	363
12b-1 fee waivers (1)	$	396	$	545	$	1,298	$	1,635
Value Line’s non-voting revenues interest	$	1,767	$	1,472	$	5,028	$	4,280
EAM’s net income (2)	$	414	$	306	$	1,138	$	694

(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.

	January 31,			April 30,
($ in thousands)	2014			2013
	(unaudited)
EAM’s total assets	$	59,730		$	59,349
EAM’s total liabilities (1)		(2,987	)		(2,814	)
EAM’s total equity	$	56,743		$	56,535

(1) At January 31, 2014 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 $1,953,000 and $1,621,000, respectively.

Note 3 - 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 Condensed Balance Sheets for its interest in EAM.

13

Value Line, Inc.
Notes to Consolidated Condensed Financial Statements
January 31, 2014
(Unaudited)

			Value Line
($ in thousands)	VIE Assets		Investment in EAM Trust (1)		Liabilities		Maximum Exposure to Loss
As of January 31, 2014 (unaudited)	$	59,730	$	57,900	$	-	$	57,900
As of April 30, 2013	$	59,349	$	57,511	$	-	$	57,511

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

Note 4 - Supplementary Cash Flow Information:

	Nine Months Ended January 31,
($ in thousands)	2014			2013
State and local income tax payments	$	(97	)	$	(20	)
Federal income tax payments to the Parent	$	(1,054	)	$	(1,030	)

Note 5 - 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 nine months ended January 31, 2014 and January 31, 2013, the estimated profit sharing plan contribution, which is included as an expense in salaries and employee benefits in the Consolidated Condensed Statements of Income, was $251,000 and $175,000, respectively.

Note 6 - 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 January 31, 2014 and January 31, 2013, the Company held equity securities consisting primarily of ETFs with high relative dividend yields that are classified as securities available-for-sale on the Consolidated Condensed Balance Sheets. Additionally, as of January 31, 2014 and January 31, 2013, 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 Condensed Balance Sheets.

The components of comprehensive income included in the Consolidated Condensed Statements of Income and Changes in Shareholders’ Equity for the nine months ended January 31, 2014 are as follows:

($ in thousands)	Amount Before Tax			Tax Benefit		Amount Net of Tax
Change in unrealized gains on securities	$	(74	)	$	26	$	(48	)
	$	(74	)	$	26	$	(48	)

The components of comprehensive income included in the Consolidated Condensed Statements of Income and Changes in Shareholders’ Equity for the nine months ended January 31, 2013 are as follows:

($ in thousands)	Amount Before Tax		Tax Expense			Amount Net of Tax
Change in unrealized gains on securities	$	70	$	(24	)	$	46
	$	70	$	(24	)	$	46

14

Value Line, Inc.
Notes to Consolidated Condensed Financial Statements
January 31, 2014
(Unaudited)

Note 7 - 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 January 31, 2014, were $2.3 billion, 8.3% above total assets of $2.1 billion in the Value Line Funds managed and/or distributed by EAM at January 31, 2013. The increase is a result of net appreciation in equity assets under management partially offset by redemptions net of sales within the funds.

The Company’s non-voting revenues and non-voting profits interests in EAM entitle it to receive quarterly distributions in a range of 41% to 55% of EAM’s revenues (excluding distribution revenues) from EAM’s mutual fund and separate account business and at least 90% of the Company's 50% interest in the residual profits of EAM which are payable each fiscal quarter under the provisions of the EAM Trust Agreement. Value Line’s percent share of EAM’s revenues calculated each fiscal quarter was 46.66%, 47.27% and 47.91%, respectively, in the first, second and third quarters of fiscal 2014. Value Line’s percent share of EAM’s revenues was 46.20%, 45.87% and 46.15%, respectively, in the first, second and third quarters of fiscal 2013. The distributable amounts earned through the balance sheet date, which is included in the Investment in EAM Trust on the Consolidated Condensed Balance Sheets, and not yet paid, were $1,953,000 and $1,621,000 at January 31, 2014 and April 30, 2013, 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. The Company recorded income from its non-voting revenues interest and its non-voting profits interest in EAM as follows:

	Three Months Ended January 31,				Nine Months Ended January 31,
($ in thousands)	2014		2013		2014		2013
Non-voting revenues interest in EAM	$	1,767	$	1,472	$	5,028	$	4,280
Non-voting profits interest in EAM		207		153		569		347
	$	1,974	$	1,625	$	5,597	$	4,627

Transactions with Parent:

During the nine months ended January 31, 2014 and January 31, 2013, the Company was reimbursed $113,000 and $138,000, respectively, for payments it made on behalf of and for services the Company provided to the Parent. There were no receivables from affiliates including receivables from the Parent on the Consolidated Condensed Balance Sheets at January 31, 2014 and April 30, 2013.

The Company is a party to a tax-sharing arrangement with the Parent which allocates the tax liabilities of the two Companies between them. The Company made federal tax payments of $1,054,000 and $1,030,000 to the Parent during the nine months ended January 31, 2014 and January 31, 2013, respectively.

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 January 31, 2014, the Parent owned 87.91% of the outstanding shares of common stock of the Company.

Note 8 - 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:

	Three Months Ended January 31,					Nine Months Ended January 31,
($ in thousands)	2014			2013		2014		2013
Current tax expense:
Federal	$	949		$	727	$	2,003	$	2,054
State and local		66			156		140		258
Current tax expense		1,015			883		2,143		2,312
Deferred tax expense:
Federal		(9	)		97		521		533
State and local		20			23		111		140
Deferred tax expense		11			120		632		673
Income tax provision	$	1,026		$	1,003	$	2,775	$	2,985

15

Value Line, Inc.
Notes to Consolidated Condensed Financial Statements
January 31, 2014
(Unaudited)

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:

	January 31,			April 30,
($ in thousands)	2014			2013
Federal tax benefit (liability):
Unrealized gains on securities available-for-sale	$	(110	)	$	(136	)
Operating lease deferred obligation		70			13
Deferred professional fees		39			49
Deferred charges		227			265
Total federal tax benefit		226			191
State and local tax benefits:
NYC UBT tax credit carryforward		181			-
Other		56			36
Total state and local tax benefits		237			36
Deferred tax asset, short term	$	463		$	227
	January 31,			April 30,
($ in thousands)	2014			2013
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		2,359			1,642
Other		590			262
Total federal tax liability		20,009			18,964
State and local tax liabilities (benefits):
Deferred gain on deconsolidation of EAM		2,144			2,243
Deferred non-cash post-employment compensation		(75	)		(79	)
Depreciation and amortization		286			208
Deferred professional fees		(5	)		(10	)
Total state and local tax liabilities		2,350			2,362
Deferred tax liability, long term	$	22,359		$	21,326

At the end of each interim reporting period, the Company estimates the effective income tax rate to apply for the full fiscal year. 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 overall effective income tax rate, as a percentage of pre-tax ordinary income for the nine months ended January 31, 2014 and January 31, 2013 was 35.30% and 36.94%, respectively. The Company’s annual effective tax rate may 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 by and settlements with tax authorities. The fluctuation in the effective income tax rate during fiscal 2014 is primarily attributable to a lower percentage of income subject to state and local taxes and an increase in the dividends received deduction.

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:

	Nine Months Ended January 31,
	2014			2013
U.S. statutory federal rate		35.00	%		35.00	%
Increase (decrease) in tax rate from:
State and local income taxes, net of federal income tax benefit		1.97	%		2.78	%
Effect of dividends received deductions		-0.42	%		-0.26	%
Domestic production tax credit		-0.46	%		-0.58	%
Other, net		-0.79	%		-
Effective income tax rate		35.30	%		36.94	%

The Company believes that, as of January 31, 2014, 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.

16

Value Line, Inc.

Notes to Consolidated Condensed Financial Statements

January 31, 2014

(Unaudited)

The Company’s federal income tax returns (included in the Parent’s consolidated returns) and state and city tax returns for fiscal years 2011, 2012, and 2013 are subject to examination by the tax authorities, generally for three years after they were filed with the tax authorities. 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’s federal income tax return for the fiscal year ended April 30, 2012 is being examined by the Internal Revenue Service. Each examination is at an early stage. The Company does not have reason to believe the audit examinations will have a material effect on its financial statements.

Note 9 - 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 Condensed Balance Sheets was comprised of the following:

	January 31,			April 30,
($ in thousands)	2014			2013
Land	$	726		$	726
Building and leasehold improvements		5,029			7,391
Furniture and equipment		5,239			11,180
		10,994			19,297
Accumulated depreciation and amortization		(7,131	)		(15,367	)
Total property and equipment, net	$	3,863		$	3,930

During the second quarter of fiscal 2014, the Company disposed of leasehold improvements, furniture and equipment, relating to the Company’s previous office facility (see Note 12), totaling $8,403,000 in addition to the corresponding accumulated depreciation and amortization of $8,403,000. There was no gain or loss recorded as a result of this disposition of fully depreciated leasehold improvements, furniture, and obsolete equipment.

Note 10 - 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 $1,874,000 and $1,546,000 related to the development of software for internal use for the nine months ended January 31, 2014 and January 31, 2013, respectively, of which $1,823,000 and $1,444,000 are related to development costs for the digital production software project and $51,000 and $102,000 are related to a new fulfillment system, respectively. Total capitalized software includes $1,255,000 and $1,267,000 of internal costs to develop software and $619,000 and $279,000 of third party programmers' costs for the nine months ended January 31, 2014 and January 31, 2013, respectively. Such costs are capitalized and amortized over the expected useful life of the asset which is 5 years. Total amortization expenses for the nine months ended January 31, 2014 and January 31, 2013 were $1,310,000 and $937,000, respectively.

Note 11 - Treasury Stock and Repurchase Program:

On September 19, 2012, the Company’s Board of Directors approved a 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 may 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 repurchase program may be suspended or discontinued at any time at the Company’s discretion and has no set expiration date.

Treasury stock, at cost, consists of the following:

(in thousands except for shares and cost per share)	Shares		Total Average Cost Assigned		Average Cost per Share		Aggregate Purchase Price Remaining Under the Program
Balance as of April 30, 2013 (1)(2)(3)		123,572	$	1,572	$	12.72	$	2,818
Purchases effected in open market during the quarters ended:
July 31, 2013		25,723		226	$	8.82	$	2,592
October 31, 2013		13,428		123	$	9.13	$	2,469
January 31, 2014		15,922		160	$	10.02	$	2,309
Balance as of January 31, 2014		178,645	$	2,081	$	11.65

(1) Includes 18,400 shares with a total average cost of $354,000 that 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) Includes 19,953 shares with a total average cost of $182,000 that were acquired during the current repurchase program authorized in September 2012.

17

Value Line, Inc.

Notes to Consolidated Condensed Financial Statements

January 31, 2014

(Unaudited)

Note 12 - 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.

On February 7, 2013, the Company and Citibank, N.A. (the “Sublandlord”) entered into a sublease agreement, pursuant to which Value Line has leased 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 July 1, 2013 and ending on February 27, 2017 (“Sublease”).  On August 16, 2013, the Company moved to the Building which became its new corporate office facility.  Base rent under the Sublease is $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, which is to be partially returned over the course of the sublease term.  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 have provided for a significant decrease in the Company’s annual rental expenses.  The Company recorded a deferred charge on its Consolidated Condensed Balance Sheets to reflect the excess of annual rental expense over cash payments since inception of the lease due to free rent for the first six months of the sublease.

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

The total amount of the base rent payments is being charged to expense on the straight-line method over the term of the lease.

Rental expenses for the nine months ended January 31, 2014 and January 31, 2013 were $1,896,000 and $1,882,000, respectively. The rental expenses during fiscal 2014 included additional one time overlapping rent of $771,000 for the previously occupied office facilities during the short term lease extension which ended September 15, 2013. The additional rent was offset by a significant decrease in the Company’s annual rental expenses for the New York City office facility under the sublease terms between Value Line, Inc. and Citibank.

As of January 31, 2014 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,	($ in thousands)
2014	$                       367
2015	1,468
2016	1,468
2017	1,224
	$                   4,527

Note 13 - Subsequent Events:

During February 2014, the Company became aware that a portfolio of third party sponsored assets managed utilizing Value Line’s proprietary copyright data was moved to a new subadvisor, which was beyond the Company’s control. The Company estimates that the decrease in portfolio assets will result in reduced copyright data fees of approximately $700,000 per year.

18

Item 2.  MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

Cautionary Statement Regarding Forward-Looking Information

This report contains statements that are predictive in nature, depend upon or refer to future events or conditions (including certain projections and business trends) accompanied by such phrases as “believe”, “estimate”, “expect”, “anticipate”, “will”, “intend” and other similar or negative expressions, that are “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995, as amended.  Actual results for Value Line, Inc. (“Value Line” or “the Company”) may differ materially from those projected as a result of certain risks and uncertainties, including but not limited to the following:

● maintaining revenue from subscriptions for the Company’s digital and print published products;

● changes in market and economic conditions, including global financial issues;

● protection of intellectual property rights;

● dependence on non-voting revenues and non-voting profits interests in EULAV Asset Management, a Delaware statutory trust (“EAM” or “EAM Trust”), which serves as the investment advisor to the Value Line Funds and engages in related distribution, marketing and administrative services;

● fluctuations in EAM’s assets under management due to broadly based changes in the values of equity and debt securities, redemptions by investors and other factors, and the effect these changes may have on the valuation of EAM’s intangible assets;

● dependence on key personnel;

● competition in the fields of publishing, copyright data and investment management;

● the impact of government regulation on the Company’s and EAM’s businesses;

● availability of free or low cost investment data through discount brokers or generally over the internet;

● terrorist attacks, cyber security attacks and natural disasters;

● other risks and uncertainties, including but not limited to the risks described in Item 1A, “Risk Factors” of the Company’s Annual Report on Form 10-K for the year ended April 30, 2013 and in Part II, Item 1A of this Quarterly Report on Form 10-Q for the period ended January 31, 2014; and other risks and uncertainties arising from time to time.

These factors are not necessarily all of the important factors that could cause actual results to differ materially from those expressed in any of our forward-looking statements. Other unknown or unpredictable factors which may involve external factors over which we may have no control or changes in our plans, strategies, objectives, expectations or intentions, which may happen at any time at our discretion, could also have material adverse effects on future results. Except as otherwise required to be disclosed in periodic reports required to be filed by public companies with the SEC pursuant to the SEC’s rules, we have no duty to update these statements, and we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. In light of these risks and uncertainties, current plans, anticipated actions, and future financial conditions and results may differ from those expressed in any forward-looking information contained herein.

In this report, “Value Line,” “we,” “us,” “our” refers to Value Line, Inc. and the “Company” refers to Value Line and its subsidiaries unless the context otherwise requires.

Executive Summary of the Business

The Company’s core business is producing investment periodicals and their underlying research 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 and for other purposes.  Value Line markets under well-known brands including Value Line®, the Value Line logo®, The Value Line Investment Survey®, Smart Research. Smarter Investing™ and The Most Trusted Name in Investment Research®.  The name “Value Line” as used to describe the Company, its products, and its subsidiaries, is a registered trademark of the Company. EULAV Asset Management Trust (“EAM”) provides the investment management services to the Value Line® Mutual Funds (“Value Line Funds”).  Value Line retains substantial non-voting revenues and non-voting profits interests in EAM.

19

The Company’s target audiences within the investment research field are individual investors, colleges, libraries, and investment management professionals. Individuals come to Value Line for complete research in one package.  Institutional licensees 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 in institutional relationships vary, for example, by the university or college enrollment, number of users, and nature of the use.

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 orders 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.

The Company’s move to new headquarters in the second quarter of fiscal 2014 will result in lower rent expense over the term of the sublease. However, rental expenses during fiscal 2014 included additional one time overlapping rent of $771,000 for the previously occupied office facilities to permit an orderly move during the short term lease extension which ended September 15, 2013. 

Asset Management and Mutual Fund Distribution Businesses

The business of EAM is managed by its trustees each owning 20% of the voting profits interest in EAM 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. Current distribution is set at 90% of EAM’s profits payable each fiscal quarter under the provisions of the EAM Trust Agreement. Value Line’s percent share of EAM’s revenues calculated each fiscal quarter was 46.66%, 47.27% and 47.91%, respectively, in the first, second and third quarters of fiscal 2014. Value Line’s percent share of EAM’s revenues was 46.20%, 45.87% and 46.15%, respectively, in the first, second and third quarters of fiscal 2013.

Pursuant to the EAM Agreement, 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 nine months ended January 31, 2014, the NASDAQ and the Dow Jones Industrial Average were up 23.3% and 5.8%, respectively, as compared to the combined Ranking System “Rank 1 & 2” stocks which increased 23.9%, outperforming the S&P 500 Index’s increase of 11.6% during the comparable period.

The U.S. economy, supported by improving levels of consumer spending, gains in residential and nonresidential building, and rising levels of exports, produced growth of 1.1%, 2.5%, 4.1%, and 2.4%, respectively, in the first, second, third and fourth quarters of calendar 2013.

  The Federal Reserve, a supporter of the economic upturn via bond purchases each month, has announced its intention to gradually reduce such purchases in the coming months. The Federal Open Market Committee announced on January 29, 2014 that it would taper by $10 billion the monthly asset purchases, lowering the program to $65 billion. The announcement was in line with market expectations. In anticipation of such an adjustment, interest rates may resume climbing.

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           The highly accommodative monetary policies in place up to this point in the business expansion cycle have helped to keep intact the long bull market in equities nor did the Federal Reserve’s announcement slow the uptrend.   

Results of Operations for the Three and Nine Months Ended January 31, 2014 and January 31, 2013

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

	Three Months Ended January 31,							Nine Months Ended January 31,
($ in thousands, except earnings per share)	2014		2013		Change			2014		2013		Change
Income from operations	$	1,008	$	1,088		-7.4	%	$	2,123	$	3,360		-36.8	%
Revenues and profits interests from EAM Trust	$	1,974	$	1,625		21.5	%	$	5,597	$	4,627		21.0	%
Income from operations plus non-voting revenues and non-voting profits interests from EAM Trust	$	2,982	$	2,713		9.9	%	$	7,720	$	7,987		-3.3	%
Operating expenses	$	8,266	$	7,858		5.2	%	$	25,116	$	23,333		7.6	%
Income from securities transactions, net	$	70	$	37		89.2	%	$	142	$	93		52.7	%
Income before income taxes	$	3,052	$	2,750		11.0	%	$	7,862	$	8,080		-2.7	%
Net income	$	2,026	$	1,747		16.0	%	$	5,087	$	5,095		-0.2	%
Earnings per share	$	0.21	$	0.18		16.7	%	$	0.52	$	0.52		0.0	%

During the third quarter ended January 31, 2014, the Company’s net income of $2,026,000, or $0.21 per share was $279,000 or 16.0% above net income of $1,747,000, or $0.18 per share, for the third quarter ended January 31, 2013.  During the nine months ended January 31, 2014, the Company’s net income of $5,087,000, or $0.52 per share was comparable with net income of $5,095,000, or $0.52 per share, for the nine months ended January 31, 2013.  Income from operations of $2,123,000 for the nine months ended January 31, 2014 included additional depreciation and amortization expense of $378,000 and one time overlapping rent expense of $771,000 for the previously occupied office facilities during the short term lease extension that ended September 15, 2013.  Income from operations for the nine months ended January 31, 2013 was $3,360,000.

Total operating revenues

	Three Months Ended January 31,							Nine Months Ended January 31,
($ in thousands)	2014		2013		Change			2014		2013		Change
Investment periodicals and related publications:
Print	$	4,705	$	4,709		-0.1	%	$	13,972	$	14,344		-2.6	%
Digital		3,849		3,229		19.2	%		11,084		9,449		17.3	%
Total investment periodicals and related publications		8,554		7,938		7.8	%		25,056		23,793		5.3	%
Copyright data fees		720		1,008		-28.6	%		2,183		2,900		-24.7	%
Total publishing revenues	$	9,274	$	8,946		3.7	%	$	27,239	$	26,693		2.0	%

Total publishing revenues from investment periodicals and related publications excluding copyright data fees were $8,554,000 and $25,056,000 during the three and nine months ended January 31, 2014, respectively, which is 7.8% and 5.3% above total publishing revenues of $7,938,000 and $23,793,000 during the three and nine months ended January 31, 2013, respectively.

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Within investment periodicals and related publications, subscription sales orders are derived from print and digital products.  The following chart illustrates the fiscal year to fiscal year changes in the gross sales orders associated with print and digital subscriptions.

Sources of Subscription Sales Orders

	Three Months Ended January 31,												Nine Months Ended January 31,
	2014						2013						2014						2013
	Print			Digital			Print			Digital			Print			Digital			Print			Digital
New Sales Orders		17.2	%		22.9	%		17.9	%		26.2	%		20.6	%		26.5	%		17.9	%		23.5	%
Conversion and Renewal Sales Orders		82.8	%		77.1	%		82.1	%		73.8	%		79.4	%		73.5	%		82.1	%		76.5	%
Total Gross Sales Orders		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%

The increase in new orders for the nine months ended January 31, 2014 as compared to the same period last fiscal year was the result of more effective and efficient direct mail campaigns in addition to increased efforts of the Institutional Sales and in-house Telemarketing departments in fiscal 2014.  

	As of January 31,	As of April 30,	As of January 31,	Change
($ in thousands)	2014	2013	2013	Jan-14 vs. Apr-13	Jan-14 vs. Jan-13
Unearned subscription revenue (current and long term liabilities)	$23,999	$24,709	$24,033	-2.9%	-0.1%

Unearned subscription revenue as of January 31, 2014 is approximately equal to January 31, 2013 and down 2.9% from April 30, 2013. A certain amount of variation is to be expected due to the volume of new orders and timing of renewal orders, direct mail campaigns or large Institutional Sales orders.

Investment periodicals and related publications revenues

           Investment periodicals and related publications revenues increased $616,000, or 7.8%, and $1,263,000, or 5.3%, for the three and nine months ended January 31, 2014, respectively, as compared to the prior fiscal year. These results were directly related to the continued increase in circulation attributable to increased marketing efforts. The Company continued its efforts to attract new subscribers through various marketing channels, primarily direct mail, e-mail, and by the efforts of our sales personnel. Total product line circulation at January 31, 2014 was 10.4% above total product line circulation at January 31, 2013, continuing a positive trend of increased subscribers. The Company has been successful in growing revenues from digitally-delivered investment periodicals within both the retail segment and institutional sales. Institutional Sales orders of $8,753,000 for the nine months ended January 31, 2014, were $772,000 or 9.7%, above comparable sales orders of $7,981,000, for the nine months ended January 31, 2013. This growth continues a positive trend for Institutional Sales. We have also benefited from “converting” some customers from retail to professional price services.

 

           Print publication revenues decreased $372,000 or 2.6% for the nine months ended January 31, 2014 from fiscal 2013.  Earned revenues from institutional print publications increased $237,000 or 19.8% for the nine months ended January 31, 2014 as compared to the prior fiscal year.  This increase in institutional print publications sales is not sufficient to wholly offset the lost revenues from retail print subscribers.  Print publications revenues from retail subscribers decreased $609,000 or 4.6% for the nine months ended January 31, 2014, as compared to the prior fiscal year.  Total print circulation at January 31, 2014 was 1.4% below total print circulation at January 31, 2013.  Continuing factors that have contributed to the decline in the retail print 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.  It is expected that print revenues will continue to decline long term, while we emphasize circulation of our digital offerings.

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Digital publications revenues increased $1,635,000 or 17.3% for the nine months ended January 31, 2014 as compared to the prior fiscal year.  Earned revenues from institutional digital publications increased $808,000 or 12.7% for the nine months ended January 31, 2014, as compared to the prior fiscal year. Digital publications revenues from retail subscribers increased $827,000 or 27.0% for the nine months ended January 31, 2014, as compared to the prior fiscal year.  The year to year retail digital publications revenues comparison benefited in part from a relatively lower base.  This rate of percentage growth would not be expected to persist.  In dollar terms, the increase in retail digital revenues modestly exceeded the decline in retail print revenues.  Total digital product circulation has increased for fifteen consecutive months, and at January 31, 2014 was 43.8% above total digital product circulation at January 31, 2013. 

The Company has relied more on its personal selling efforts in both the institutional segment and retail retention and sales development. 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 print customers has been gradually declining as individuals migrate to various digital services including our own. Individual investors interested in digitally-delivered investment information have access to both free and subscription equity research from many sources.

Value Line serves individual and professional investors who are able to pay, whether on a regular monthly plan or annual subscription for basic services, or as much as $100,000 or more annually for extensive premium quality research, not obtainable elsewhere. The ongoing goal of adding new subscribers has led us to experiment with varying terms for our reliable, proprietary research.

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 continues to modernize legacy information technology systems.

Copyright data fees

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.  The Ranking System is designed to be predictive over a six to twelve month period.  For the three, six and twelve month periods ended January 31, 2014, the combined Ranking System “Rank 1 & 2” stocks increased 2.6%, 9.6%,  and 30.4%, respectively, outperforming the S&P 500 Index’s increases of 1.2%, 5.8%, and 18.8% during the comparable periods.

During the three and nine months ended January 31, 2014, copyright data fees decreased $288,000 or 28.6% and $717,000 or 24.7%, respectively, as compared to the prior fiscal year. As of January 31, 2014, total third party sponsored assets were attributable to four contracts for copyright data representing $2.9 billion in various products, as compared to four contracts for copyright data representing $3.6 billion in assets at January 31, 2013. The decrease in assets managed by third party sponsors resulted from a shift in assets in one of the underlying portfolios during April 2013 to a new subadvisor which was beyond Value Line’s control. Subsequent to the end of the third quarter of fiscal 2014, the Company became aware of a second asset reassignment of similar magnitude to the first.

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The Company believes 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, on competition and on fluctuations in segments of the equity markets. Management is actively pursuing potential channels for the copyright data products, including Ranking System-based concepts as well as other proprietary quantitative models.

Investment management fees and services – (unconsolidated)

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, as discussed below.  Total assets in the Value Line Funds managed and/or distributed by EAM at January 31, 2014, were $2.3 billion, which is $176 million or 8.3% above total assets of $2.1 billion in the Value Line Funds managed by EAM at January 31, 2013.

Value Line Mutual Funds

Total Net Assets

	As of January 31,
($ in millions)	2014		2013		Change
Variable annuity assets (“GIAC”)	$	482	$	470		2.6	%
All other open end equity and hybrid fund assets		1,608		1,402		14.7	%
Total equity funds		2,090		1,872		11.6	%
Fixed income funds		163		197		-17.3	%
Total EAM managed net assets		2,253		2,069		8.9	%
Daily Income Fund managed by Reich & Tang Asset Management LLC (“Reich & Tang”)		54		62		-12.9	%
Total net assets	$	2,307	$	2,131		8.3	%

Shares of the variable annuity funds, 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).

EAM Trust - Results of operations before distribution to interest holders

The overall results of EAM’s investment management operations during the nine months ended January 31, 2014, before interest holder distributions, include total investment management fees earned from the Value Line Funds of $10,815,000, 12b-1 fees and other fees of $3,757,000 and other income of $13,000.  For the same period, total investment management fee waivers for the Value Line Core Bond Fund were $69,000 and 12b-1 fee waivers for seven Value Line Funds were $1,298,000.  During the nine  months ended January 31, 2014, EAM’s net income was $1,138,000 after giving effect to Value Line’s non-voting revenues interest of $5,028,000, but before distributions to voting profits interest holders and to the Company in respect of its 50% non-voting profits interest.

The overall results of EAM’s investment management operations during the nine months ended January 31, 2013, before interest holder distributions, include total investment management fees earned from the Value Line Funds of $9,481,000, 12b-1 fees and other fees of $2,868,000 and other income of $5,000.  For the same period, total investment management fee waivers for the U.S. Government Money Market Fund (“USGMMF”) and the Value Line Core Bond Fund were $363,000 and 12b-1 fee waivers for nine Value Line Funds were $1,635,000.  During the nine months ended January 31, 2013, EAM’s net income was $694,000 after giving effect to Value Line’s non-voting revenues interest of $4,280,000, but before distributions to voting profits interest holders and to the Company in respect of its 50% non-voting profits interest.

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As of January 31, 2014, seven of the Value Line Funds have all or a portion of the 12b-1 fees being waived, and one fund has partial investment management fee waivers in place.  Fee waivers for certain of the Value Line Funds including all of the 12b-1 fees being waived cannot be recouped.  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 August 1, 2013, EULAV Securities began to receive additional 12b-1 revenues from select Value Line Funds.  Waivers were removed or reduced on two funds, in an effort to continue to expand the marketing programs.  As a result, EAM committed to sponsor events in the latter portion of 2013 with its biggest platform, Schwab.  In November 2013, the Value Line Funds exhibited at the Schwab Impact 2013 conference with over 2000 RIAs in attendance.  The EAM management was able to meet with RIAs and key staff members of Schwab’s distribution platform.

The Value Line equity and hybrid funds assets represent 71.4%, variable annuity funds issued by GIAC represent 21.4%, and fixed income fund assets represent 7.2%, respectively, of total fund assets under management (“AUM”) as of January 31, 2014.  At January 31, 2014, equity, hybrid and GIAC variable annuities AUM increased by 11.6% and fixed income AUM decreased by 17.3% as compared to the prior fiscal year.

 As of January 31, 2014, 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.

Many Value Line Funds continued to outperform their peers. Two of the eight equity and hybrid funds are in the top quartile of their respective peer groups for one year and four of the eight are in the top quartile for the three year period according to Lipper.  At this time last year, four were in the top quartile for one year and six were in the top quartile for three years.

There were no changes to the fund line-up in fiscal 2014, but during the past year, two mergers were completed.  In October 2012 the Value Line U.S. Government Money Market Fund merged into the Daily Income Fund U.S. Government Portfolio managed by Reich & Tang.  In March 2013, the shareholders of the Value Line U.S. Government Securities Fund approved the tax free reorganization of their fund into the Core Bond Fund.   These mergers, following two the previous year, have resulted in a more streamlined fund line up for the complex that is more focused on broad equities and no longer includes specialty/niche funds that have a limited audience.

Value Line equity funds continue to be recognized for both their outstanding performance and lower-risk profile.  Value Line Funds are now widely found at hundreds of broker/dealers, registered investment advisors (“RIAs”) and retirement plans.  The Value Line Asset Allocation Fund which reached $200 million in assets in October 2013 continues to be on the Schwab Mutual Fund OneSource Select List® since 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.  The Value Line Asset Allocation Fund was also added to the Schwab Select List Advisor Edition™ for the fourth calendar quarter of 2013 providing even more exposure.  The Value Line Asset Allocation Fund  is the only fund in Morningstar’s Aggressive Allocation category (out of 124 funds) to have top 20% performance for the 3, 5, 10, and 15 year periods with “Overall Below Average” risk as of September 30, 2013.   During the fiscal quarter ended January 31, 2014, the Small Cap Opportunities Fund was added to a select list at Lincoln Financial.  In Kiplinger’s annual mutual fund rankings published in September 2013, two funds, Asset Allocation and Small Cap, both were ranked as top 10 performers for varying periods.  The Value Line Small Cap Opportunities Fund remains a “Fund Pick” at Fidelity®.

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

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

	Three Months Ended January 31,							Nine Months Ended January 31,
($ in thousands)	2014		2013		Change			2014		2013		Change
Non-voting revenues interest	$	1,767	$	1,472		20.0	%	$	5,028	$	4,280		17.5	%
Non-voting profits interest		207		153		35.3	%		569		347		64.0	%
	$	1,974	$	1,625		21.5	%	$	5,597	$	4,627		21.0	%

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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.

Value Line operating expenses

	Three Months Ended January 31,							Nine Months Ended January 31,
($ in thousands)	2014		2013		Change			2014		2013		Change
Advertising and promotion	$	1,030	$	1,017		1.3	%	$	3,188	$	2,916		9.3	%
Salaries and employee benefits		4,155		3,683		12.8	%		12,020		11,096		8.3	%
Production and distribution		1,737		1,422		22.2	%		4,798		4,236		13.3	%
Office and administration		1,344		1,736		-22.6	%		5,110		5,085		0.5	%
Total expenses	$	8,266	$	7,858		5.2	%	$	25,116	$	23,333		7.6	%

Expenses within the Company are categorized into advertising and promotion, salaries and benefits, production and distribution, office and administration.  Operating expenses for the three and nine months ended January 31, 2014, increased $408,000 or 5.2% and $1,783,000, or 7.6%, respectively, as compared to the three and nine months ended January 31, 2013.

Advertising and promotion

Advertising and promotion expenses during the three months ended January 31, 2014 were comparable with the third quarter of fiscal 2013. Advertising and promotion expenses during the nine months ended January 31, 2014, increased $272,000 or 9.3%, as compared to the prior year period, mainly due to a $142,000 increase in expenses for services related to improvements in retail marketing and brand awareness, and promotion through newspapers, television, and a commercial for internet distribution in fiscal 2014. In the current fiscal year in-house telemarketing expenses which started in March 2013 increased $106,000 and resulted in $3.4 million of retail sales orders during the nine months ended January 31, 2014. There was a decrease of $68,000 in direct mail costs in fiscal 2014.

Salaries and employee benefits

Salaries and employee benefits increased $472,000 or 12.8% and $924,000 or 8.3% during the three and nine months ended January 31, 2014, respectively, as compared to last fiscal year.  In fiscal 2014, increased expenses in salaries and employee benefits were related to the timing of personnel replacements in Marketing, and Research, and new hires in Institutional Sales and Telemarketing.  The capitalization of internal salaries and benefits expenses for digital project development costs decreased $154,000 and $12,000 during the three and nine months ended January 31, 2014, respectively, as compared to last fiscal year.

Production and distribution

Production and distribution expenses during the three and nine months ended January 31, 2014, increased $315,000 or 22.2% and $562,000 or 13.3%, respectively, as compared to fiscal 2013. During the three and nine months ended January 31, 2014, increases of $150,000 and $372,000, respectively, 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. During the nine months ended January 31, 2014, service mailer and introductory package (binder) costs increased $114,000 and postage expenses increased $83,000 as a result of a 2.5% increase in postal rates in January 2013 which were partially offset by a $66,000 decrease in paper costs due to favorable contracted rates from a new vendor and gradually decreasing use of paper as some subscribers migrate to digital services.

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Office and administration

The rental expenses during fiscal 2014 included additional one time overlapping rent of $771,000 for the previously occupied office facilities during the short term lease extension which ended September 15, 2013. The additional rent was offset by a significant decrease in the Company’s annual rental expenses for the New York City office facility under the sublease terms between Value Line, Inc. and Citibank, with the office move also responsible in part for a decline in maintenance, taxes and utilities at New York City headquarters.

               Office and administration expenses during the three months ended January 31, 2014, decreased $392,000 or 22.6% as compared to the third quarter of fiscal 2013 mainly due to a $369,000 decrease in rental expenses. Office and administration expenses during the nine months ended January 31, 2014 were comparable with the prior fiscal year. For the nine months ended January 31, 2014, office and administration expenses included a $117,000 increase in data processing fees and an $81,000 increase in bank fees offset by a decrease of $90,000 in building maintenance costs and a decrease of $101,000 in utilities expenses. Additional decreases in fiscal 2014 are related to a decrease in NJ real estate taxes due to re-assessment of the Company’s warehouse and fulfillment facility resulting in a credit of $151,000 and a decrease in New York City property tax escalation paid on the Company’s previously occupied office facility.

Income from Securities Transactions, net

The Company’s income from securities transactions, net, which included primarily dividend income, was $142,000 and $93,000 during the nine months ended January 31, 2014 and January 31, 2013, respectively. In fiscal 2014 income from securities transactions, net, included capital gain distributions from ETFs of $36,000.  There were no sales, or gains or losses from sales of equity securities during the nine months ended January 31, 2014 and January 31, 2013.

Effective income tax rate

The overall effective income tax rate, as a percentage of pre-tax ordinary income for the nine months ended January 31, 2014 and January 31, 2013 was 35.30% and 36.94%, respectively. The Company’s annual effective tax rate may 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 by and settlements with tax authorities.  The fluctuation in the effective income tax rate during fiscal 2014 is attributable to a lower percentage of income subject to state and local taxes and an increase in the dividends received deduction.

Liquidity and Capital Resources

The Company had negative working capital, defined as current assets less current liabilities, of $9,653,000 and $10,066,000 as of January 31, 2014 and January 31, 2013, respectively.  These amounts include short term unearned revenues of $20,961,000 and $21,001,000 reflected in total current liabilities at January 31, 2014 and January 31, 2013, respectively.  Cash and short term securities were $13,968,000 as of January 31, 2014 and $13,895,000 as of January 31, 2013.

The Company’s cash and cash equivalents include $3,858,000 and $7,751,000 at January 31, 2014 and January 31, 2013, respectively, invested primarily in savings accounts at commercial banks and Money Market Funds at brokers’ accounts, which operate under Rule 2a-7 of the 1940 Act and invest primarily in short term U.S. government securities.

Cash from operating activities

The Company’s cash inflows from operating activities were $2,268,000 and $662,000 during the nine months ended January 31, 2014 and January 31, 2013, respectively.  The change in cash flows from fiscal 2013 to fiscal 2014 was primarily due to the slowdown in the decline of unearned revenues as new order activity increased, the decrease in prepaid expenses partially offset by the decrease in the cash inflows from the receipt of prepaid and refundable income taxes and the timing of payments of accounts payable.  

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Cash from investing activities

The Company’s cash inflows from investing activities were $644,000 and $639,000 during the nine months ended January 31, 2014 and January 31, 2013, respectively.  Cash inflows from investing activities for the nine months ended January 31, 2014, were lower primarily due to the Company’s decision to reinvest in the inverse ETF securities available-for-sale and the increase in expenditures for capitalized software related to upgrading product capabilities which were offset by the increase in the receipt of non-voting revenues interest and non-voting profits interest distributions from EAM Trust.  The Company expects that investing activities should provide cash from continued receipts from its non-voting revenues and non-voting profits interests distributions from EAM.

Cash from financing activities

The Company’s cash outflows from financing activities were $4,944,000 and $4,600,000 during the nine months ended January 31, 2014 and January 31, 2013, respectively.  Cash outflows from financing activities for the nine months ended January 31, 2014, were higher primarily due to the increase in the repurchase of the Company’s common stock under the September 19, 2012 board approved common stock repurchase program.  The Company expects financing activities to continue to include use of cash for dividend payments and treasury stock purchases 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 and does not anticipate making any borrowings during the next twelve months.   As of January 31, 2014, retained earnings were $32,974,000 and liquid assets were $13,968,000.

Seasonality

Our publishing revenues are comprised of subscriptions which are generally annual subscriptions. Our cash flows from operating activities are minimally seasonal in nature, primarily due to the timing of customer payments made for orders and subscription renewals.

Off-balance sheet arrangements

We are not a party to any off-balance sheet arrangements, other than operating leases entered into in the ordinary course of business.

Recent Accounting Pronouncements

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 adopted the provisions of ASU 2011-11 effective May 1, 2013, and it did not have a material impact on our Consolidated Condensed 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 adopted the provisions of ASU 2012-02 effective May 1, 2013, and it did not have a material impact on our Consolidated Condensed Financial Statements.

28

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 adopted the provisions of ASU 2013-02 effective May 1, 2013, and it did not have a material impact on our Consolidated Condensed Financial Statements.

Critical Accounting Estimates and Policies

The Company prepares its Consolidated Condensed 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 Condensed Financial Statements.

Item 3.  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

Market Risk Disclosures

The Company’s Consolidated Condensed Balance Sheets include 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

At January 31, 2014, the Company did not have investments in securities with fixed maturities and therefore did 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.

29

           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.

As of January  31, 2014 and April 30, 2013 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 $8,847,000 and $6,295,000 and the market value was $9,160,000 and $6,682,000, respectively.

($ in thousands)					Estimated Fair Value after		Hypothetical Percentage
				Hypothetical	Hypothetical		Increase (Decrease) in
Equity Securities		Fair Value		Price Change	Change in Prices		Shareholders’ Equity
As of January 31, 2014	Equity Securities and ETFs held for dividend yield	$	4,961	30% increase	$	6,449	2.92	%
				30% decrease		3,473	-2.92	%
As of January 31, 2014	Inverse ETF Holdings		4,199	30% increase		2,939	-2.47	%
				30% decrease		5,459	2.47	%
As of January 31, 2014	Total	$	9,160	30% increase	$	9.388	0.45	%
				30% decrease	$	8,932	-0.45	%

($ in thousands)					Estimated Fair Value after		Hypothetical Percentage
				Hypothetical	Hypothetical		Increase (Decrease) in
Equity Securities		Fair Value		Price Change	Change in Prices		Shareholders’ 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	%

30

Item 4.  CONTROLS AND PROCEDURES

(a) 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 Principal Executive Officer and Principal Financial Officer, as appropriate, to allow timely decisions regarding disclosure.

The Company’s management has evaluated, with the participation of the Company’s Principal Executive Officer and Principal Financial Officer, the effectiveness of the Company’s disclosure controls and procedures, (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended) as of the end of the period covered by this report.  Based on that evaluation, the Principal Executive Officer and Principal Financial Officer have concluded that the Company’s disclosure controls and procedures were effective as of the end of the period covered by this report.

(b) The registrant’s Principal Executive Officer and Principal Financial Officer have determined that there have been no changes in the registrant’s internal control over financial reporting that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Part II – OTHER INFORMATION

Item 1.  Legal Proceedings

None.

Item 1A.  Risk Factors

There have been no material changes to the risk factors disclosed in Item 1A – Risk Factors in the Company’s Annual Report on Form 10-K for the year ended April 30, 2013 filed with the SEC on July 26, 2013.

31

Item 2.  Unregistered Sales of Equity Securities and Use of Proceeds

(c)       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 January 31, 2014.   All purchases listed below were made in the open market at prevailing market prices.

	ISSUER PURCHASES OF EQUITY SECURITIES
	(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
November 1 - 30, 2013		12,496	$	9.41		12,496	$	2,351,000
December 1 - 31, 2013		-		-		-	$	2,351,000
January 1 - 31, 2014		3,426	$	12.29		3,426	$	2,309,000
Fiscal Quarter		15,922	$	10.02		15,922	$	2,309,000

All shares represent shares repurchased pursuant to authorization of the Board of Directors.  On September 19,  2012, the Company’s Board of Directors authorized 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 price of $3,000,000.

Item 5.  Other Information

None.

Item 6.  Exhibits

31.1 Certificate of Principal Executive Officer Required Under Section 302 of the Sarbanes-Oxley Act of 2002.

31.2 Certificate of Principal Financial Officer Required Under Section 302 of the Sarbanes-Oxley Act of 2002.

32.1 Joint Principal Executive Officer/Principal Financial Officer Certificate Required Under Section 906 of the Sarbanes-Oxley Act of 2002.

101.INS XBRL Instance Document

101.SCH XBRL Taxonomy Extension Schema Document

101.CAL XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF XBRL Taxonomy Extension Definition Linkbase Document

101.LAB XBRL Taxonomy Extension Label Linkbase Document

101.PRE XBRL Taxonomy Extension Presentation Linkbase Document

32

VALUE LINE, INC.

Signatures

Pursuant to the requirements 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
	Chief Executive Officer
	(Principal Executive Officer)

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

Date:  March 13, 2014

33

EX-31.1

Exhibit 31.1

CERTIFICATIONS

I, Howard A. Brecher, certify that:

1. I have reviewed this report on Form 10-Q of Value Line, Inc. for the quarter ended January 31, 2014;

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.

5. The registrant’s other certifying officer(s) 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:  March 13, 2014	By:	/s/ Howard A. Brecher
		Howard A. Brecher
		Chairman and Chief Executive Officer
		(Principal Executive Officer)

EX-31.2

Exhibit 31.2

CERTIFICATIONS

I, Stephen R. Anastasio, certify that:

1. I have reviewed this report on Form 10-Q of Value Line, Inc. for the quarter ended January 31, 2014;

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.

5. The registrant’s other certifying officer(s) 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:  March 13, 2014	By:	/s/ Stephen R. Anastasio
		Stephen R. Anastasio
		Vice President & Treasurer
		(Principal Financial Officer)

EX-32.1

Exhibit 32.1

Certification Pursuant to 18 U.S.C. Section 1350

In accordance with 18 U.S.C. Section 1350, the undersigned hereby certify, in the indicated capacities with respect to Value Line, Inc. (the “Issuer”), that the report on Form 10-Q for the quarter ended January 31, 2014 of the Issuer fully complies with the requirements of section 13(a) of the Securities Exchange Act of 1934 and that the information contained in the quarterly report on Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Issuer.  This certification is not to be deemed to be filed pursuant to the Securities Exchange Act of 1934 and does not constitute a part of the quarterly report on Form 10-Q of the Issuer accompanying this certification.

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

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

Date:  March 13, 2014

XML

Investments (Detail Textuals) (USD $)	9 Months Ended
	Jan. 31, 2014	Jan. 31, 2013	Apr. 30, 2013
Schedule of Available-for-sale Securities [Line Items]
Aggregate cost of equity securities available for sale	$ 8,847,000		$ 6,295,000
Fair value of equity securities	9,160,000		6,682,000
Increase (decreases) in gross unrealized gains on equity securities classified as available-for-sale	(74,000)	70,000
Accumulated other comprehensive income, net of tax	203,000		251,000
Equity Securities
Schedule of Available-for-sale Securities [Line Items]
Aggregate cost of equity securities available for sale	8,847,000		6,295,000
Fair value of equity securities	9,160,000		6,682,000
Increase (decreases) in gross unrealized gains on equity securities classified as available-for-sale	(74,000)	70,000
Deferred taxes on unrealized gains on securities	26,000	24,000
Accumulated other comprehensive income, net of tax	313,000		387,000
Deferred taxes on accumulated other comprehensive income	$ 110,000		$ 136,000

XML

Accounting for the Costs of Computer Software Developed for Internal Use (Detail Textuals) (USD $)	9 Months Ended
	Jan. 31, 2014	Jan. 31, 2013
Internal Use Software [Abstract]
Capitalized cost of development of software for internal use	$ 1,874,000	$ 1,546,000
Development costs for digital production software project	1,823,000	1,444,000
Development costs related to new fulfillment system	51,000	102,000
Expected useful life of asset	5 years
Amortization expense	1,310,000	937,000
Internal costs to develop software	1,255,000	1,267,000
Third party programmers' costs	$ 619,000	$ 279,000

XML

Federal, State and Local Income Taxes - Provision for income taxes (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended
	Jan. 31, 2014	Jan. 31, 2013	Jan. 31, 2014	Jan. 31, 2013
Current tax expense:
Federal	$ 949	$ 727	$ 2,003	$ 2,054
State and local	66	156	140	258
Current tax expense	1,015	883	2,143	2,312
Deferred tax expense:
Federal	(9)	97	521	533
State and local	20	23	111	140
Deferred tax expense	11	120	632	673
Income tax provision:	$ 1,026	$ 1,003	$ 2,775	$ 2,985

XML

Treasury Stock and Repurchase Program - Components of treasury stock, at cost (Details) (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended				9 Months Ended
	Jan. 31, 2014	Oct. 31, 2013	Jul. 31, 2013		Jan. 31, 2014		Jan. 31, 2013
Shares
Balance as of April 30, 2013			123,572	[1],[2],[3]	123,572	[1],[2],[3]
Purchases effected in open market	15,922	13,428	25,723
Balance as of January 31, 2014	178,645				178,645
Total Average Cost Assigned
Balance as of April 30, 2013			$ 1,572	[1],[2],[3]	$ 1,572	[1],[2],[3]
Purchases effected in open market	160	123	226		509		147
Balance as of January 31, 2014	2,081				2,081
Average Cost per Share
Balance as of April 30, 2013			$ 12.72	[1],[2],[3]	$ 12.72	[1],[2],[3]
Purchases effected in open market	$ 10.02	$ 9.13	$ 8.82
Balance as of January 31, 2014	$ 11.65				$ 11.65
Aggregate Purchase Price Remaining Under the Program
Balance as of April 30, 2013			2,818	[1],[2],[3]	2,818	[1],[2],[3]
Purchases effected in open market	$ 2,309	$ 2,469	$ 2,592

[1] Includes 18,400 shares with a total average cost of $354,000 that 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] Includes 19,953 shares with a total average cost of $182,000 that were acquired during the current repurchase program authorized in September 2012.

XML

Related Party Transactions - Income from non-voting revenues interest and non-voting profits interests in EAM (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended
	Jan. 31, 2014	Jan. 31, 2013	Jan. 31, 2014	Jan. 31, 2013
Related Party Transactions [Abstract]
Non-voting revenues interest in EAM	$ 1,767	$ 1,472	$ 5,028	$ 4,280
Non-voting profits interest in EAM	207	153	569	347
Revenues and profits interests in EAM Trust	$ 1,974	$ 1,625	$ 5,597	$ 4,627

XML

Organization and Summary of Significant Accounting Policies - Levels of fair value measurements of investments (Details) (USD $) In Thousands, unless otherwise specified	Jan. 31, 2014	Apr. 30, 2013
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	$ 3,858	$ 6,312
Securities available-for-sale	9,160	6,682
Investments, fair value disclosure	13,018	12,994
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	3,858	6,312
Securities available-for-sale	9,160	6,682
Investments, fair value disclosure	13,018	12,994
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

XML

Lease Commitments - Future minimum payments under operating lease (Details) (USD $) In Thousands, unless otherwise specified	Jan. 31, 2014
Commitments and Contingencies Disclosure [Abstract]
2014	$ 367
2015	1,468
2016	1,468
2017	1,224
Operating leases, total	$ 4,527

XML

Variable Interest Entity (Tables)

9 Months Ended

Jan. 31, 2014

Variable Interest Entity [Abstract]

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

			Value Line
($ in thousands)	VIE Assets		Investment in EAM Trust (1)		Liabilities		Maximum Exposure to Loss
As of January 31, 2014 (unaudited)	$	59,730	$	57,900	$	-	$	57,900
As of April 30, 2013	$	59,349	$	57,511	$	-	$	57,511

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

XML

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)	9 Months Ended
	Jan. 31, 2014	Jan. 31, 2013
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Abstract]
U.S. statutory federal rate	35.00%	35.00%
Increase (decrease) in tax rate from:
State and local income taxes, net of federal income tax benefit	1.97%	2.78%
Effect of dividends received deductions	(0.42%)	(0.26%)
Domestic production tax credit	(0.46%)	(0.58%)
Other, net	(0.79%)
Effective income tax rate	35.30%	36.94%

XML

Variable Interest Entity (Detail textuals) (EAM Trust)	9 Months Ended
	Jan. 31, 2014
EAM Trust
Variable Interest Entity [Line Items]
Non-voting profits interest in EAM	50.00%

XML

Investments - Components of EAM's investment management operations (Details 2) (USD $) In Thousands, unless otherwise specified	3 Months Ended				9 Months Ended
	Jan. 31, 2014		Jan. 31, 2013		Jan. 31, 2014		Jan. 31, 2013
Schedule of Investments [Line Items]
Value Line's non-voting revenues interest	$ 1,767		$ 1,472		$ 5,028		$ 4,280
EAM's net income	2,026		1,747		5,087		5,095
EAM Trust
Schedule of Investments [Line Items]
Investment management fees earned from the Value Line Funds, net of fee waivers	3,750		3,252		10,815		9,481
12b-1 fees and other fees, net of fee waivers	1,344		992		3,757		2,868
Other income	3		5		13		5
Investment management fee waivers	22	[1]	16	[1]	69	[1]	363	[1]
12b-1 fee waivers	396	[1]	545	[1]	1,298	[1]	1,635	[1]
Value Line's non-voting revenues interest	1,767		1,472		5,028		4,280
EAM's net income	$ 414	[2]	$ 306	[2]	$ 1,138	[2]	$ 694	[2]

[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.

XML

Property and Equipment - Components of property and equipment, net (Details) (USD $) In Thousands, unless otherwise specified	Jan. 31, 2014	Apr. 30, 2013
Property, Plant and Equipment [Abstract]
Land	$ 726	$ 726
Building and leasehold improvements	5,029	7,391
Furniture and equipment	5,239	11,180
Property and equipment, gross	10,994	19,297
Accumulated depreciation and amortization	(7,131)	(15,367)
Total property and equipment, net	$ 3,863	$ 3,930

XML

Related Party Transactions (Detail Textuals) (USD $)	9 Months Ended						3 Months Ended						9 Months Ended
	Jan. 31, 2014	Jan. 31, 2013	Jan. 31, 2014 Value Line Inc	Jan. 31, 2013 Value Line Inc	Jan. 31, 2014 Value Line Inc Investment in EAM Trust	Apr. 30, 2013 Value Line Inc Investment in EAM Trust	Jan. 31, 2014 EAM Trust	Oct. 31, 2013 EAM Trust	Jul. 31, 2013 EAM Trust	Jan. 31, 2013 EAM Trust	Oct. 31, 2012 EAM Trust	Jul. 31, 2012 EAM Trust	Jan. 31, 2014 EAM Trust	Jan. 31, 2014 EAM Trust Minimum	Jan. 31, 2014 EAM Trust Maximum
Related Party Transaction [Line Items]
Total assets of value line funds managed by EAM							$ 2,300,000,000			$ 2,100,000,000			$ 2,300,000,000
Percentage of assets increased in funds													8.30%
Investment management fee revenues from its mutual fund and separate accounts business														41.00%	55.00%
Percentage of non voting profits interests due each quarter from EAM														90.00%
Non-voting profits interest in EAM													50.00%
Non voting profits interest in variable entity not yet paid					1,953,000	1,621,000
Reimbursed income			113,000	138,000
Federal income tax payments to the parent	$ 1,054,000	$ 1,030,000
Percentage of ownership in outstanding shares of common stock of the company by parent			87.91%
Percentage of non-voting revenues interest in unconsolidated entity							47.91%	47.27%	46.66%	46.15%	45.87%	46.20%

XML

Organization and Summary of Significant Accounting Policies

9 Months Ended

Jan. 31, 2014

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.

The Consolidated Condensed Balance Sheets as of January 31, 2014 and April 30, 2013, which have been derived from the unaudited interim Consolidated Condensed Financial Statements and the audited Consolidated Financial Statements, respectively, were prepared following the interim reporting requirements of the Securities and Exchange Commission (“SEC”). In the opinion of management, the accompanying Unaudited Interim Consolidated Condensed Financial Statements contain all adjustments (consisting of normal recurring accruals except as noted below) considered necessary for a fair presentation. This report should be read in conjunction with the audited financial statements and footnotes contained in the Company’s Annual Report on Form 10-K for the fiscal year ended April 30, 2013 filed with the SEC on July 26, 2013 (the “Form 10-K”). Results of operations covered by this report may not be indicative of the results of operations for the entire year.

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 3).

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 deconsolidation of the investment management related affiliates (the “Restructuring Transaction”) 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 significant non-voting profits interest in the new entity, EULAV Asset Management, a Delaware statutory trust (“EAM” or “EAM Trust”). 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 Condensed Statements of Income.

Revenue Recognition:

Depending upon the product, subscriptions to Value Line periodicals and related publications are 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 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.

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 equities including ETFs, 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 as available-for-sale reflected in the Consolidated Condensed 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 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 820 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. Examples of risks include those inherent in a particular valuation technique used to measure fair value such as the risk inherent in the inputs to 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 January 31, 2014
($ in thousands)	Level 1		Level 2		Level 3		Total
Cash equivalents	$	3,858	$	-	$	-	$	3,858
Securities available-for-sale		9,160		-		-		9,160
	$	13,018	$	-	$	-	$	13,018

	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

The Company had no other financial instruments such as futures, forwards and swap contracts. For the periods ended January 31, 2014 and April 30, 2013, 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 Condensed 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 January 31, 2014, 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 Condensed 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 January 31, 2014 and April 30, 2013, cash equivalents included $3,858,000 and $6,312,000, respectively, for amounts invested in savings accounts at commercial banks, held as bank certificates of deposits, and investments in money market mutual funds that invest in short term U.S. government securities.

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Supplementary Cash Flow Information (Details) (USD $) In Thousands, unless otherwise specified	9 Months Ended
	Jan. 31, 2014	Jan. 31, 2013
Supplemental Cash Flow Elements [Abstract]
State and local income tax payments	$ (97)	$ (20)
Federal income tax payments to the Parent	$ (1,054)	$ (1,030)

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Federal, State and Local Income Taxes (Tables)

9 Months Ended

Jan. 31, 2014

Income Tax Disclosure [Abstract]

Schedule of provision for income taxes

	Three Months Ended January 31,					Nine Months Ended January 31,
($ in thousands)	2014			2013		2014		2013
Current tax expense:
Federal	$	949		$	727	$	2,003	$	2,054
State and local		66			156		140		258
Current tax expense		1,015			883		2,143		2,312
Deferred tax expense:
Federal		(9	)		97		521		533
State and local		20			23		111		140
Deferred tax expense		11			120		632		673
Income tax provision	$	1,026		$	1,003	$	2,775	$	2,985

Schedule of components of deferred tax asset and deferred tax liability

	January 31,			April 30,
($ in thousands)	2014			2013
Federal tax benefit (liability):
Unrealized gains on securities available-for-sale	$	(110	)	$	(136	)
Operating lease deferred obligation		70			13
Deferred professional fees		39			49
Deferred charges		227			265
Total federal tax benefit		226			191
State and local tax benefits:
NYC UBT tax credit carryforward		181			-
Other		56			36
Total state and local tax benefits		237			36
Deferred tax asset, short term	$	463		$	227
	January 31,			April 30,
($ in thousands)	2014			2013
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		2,359			1,642
Other		590			262
Total federal tax liability		20,009			18,964
State and local tax liabilities (benefits):
Deferred gain on deconsolidation of EAM		2,144			2,243
Deferred non-cash post-employment compensation		(75	)		(79	)
Depreciation and amortization		286			208
Deferred professional fees		(5	)		(10	)
Total state and local tax liabilities		2,350			2,362
Deferred tax liability, long term	$	22,359		$	21,326

Schedule of effective income tax rate reconciliation

	Nine Months Ended January 31,
	2014			2013
U.S. statutory federal rate		35.00	%		35.00	%
Increase (decrease) in tax rate from:
State and local income taxes, net of federal income tax benefit		1.97	%		2.78	%
Effect of dividends received deductions		-0.42	%		-0.26	%
Domestic production tax credit		-0.46	%		-0.58	%
Other, net		-0.79	%		-
Effective income tax rate		35.30	%		36.94	%

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Related Party Transactions (Tables)

9 Months Ended

Jan. 31, 2014

Related Party Transactions [Abstract]

Schedule of non voting revenues interest and non voting profits interests

	Three Months Ended January 31,				Nine Months Ended January 31,
($ in thousands)	2014		2013		2014		2013
Non-voting revenues interest in EAM	$	1,767	$	1,472	$	5,028	$	4,280
Non-voting profits interest in EAM		207		153		569		347
	$	1,974	$	1,625	$	5,597	$	4,627

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Treasury Stock and Repurchase Program (Detail Textuals) (USD $)	3 Months Ended			9 Months Ended		1 Months Ended
	Jan. 31, 2014	Oct. 31, 2013	Jul. 31, 2013	Jan. 31, 2014	Jan. 31, 2013	Sep. 19, 2012 September 2012 Share Repurchase Program	Jan. 31, 2011 January 2011 Share Repurchase Program	Jan. 31, 2011 Former Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Authorized repurchase amount of common stock						$ 3,000,000
Number of treasury shares	15,922	13,428	25,723			19,953	18,400	85,219
Total average cost	$ 160,000	$ 123,000	$ 226,000	$ 509,000	$ 147,000	$ 182,000	$ 354,000	$ 1,036,000

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Employees' Profit Sharing and Savings Plan (Detail Textuals) (USD $)	9 Months Ended
	Jan. 31, 2014	Jan. 31, 2013
Compensation Related Costs [Abstract]
Estimated profit sharing plan contribution included in salaries and employee benefits	$ 251,000	$ 175,000

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Property and Equipment (Tables)

9 Months Ended

Jan. 31, 2014

Property, Plant and Equipment [Abstract]

Schedule of property and equipment

	January 31,			April 30,
($ in thousands)	2014			2013
Land	$	726		$	726
Building and leasehold improvements		5,029			7,391
Furniture and equipment		5,239			11,180
		10,994			19,297
Accumulated depreciation and amortization		(7,131	)		(15,367	)
Total property and equipment, net	$	3,863		$	3,930

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Treasury Stock and Repurchase Program (Tables)

9 Months Ended

Jan. 31, 2014

Treasury Stock [Abstract]

Schedule of treasury stock, at cost

(in thousands except for shares and cost per share)	Shares		Total Average Cost Assigned		Average Cost per Share		Aggregate Purchase Price Remaining Under the Program
Balance as of April 30, 2013 (1)(2)(3)		123,572	$	1,572	$	12.72	$	2,818
Purchases effected in open market during the quarters ended:
July 31, 2013		25,723		226	$	8.82	$	2,592
October 31, 2013		13,428		123	$	9.13	$	2,469
January 31, 2014		15,922		160	$	10.02	$	2,309
Balance as of January 31, 2014		178,645	$	2,081	$	11.65

(1) Includes 18,400 shares with a total average cost of $354,000 that 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) Includes 19,953 shares with a total average cost of $182,000 that were acquired during the current repurchase program authorized in September 2012.

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Consolidated Condensed Statement of Changes in Shareholders' Equity (unaudited) (Parentheticals) (USD $)	3 Months Ended
	Jan. 31, 2014	Oct. 31, 2013	Jul. 31, 2013	Jan. 31, 2013	Oct. 31, 2012	Jul. 31, 2012
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

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Lease Commitments (Tables)

9 Months Ended

Jan. 31, 2014

Commitments and Contingencies Disclosure [Abstract]

Schedule of future minimum payments

Fiscal Years Ending April 30,	($ in thousands)
2014	$                       367
2015	1,468
2016	1,468
2017	1,224
	$                   4,527

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Investments - Equity Method Investment (Detail Textuals 1) (USD $)	9 Months Ended
	Jan. 31, 2014		Apr. 30, 2013
Schedule of Equity Method Investments [Line Items]
Investment in EAM Trust	$ 57,900,000		$ 57,511,000
EAM Trust
Schedule of Equity Method Investments [Line Items]
Investment in EAM Trust	57,900,000	[1]	57,511,000	[1]
Fair value of contributed capital at inception	55,805,000		55,805,000
Cash and liquid securities in excess of working capital requirements contributed to capital account	5,820,000		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	$ 1,953,000		$ 1,621,000

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

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Property and Equipment (Detail Textuals) (USD $)	3 Months Ended
	Oct. 31, 2013
Property, Plant and Equipment [Abstract]
Disposal of leasehold improvements and furniture and equipment	$ 8,403,000
Depreciation and amortization	$ 8,403,000

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Consolidated Condensed Balance Sheets (USD $) In Thousands, unless otherwise specified	Jan. 31, 2014	Apr. 30, 2013
Current Assets:
Cash and cash equivalents (including short term investments of $3,858 and $6,312, respectively)	$ 4,808	$ 6,840
Securities available-for-sale	9,160	6,682
Accounts receivable, net of allowance for doubtful accounts of $28 and $17, respectively	1,435	1,278
Prepaid expenses and other current assets	1,280	1,646
Deferred income taxes	463	227
Total current assets	17,146	16,673
Long term assets:
Investment in EAM Trust	57,900	57,511
Property and equipment, net	3,863	3,930
Capitalized software and other intangible assets, net	6,791	6,227
Total long term assets	68,554	67,668
Total assets	85,700	84,341
Current Liabilities:
Accounts payable and accrued liabilities	2,289	2,460
Accrued salaries	1,092	1,200
Dividends payable	1,474	1,481
Accrued taxes on income	983	180
Unearned revenue	20,961	22,073
Total current liabilities	26,799	27,394
Long term liabilities:
Unearned revenue	3,038	2,636
Deferred charges	417
Deferred income taxes	22,359	21,326
Total long term liabilities	25,814	23,962
Total liabilities	52,613	51,356
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	32,974	32,315
Treasury stock, at cost (178,645 and 123,572 shares, respectively)	(2,081)	(1,572)	[1],[2],[3]
Accumulated other comprehensive income, net of tax	203	251
Total shareholders' equity	33,087	32,985
Total liabilities and shareholders' equity	$ 85,700	$ 84,341

[1] Includes 18,400 shares with a total average cost of $354,000 that 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] Includes 19,953 shares with a total average cost of $182,000 that were acquired during the current repurchase program authorized in September 2012.

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Comprehensive Income - Components of comprehensive income that are included in Consolidated Statement of Changes in Shareholders' Equity (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended
	Jan. 31, 2014	Jan. 31, 2013	Jan. 31, 2014	Jan. 31, 2013
Comprehensive Income (Loss) Note [Abstract]
Change in unrealized gains on securities, Before Tax			$ (74)	$ 70
Change in unrealized gains on securities, Tax Benefit (Expense)			26	(24)
Change in unrealized gains on securities, Net of Tax			(48)	46
Other comprehensive income (loss), available-for-sale securities adjustment, Before Tax			(74)	70
Other comprehensive income (loss), available-for-sale securities, Tax Benefit (Expense)			26	(24)
Other comprehensive income (loss), available-for-sale securities adjustment, Net of Tax	$ (87)	$ 19	$ (48)	$ 46

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Consolidated Condensed Statements of Cash Flows (unaudited) (USD $) In Thousands, unless otherwise specified	9 Months Ended
	Jan. 31, 2014	Jan. 31, 2013
Cash flows from operating activities:
Net income	$ 5,087	$ 5,095
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	1,514	1,136
Non-voting revenues interest in EAM Trust	(5,028)	(4,280)
Non-voting profits interest in EAM Trust	(569)	(347)
Deferred rent	617
Deferred income taxes	632	673
Changes in operating assets and liabilities:
Unearned revenue	(710)	(1,962)
Reserve for settlement	(141)	(23)
Operating lease exit obligation	(36)	(329)
Accounts payable & accrued expenses	(194)	(206)
Accrued salaries	(108)	(116)
Accrued taxes on income	995	484
Prepaid and refundable income taxes		779
Prepaid expenses and other current assets	366	67
Accounts receivable	(157)	(309)
Total adjustments	(2,819)	(4,433)
Net cash provided by operating activities	2,268	662
Cash flows from investing activities:
Purchases of securities classified as available-for-sale	(2,553)	(1,200)
Distributions received from EAM Trust	5,208	3,493
Acquisition of property and equipment	(137)	(108)
Expenditures for capitalized software	(1,874)	(1,546)
Net cash provided by investing activities	644	639
Cash flows from financing activities:
Purchase of treasury stock at cost	(509)	(147)
Dividends paid	(4,435)	(4,453)
Net cash used in financing activities	(4,944)	(4,600)
Net change in cash and cash equivalents	(2,032)	(3,299)
Cash and cash equivalents at beginning of year	6,840	12,042
Cash and cash equivalents at end of period	$ 4,808	$ 8,743

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Subsequent Events (Detail Textuals) (Subsequent Event, USD $)	1 Months Ended
	Feb. 28, 2014
Subsequent Event
Subsequent Event [Line Items]
Decrease in copyright data fees per year	$ 700,000

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Investments - Carrying value and fair value of securities available-for-sale (Details) (USD $) In Thousands, unless otherwise specified	Jan. 31, 2014	Apr. 30, 2013
Schedule of Available-for-sale Securities [Line Items]
Cost	$ 8,847	$ 6,295
Gross Unrealized Gains	1,008	767
Gross Unrealized Losses	(695)	(380)
Fair Value	9,160	6,682
Common stocks
Schedule of Available-for-sale Securities [Line Items]
Cost	101	103
Gross Unrealized Gains	47	27
Gross Unrealized Losses	(18)	(16)
Fair Value	130	114
ETFs - equities
Schedule of Available-for-sale Securities [Line Items]
Cost	3,878	3,878
Gross Unrealized Gains	961	740
Gross Unrealized Losses	(8)
Fair Value	4,831	4,618
Inverse ETFs - equities
Schedule of Available-for-sale Securities [Line Items]
Cost	4,868	2,314
Gross Unrealized Gains
Gross Unrealized Losses	(669)	(364)
Fair Value	$ 4,199	$ 1,950

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Organization and Summary of Significant Accounting Policies (Policies)

9 Months Ended

Jan. 31, 2014

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 3).

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 deconsolidation of the investment management related affiliates (the “Restructuring Transaction”) 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 significant non-voting profits interest in the new entity, EULAV Asset Management, a Delaware statutory trust (“EAM” or “EAM Trust”). 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 Condensed Statements of Income.

Revenue Recognition

Revenue Recognition:

Depending upon the product, subscriptions to Value Line periodicals and related publications are 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 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.

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 equities including ETFs, 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 as available-for-sale reflected in the Consolidated Condensed 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 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 820 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. Examples of risks include those inherent in a particular valuation technique used to measure fair value such as the risk inherent in the inputs to 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 January 31, 2014
($ in thousands)	Level 1		Level 2		Level 3		Total
Cash equivalents	$	3,858	$	-	$	-	$	3,858
Securities available-for-sale		9,160		-		-		9,160
	$	13,018	$	-	$	-	$	13,018

	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

The Company had no other financial instruments such as futures, forwards and swap contracts. For the periods ended January 31, 2014 and April 30, 2013, 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 Condensed 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 January 31, 2014, 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 Condensed 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 January 31, 2014 and April 30, 2013, cash equivalents included $3,858,000 and $6,312,000, respectively, for amounts invested in savings accounts at commercial banks, held as bank certificates of deposits, and investments in money market mutual funds that invest in short term U.S. government securities.

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Investments - Composition of income from securities transactions (Details 1) (USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended
	Jan. 31, 2014	Jan. 31, 2013	Jan. 31, 2014	Jan. 31, 2013
Investments, Debt and Equity Securities [Abstract]
Dividend income	$ 36	$ 34	$ 109	$ 91
Interest income	1	3	2	4
Capital gain	36		36
Other	(3)		(5)	(2)
Total income from securities transactions, net	$ 70	$ 37	$ 142	$ 93

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Investments (Tables)

9 Months Ended

Jan. 31, 2014

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 January 31, 2014 were as follows:

($ in thousands)	Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Common stocks	$	101	$	47	$	(18	)	$	130
ETFs - equities		3,878		961		(8	)		4,831
Inverse ETFs - equities		4,868		-		(669	)		4,199
	$	8,847	$	1,008	$	(695	)	$	9,160

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 January 31,					Nine Months Ended January 31,
($ in thousands)	2014			2013		2014			2013
Dividend income	$	36		$	34	$	109		$	91
Interest income		1			3		2			4
Capital gain		36			-		36			-
Other		(3	)		-		(5	)		(2	)
Total income from securities transactions, net	$	70		$	37	$	142		$	93

Schedule of components of EAM's investment management operations

	Three Months Ended January 31,				Nine Months Ended January 31,
($ in thousands) (unaudited)	2014		2013		2014		2013
Investment management fees earned from the Value Line Funds, net of fee waivers	$	3,750	$	3,252	$	10,815	$	9,481
12b-1 fees and other fees, net of fee waivers	$	1,344	$	992	$	3,757	$	2,868
Other income	$	3	$	5	$	13	$	5
Investment management fee waivers (1)	$	22	$	16	$	69	$	363
12b-1 fee waivers (1)	$	396	$	545	$	1,298	$	1,635
Value Line’s non-voting revenues interest	$	1,767	$	1,472	$	5,028	$	4,280
EAM’s net income (2)	$	414	$	306	$	1,138	$	694

(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

	January 31,			April 30,
($ in thousands)	2014			2013
	(unaudited)
EAM’s total assets	$	59,730		$	59,349
EAM’s total liabilities (1)		(2,987	)		(2,814	)
EAM’s total equity	$	56,743		$	56,535

(1) At January 31, 2014 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 $1,953,000 and $1,621,000, respectively.

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Consolidated Condensed Statement of Changes in Shareholders' Equity (unaudited) (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, 2012	$ 1,000	$ 991	$ (1,390)	$ 31,628	$ 85	$ 32,314
Balance (in shares) at Apr. 30, 2012	10,000,000		(103,619)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income				5,095		5,095
Change in unrealized gains on securities, net of taxes					46	46
Purchase of treasury stock			(147)			(147)
Purchase of treasury stock (in shares)			(16,330)
Dividends declared				(4,451)		(4,451)
Balance at Jan. 31, 2013	1,000	991	(1,537)	32,272	131	32,857
Balance (in shares) at Jan. 31, 2013	10,000,000		(119,949)
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)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income				5,087		5,087
Change in unrealized gains on securities, net of taxes					(48)	(48)
Purchase of treasury stock			(509)			(509)
Purchase of treasury stock (in shares)			(55,073)
Dividends declared				(4,428)		(4,428)
Balance at Jan. 31, 2014	$ 1,000	$ 991	$ (2,081)	$ 32,974	$ 203	$ 33,087
Balance (in shares) at Jan. 31, 2014	10,000,000		(178,645)

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Consolidated Condensed Balance Sheets (Parentheticals) (USD $) In Thousands, except Share data, unless otherwise specified	Jan. 31, 2014	Apr. 30, 2013
Statement Of Financial Position [Abstract]
Short term investments (in dollars)	$ 3,858	$ 6,312
Allowance for doubtful accounts (in dollars)	$ 28	$ 17
Common stock, par value (in dollars per share)	$ 0.10	$ 0.10
Common stock, shares authorized	30,000,000	30,000,000
Common stock, shares issued	10,000,000	10,000,000
Treasury stock, shares	178,645	123,572	[1],[2],[3]

[1] Includes 18,400 shares with a total average cost of $354,000 that 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] Includes 19,953 shares with a total average cost of $182,000 that were acquired during the current repurchase program authorized in September 2012.

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Property and Equipment

9 Months Ended

Jan. 31, 2014

Property, Plant and Equipment [Abstract]

Property and Equipment

Note 9 - 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 Condensed Balance Sheets was comprised of the following:

	January 31,			April 30,
($ in thousands)	2014			2013
Land	$	726		$	726
Building and leasehold improvements		5,029			7,391
Furniture and equipment		5,239			11,180
		10,994			19,297
Accumulated depreciation and amortization		(7,131	)		(15,367	)
Total property and equipment, net	$	3,863		$	3,930

During the second quarter of fiscal 2014, the Company disposed of leasehold improvements, furniture and equipment, relating to the Company’s previous office facility (see Note 12), totaling $8,403,000 in addition to the corresponding accumulated depreciation and amortization of $8,403,000. There was no gain or loss recorded as a result of this disposition of fully depreciated leasehold improvements, furniture, and obsolete equipment.

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Document and Entity Information	9 Months Ended
	Jan. 31, 2014	Mar. 10, 2014
Document and Entity Information [Abstract]
Entity Registrant Name	VALUE LINE INC
Entity Central Index Key	0000717720
Trading Symbol	valu
Current Fiscal Year End Date	--04-30
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		9,817,929
Document Type	10-Q
Document Period End Date	Jan. 31, 2014
Amendment Flag	false
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	Q3

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Accounting for the Costs of Computer Software Developed for Internal Use

9 Months Ended

Jan. 31, 2014

Internal Use Software [Abstract]

Accounting for the Costs of Computer Software Developed for Internal Use

Note 10 - 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 $1,874,000 and $1,546,000 related to the development of software for internal use for the nine months ended January 31, 2014 and January 31, 2013, respectively, of which $1,823,000 and $1,444,000 are related to development costs for the digital production software project and $51,000 and $102,000 are related to a new fulfillment system, respectively. Total capitalized software includes $1,255,000 and $1,267,000 of internal costs to develop software and $619,000 and $279,000 of third party programmers' costs for the nine months ended January 31, 2014 and January 31, 2013, respectively. Such costs are capitalized and amortized over the expected useful life of the asset which is 5 years. Total amortization expenses for the nine months ended January 31, 2014 and January 31, 2013 were $1,310,000 and $937,000, respectively.

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Consolidated Condensed Statements of Income (unaudited) (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended		9 Months Ended
	Jan. 31, 2014	Jan. 31, 2013	Jan. 31, 2014	Jan. 31, 2013
Revenues:
Investment periodicals and related publications	$ 8,554	$ 7,938	$ 25,056	$ 23,793
Copyright data fees	720	1,008	2,183	2,900
Total revenues	9,274	8,946	27,239	26,693
Expenses:
Advertising and promotion	1,030	1,017	3,188	2,916
Salaries and employee benefits	4,155	3,683	12,020	11,096
Production and distribution	1,737	1,422	4,798	4,236
Office and administration	1,344	1,736	5,110	5,085
Total expenses	8,266	7,858	25,116	23,333
Income from operations	1,008	1,088	2,123	3,360
Revenues and profits interests in EAM Trust	1,974	1,625	5,597	4,627
Income from securities transactions, net	70	37	142	93
Income before income taxes	3,052	2,750	7,862	8,080
Income tax provision	1,026	1,003	2,775	2,985
Net income	$ 2,026	$ 1,747	$ 5,087	$ 5,095
Earnings per share, basic & fully diluted (in dollars per share)	$ 0.21	$ 0.18	$ 0.52	$ 0.52
Weighted average number of common shares (in shares)	9,826,336	9,884,308	9,845,925	9,891,826

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Supplementary Cash Flow Information

9 Months Ended

Jan. 31, 2014

Supplemental Cash Flow Elements [Abstract]

Supplementary Cash Flow Information

Note 4 - Supplementary Cash Flow Information:

	Nine Months Ended January 31,
($ in thousands)	2014			2013
State and local income tax payments	$	(97	)	$	(20	)
Federal income tax payments to the Parent	$	(1,054	)	$	(1,030	)

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Variable Interest Entity

9 Months Ended

Jan. 31, 2014

Variable Interest Entity [Abstract]

Variable Interest Entity

Note 3 - 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 Condensed Balance Sheets for its interest in EAM.

			Value Line
($ in thousands)	VIE Assets		Investment in EAM Trust (1)		Liabilities		Maximum Exposure to Loss
As of January 31, 2014 (unaudited)	$	59,730	$	57,900	$	-	$	57,900
As of April 30, 2013	$	59,349	$	57,511	$	-	$	57,511

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

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Organization and Summary of Significant Accounting Policies (Tables)

9 Months Ended

Jan. 31, 2014

Organization, Consolidation and Presentation Of Financial Statements [Abstract]

Schedule of levels of fair value measurements of investments

	As of January 31, 2014
($ in thousands)	Level 1		Level 2		Level 3		Total
Cash equivalents	$	3,858	$	-	$	-	$	3,858
Securities available-for-sale		9,160		-		-		9,160
	$	13,018	$	-	$	-	$	13,018

	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

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Treasury Stock and Repurchase Program

9 Months Ended

Jan. 31, 2014

Treasury Stock [Abstract]

Treasury Stock and Repurchase Program

Note 11 - Treasury Stock and Repurchase Program:

On September 19, 2012, the Company’s Board of Directors approved a 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 may 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 repurchase program may be suspended or discontinued at any time at the Company’s discretion and has no set expiration date.

Treasury stock, at cost, consists of the following:

(in thousands except for shares and cost per share)	Shares		Total Average Cost Assigned		Average Cost per Share		Aggregate Purchase Price Remaining Under the Program
Balance as of April 30, 2013 (1)(2)(3)		123,572	$	1,572	$	12.72	$	2,818
Purchases effected in open market during the quarters ended:
July 31, 2013		25,723		226	$	8.82	$	2,592
October 31, 2013		13,428		123	$	9.13	$	2,469
January 31, 2014		15,922		160	$	10.02	$	2,309
Balance as of January 31, 2014		178,645	$	2,081	$	11.65

(1) Includes 18,400 shares with a total average cost of $354,000 that 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) Includes 19,953 shares with a total average cost of $182,000 that were acquired during the current repurchase program authorized in September 2012.

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Related Party Transactions

9 Months Ended

Jan. 31, 2014

Related Party Transactions [Abstract]

Related Party Transactions

Note 7 - 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 January 31, 2014, were $2.3 billion, 8.3% above total assets of $2.1 billion in the Value Line Funds managed and/or distributed by EAM at January 31, 2013. The increase is a result of net appreciation in equity assets under management partially offset by redemptions net of sales within the funds.

The Company’s non-voting revenues and non-voting profits interests in EAM entitle it to receive quarterly distributions in a range of 41% to 55% of EAM’s revenues (excluding distribution revenues) from EAM’s mutual fund and separate account business and at least 90% of the Company's 50% interest in the residual profits of EAM which are payable each fiscal quarter under the provisions of the EAM Trust Agreement. Value Line’s percent share of EAM’s revenues calculated each fiscal quarter was 46.66%, 47.27% and 47.91%, respectively, in the first, second and third quarters of fiscal 2014. Value Line’s percent share of EAM’s revenues was 46.20%, 45.87% and 46.15%, respectively, in the first, second and third quarters of fiscal 2013. The distributable amounts earned through the balance sheet date, which is included in the Investment in EAM Trust on the Consolidated Condensed Balance Sheets, and not yet paid, were $1,953,000 and $1,621,000 at January 31, 2014 and April 30, 2013, 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. The Company recorded income from its non-voting revenues interest and its non-voting profits interest in EAM as follows:

	Three Months Ended January 31,				Nine Months Ended January 31,
($ in thousands)	2014		2013		2014		2013
Non-voting revenues interest in EAM	$	1,767	$	1,472	$	5,028	$	4,280
Non-voting profits interest in EAM		207		153		569		347
	$	1,974	$	1,625	$	5,597	$	4,627

Transactions with Parent:

During the nine months ended January 31, 2014 and January 31, 2013, the Company was reimbursed $113,000 and $138,000, respectively, for payments it made on behalf of and for services the Company provided to the Parent. There were no receivables from affiliates including receivables from the Parent on the Consolidated Condensed Balance Sheets at January 31, 2014 and April 30, 2013.

The Company is a party to a tax-sharing arrangement with the Parent which allocates the tax liabilities of the two Companies between them. The Company made federal tax payments of $1,054,000 and $1,030,000 to the Parent during the nine months ended January 31, 2014 and January 31, 2013, respectively.

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 January 31, 2014, the Parent owned 87.91% of the outstanding shares of common stock of the Company.

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Employees' Profit Sharing and Savings Plan

9 Months Ended

Jan. 31, 2014

Compensation Related Costs [Abstract]

Employees' Profit Sharing and Savings Plan

Note 5 - 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 nine months ended January 31, 2014 and January 31, 2013, the estimated profit sharing plan contribution, which is included as an expense in salaries and employee benefits in the Consolidated Condensed Statements of Income, was $251,000 and $175,000, respectively.

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Comprehensive Income

9 Months Ended

Jan. 31, 2014

Comprehensive Income (Loss) Note [Abstract]

Comprehensive Income

Note 6 - 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 January 31, 2014 and January 31, 2013, the Company held equity securities consisting primarily of ETFs with high relative dividend yields that are classified as securities available-for-sale on the Consolidated Condensed Balance Sheets. Additionally, as of January 31, 2014 and January 31, 2013, 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 Condensed Balance Sheets.

The components of comprehensive income included in the Consolidated Condensed Statements of Income and Changes in Shareholders’ Equity for the nine months ended January 31, 2014 are as follows:

($ in thousands)	Amount Before Tax			Tax Benefit		Amount Net of Tax
Change in unrealized gains on securities	$	(74	)	$	26	$	(48	)
	$	(74	)	$	26	$	(48	)

The components of comprehensive income included in the Consolidated Condensed Statements of Income and Changes in Shareholders’ Equity for the nine months ended January 31, 2013 are as follows:

($ in thousands)	Amount Before Tax		Tax Expense			Amount Net of Tax
Change in unrealized gains on securities	$	70	$	(24	)	$	46
	$	70	$	(24	)	$	46

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Federal, State and Local Income Taxes

9 Months Ended

Jan. 31, 2014

Income Tax Disclosure [Abstract]

Federal, State and Local Income Taxes

Note 8 - 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:

	Three Months Ended January 31,					Nine Months Ended January 31,
($ in thousands)	2014			2013		2014		2013
Current tax expense:
Federal	$	949		$	727	$	2,003	$	2,054
State and local		66			156		140		258
Current tax expense		1,015			883		2,143		2,312
Deferred tax expense:
Federal		(9	)		97		521		533
State and local		20			23		111		140
Deferred tax expense		11			120		632		673
Income tax provision	$	1,026		$	1,003	$	2,775	$	2,985

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:

	January 31,			April 30,
($ in thousands)	2014			2013
Federal tax benefit (liability):
Unrealized gains on securities available-for-sale	$	(110	)	$	(136	)
Operating lease deferred obligation		70			13
Deferred professional fees		39			49
Deferred charges		227			265
Total federal tax benefit		226			191
State and local tax benefits:
NYC UBT tax credit carryforward		181			-
Other		56			36
Total state and local tax benefits		237			36
Deferred tax asset, short term	$	463		$	227
	January 31,			April 30,
($ in thousands)	2014			2013
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		2,359			1,642
Other		590			262
Total federal tax liability		20,009			18,964
State and local tax liabilities (benefits):
Deferred gain on deconsolidation of EAM		2,144			2,243
Deferred non-cash post-employment compensation		(75	)		(79	)
Depreciation and amortization		286			208
Deferred professional fees		(5	)		(10	)
Total state and local tax liabilities		2,350			2,362
Deferred tax liability, long term	$	22,359		$	21,326

At the end of each interim reporting period, the Company estimates the effective income tax rate to apply for the full fiscal year. 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 overall effective income tax rate, as a percentage of pre-tax ordinary income for the nine months ended January 31, 2014 and January 31, 2013 was 35.30% and 36.94%, respectively. The Company’s annual effective tax rate may 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 by and settlements with tax authorities. The fluctuation in the effective income tax rate during fiscal 2014 is primarily attributable to a lower percentage of income subject to state and local taxes and an increase in the dividends received deduction.

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:

	Nine Months Ended January 31,
	2014			2013
U.S. statutory federal rate		35.00	%		35.00	%
Increase (decrease) in tax rate from:
State and local income taxes, net of federal income tax benefit		1.97	%		2.78	%
Effect of dividends received deductions		-0.42	%		-0.26	%
Domestic production tax credit		-0.46	%		-0.58	%
Other, net		-0.79	%		-
Effective income tax rate		35.30	%		36.94	%

The Company believes that, as of January 31, 2014, 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 2011, 2012, and 2013 are subject to examination by the tax authorities, generally for three years after they were filed with the tax authorities. 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’s federal income tax return for the fiscal year ended April 30, 2012 is being examined by the Internal Revenue Service. Each examination is at an early stage. The Company does not have reason to believe the audit examinations will have a material effect on its financial statements.

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Organization and Summary of Significant Accounting Policies (Detail Textuals) (USD $) In Thousands, unless otherwise specified			9 Months Ended
	Jan. 31, 2014	Apr. 30, 2013	Jan. 31, 2014 EAM Trust	Jan. 31, 2014 EAM Trust Minimum	Jan. 31, 2014 EAM Trust Maximum
Schedule of Equity Method Investments [Line Items]
Investment management fee revenues from its mutual fund and separate accounts business				41.00%	55.00%
Non-voting profits interest ("Profits Interest")			50.00%
Percentage of non voting profits interests due each quarter from EAM				90.00%
Short term investments	$ 3,858	$ 6,312

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Federal, State and Local Income Taxes (Detail Textuals)	9 Months Ended
	Jan. 31, 2014	Jan. 31, 2013
Income Tax Disclosure [Abstract]
Effective income tax rate	35.30%	36.94%

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Subsequent Events

9 Months Ended

Jan. 31, 2014

Subsequent Events [Abstract]

Subsequent Events

Note 13 - Subsequent Events:

During February 2014, the Company became aware that a portfolio of third party sponsored assets managed utilizing Value Line’s proprietary copyright data was moved to a new subadvisor, which was beyond the Company’s control. The Company estimates that the decrease in portfolio assets will result in reduced copyright data fees of approximately $700,000 per year.

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Supplementary Cash Flow Information (Tables)

9 Months Ended

Jan. 31, 2014

Supplemental Cash Flow Elements [Abstract]

Schedule of cash flow supplemental disclosures

	Nine Months Ended January 31,
($ in thousands)	2014			2013
State and local income tax payments	$	(97	)	$	(20	)
Federal income tax payments to the Parent	$	(1,054	)	$	(1,030	)

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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	Jan. 31, 2014	Apr. 30, 2013
Deferred Tax Assets and Liabilities [Line Items]
Deferred tax asset, short term	$ 463	$ 227
Deferred tax liability, long term	22,359	21,326
Federal tax liability (benefit)
Deferred Tax Assets and Liabilities [Line Items]
Unrealized gains on securities available-for-sale	(110)	(136)
Operating lease deferred obligation	70	13
Deferred professional fees	39	49
Deferred charges	227	265
Deferred tax asset, short term	226	191
Deferred gain on deconsolidation of EAM	17,679	17,679
Deferred non-cash post-employment compensation	(619)	(619)
Depreciation and amortization	2,359	1,642
Other	590	262
Deferred tax liability, long term	20,009	18,964
State and local tax liabilities (benefits)
Deferred Tax Assets and Liabilities [Line Items]
NYC UBT tax credit carryforward	181
Other	56	36
Deferred tax asset, short term	237	36
Deferred gain on deconsolidation of EAM	2,144	2,243
Deferred non-cash post-employment compensation	(75)	(79)
Depreciation and amortization	286	208
Deferred professional fees	(5)	(10)
Deferred tax liability, long term	$ 2,350	$ 2,362

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Variable Interest Entity - Total assets of EAM, maximum exposure to loss due to involvement with EAM and value of assets and liabilities (Details) (USD $) In Thousands, unless otherwise specified	Jan. 31, 2014		Apr. 30, 2013
Variable Interest Entity [Line Items]
Investment in EAM Trust	$ 57,900		$ 57,511
EAM Trust
Variable Interest Entity [Line Items]
VIE Assets	59,730		59,349
Investment in EAM Trust	57,900	[1]	57,511	[1]
Liabilities
Maximum Exposure to Loss	$ 57,900		$ 57,511

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

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Consolidated Condensed Statements of Comprehensive Income (unaudited) (USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended
	Jan. 31, 2014	Jan. 31, 2013	Jan. 31, 2014	Jan. 31, 2013
Statement Of Other Comprehensive Income [Abstract]
Net income	$ 2,026	$ 1,747	$ 5,087	$ 5,095
Other comprehensive income (loss), net of tax:
Change in unrealized gains on securities, net of taxes	(87)	19	(48)	46
Other comprehensive income (loss)	(87)	19	(48)	46
Comprehensive income	$ 1,939	$ 1,766	$ 5,039	$ 5,141

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Investments

9 Months Ended

Jan. 31, 2014

Investments, Debt and Equity Securities [Abstract]

Investments

Note 2 - 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 are readily marketable and have a maturity of twelve months or less and are classified as current assets on the Consolidated Condensed Balance Sheets.

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 January 31, 2014 and April 30, 2013, 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 Condensed Balance Sheets. Additionally, as of January 31, 2014 and April 30, 2013, 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 January 31, 2014 and April 30, 2013, 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, and inverse equity index ETFs, was $8,847,000 and $6,295,000, respectively, and the fair value was $9,160,000 and $6,682,000, respectively.

There were no sales or proceeds from sales of equity securities during the nine months ended January 31, 2014 and January 31, 2013. The decrease in gross unrealized gains on equity securities classified as available-for-sale of $74,000, net of deferred taxes of $26,000 was included in Shareholders’ Equity at January 31, 2014. The increase in gross unrealized gains on equity securities classified as available-for-sale of $70,000, net of deferred taxes of $24,000 was included in Shareholders’ Equity at January 31, 2013.

The changes in the value of equity securities investments are recorded in Other Comprehensive Income in the Consolidated Condensed Financial Statements. Realized gains and losses are recorded as of the trade date in the Consolidated Condensed Statements of Income when securities are sold, mature or are redeemed. As of January 31, 2014 and April 30, 2013, accumulated other comprehensive income was $313,000 and $387,000, net of deferred taxes of $110,000 and $136,000, respectively.

The carrying value and fair value of securities available-for-sale at January 31, 2014 were as follows:

($ in thousands)	Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Common stocks	$	101	$	47	$	(18	)	$	130
ETFs - equities		3,878		961		(8	)		4,831
Inverse ETFs - equities		4,868		-		(669	)		4,199
	$	8,847	$	1,008	$	(695	)	$	9,160

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

Government Debt Securities (Fixed Income Securities):

Fixed income securities held from time to time consist of government debt securities issued by the United States federal government. There were no fixed income securities as of January 31, 2014 or April 30, 2013.

Income from securities transactions was comprised of the following:

	Three Months Ended January 31,					Nine Months Ended January 31,
($ in thousands)	2014			2013		2014			2013
Dividend income	$	36		$	34	$	109		$	91
Interest income		1			3		2			4
Capital gain		36			-		36			-
Other		(3	)		-		(5	)		(2	)
Total income from securities transactions, net	$	70		$	37	$	142		$	93

Investment in Unconsolidated Entities:
Equity Method Investment:

As of January 31, 2014 and April 30, 2013, the Company’s investment in EAM Trust, on the Consolidated Balance Sheets was $57,900,000 and $57,511,000, respectively.

The value of VLI’s investment in EAM at January 31, 2014 and April 30, 2013 reflects the fair value of contributed capital of $55,805,000 at inception including $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 Condensed 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 2014 or 2013.

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

	Three Months Ended January 31,				Nine Months Ended January 31,
($ in thousands) (unaudited)	2014		2013		2014		2013
Investment management fees earned from the Value Line Funds, net of fee waivers	$	3,750	$	3,252	$	10,815	$	9,481
12b-1 fees and other fees, net of fee waivers	$	1,344	$	992	$	3,757	$	2,868
Other income	$	3	$	5	$	13	$	5
Investment management fee waivers (1)	$	22	$	16	$	69	$	363
12b-1 fee waivers (1)	$	396	$	545	$	1,298	$	1,635
Value Line’s non-voting revenues interest	$	1,767	$	1,472	$	5,028	$	4,280
EAM’s net income (2)	$	414	$	306	$	1,138	$	694

(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.

	January 31,			April 30,
($ in thousands)	2014			2013
	(unaudited)
EAM’s total assets	$	59,730		$	59,349
EAM’s total liabilities (1)		(2,987	)		(2,814	)
EAM’s total equity	$	56,743		$	56,535

(1) At January 31, 2014 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 $1,953,000 and $1,621,000, respectively.

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Lease Commitments (Detail Textuals) (USD $)	0 Months Ended	1 Months Ended	9 Months Ended		0 Months Ended
	Jun. 04, 1993	Apr. 30, 2007	Jan. 31, 2014	Jan. 31, 2013	Feb. 07, 2013 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			1,896,000	1,882,000
Additional short term overlapping rent expense			$ 771,000

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Comprehensive Income (Tables)

9 Months Ended

Jan. 31, 2014

Comprehensive Income (Loss) Note [Abstract]

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

The components of comprehensive income included in the Consolidated Condensed Statements of Income and Changes in Shareholders’ Equity for the nine months ended January 31, 2014 are as follows:

($ in thousands)	Amount Before Tax			Tax Benefit		Amount Net of Tax
Change in unrealized gains on securities	$	(74	)	$	26	$	(48	)
	$	(74	)	$	26	$	(48	)

The components of comprehensive income included in the Consolidated Condensed Statements of Income and Changes in Shareholders’ Equity for the nine months ended January 31, 2013 are as follows:

($ in thousands)	Amount Before Tax		Tax Expense			Amount Net of Tax
Change in unrealized gains on securities	$	70	$	(24	)	$	46
	$	70	$	(24	)	$	46

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Investments - Components of assets and liabilities (Details 3) (EAM Trust, USD $) In Thousands, unless otherwise specified	Jan. 31, 2014		Apr. 30, 2013
EAM Trust
Schedule of Investments [Line Items]
EAM's total assets	$ 59,730		$ 59,349
EAM's total liabilities	(2,987)	[1]	(2,814)	[1]
EAM's total equity	$ 56,743		$ 56,535

[1] At January 31, 2014 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 $1,953,000 and $1,621,000, respectively.

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Lease Commitments

9 Months Ended

Jan. 31, 2014

Commitments and Contingencies Disclosure [Abstract]

Lease Commitments

Note 12 - 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.

On February 7, 2013, the Company and Citibank, N.A. (the “Sublandlord”) entered into a sublease agreement, pursuant to which Value Line has leased 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 July 1, 2013 and ending on February 27, 2017 (“Sublease”).  On August 16, 2013, the Company moved to the Building which became its new corporate office facility.  Base rent under the Sublease is $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, which is to be partially returned over the course of the sublease term.  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 have provided for a significant decrease in the Company’s annual rental expenses.  The Company recorded a deferred charge on its Consolidated Condensed Balance Sheets to reflect the excess of annual rental expense over cash payments since inception of the lease due to free rent for the first six months of the sublease.

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

The total amount of the base rent payments is being charged to expense on the straight-line method over the term of the lease.

Rental expenses for the nine months ended January 31, 2014 and January 31, 2013 were $1,896,000 and $1,882,000, respectively. The rental expenses during fiscal 2014 included additional one time overlapping rent of $771,000 for the previously occupied office facilities during the short term lease extension which ended September 15, 2013. The additional rent was offset by a significant decrease in the Company’s annual rental expenses for the New York City office facility under the sublease terms between Value Line, Inc. and Citibank.

As of January 31, 2014 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,	($ in thousands)
2014	$                       367
2015	1,468
2016	1,468
2017	1,224
	$                   4,527