Investments (Tables)

9 Months Ended

Jan. 31, 2015

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, 2015 were as follows:

($ in thousands)	Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Common stocks	$	101	$	68	$	(17	)	$	152
ETFs - equities		3,902		1,505		(1	)		5,406
Inverse ETFs - equities		4,868		-		(1,226	)		3,642
	$	8,871	$	1,573	$	(1,244	)	$	9,200

The carrying value and fair value of securities available-for-sale at April 30, 2014 were as follows:

($ in thousands)	Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Common stocks	$	101	$	47	$	(12	)	$	136
ETFs - equities		3,878		1,280		(2	)		5,156
Inverse ETFs - equities		4,868		-		(934	)		3,934
	$	8,847	$	1,327	$	(948	)	$	9,226

Schedule of income from securities transactions

	Three Months Ended January 31,						Nine Months Ended January 31,
($ in thousands)	2015			2014			2015		2014
Dividend income	$	42		$	36		$	119	$	109
Capital gain distributions from ETF’s		57			36			57		36
Interest income		-			1			3		2
Other		(3	)		(3	)		24		(5	)
Total income from securities transactions, net	$	96		$	70		$	203	$	142

Schedule of components of EAM's investment management operations

	Three Months Ended January 31,				Nine Months Ended January 31,
($ in thousands) (unaudited)	2015		2014		2015		2014
Investment management fees earned from the Value Line Funds, net of fee waivers	$	3,792	$	3,750	$	11,269	$	10,815
12b-1 fees and other fees, net of fee waivers	$	1,385	$	1,344	$	4,094	$	3,757
Other income	$	4	$	3	$	13	$	13
Investment management fee waivers (1)	$	74	$	22	$	143	$	69
12b-1 fee waivers (1)	$	378	$	396	$	1,147	$	1,298
Value Line’s non-voting revenues interest	$	1,862	$	1,767	$	5,498	$	5,028
EAM’s net income (2)	$	324	$	414	$	994	$	1,138

(1) During fiscal 2015 and 2014, investment management fee waivers related primarily to one of the Value Line Fixed Income Mutual Funds.  During fiscal 2015 and 2014, the 12b-1 fee waivers related primarily to six and seven 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)	2015			2014
	(unaudited)
EAM’s total assets	$	60,112		$	59,965
EAM’s total liabilities (1)		(3,117	)		(3,158	)
EAM’s total equity	$	56,995		$	56,807

(1) At January 31, 2015 and April 30, 2014, EAM’s total liabilities included a payable to VLI for its distributable share of accrued non-voting revenues and non-voting profits interests of $2,008,000 and $1,887,000, respectively.