NEW YORK, July 16 /PRNewswire-FirstCall/ -- Value Line, Inc. , reported results for its fiscal year ended April 30, 2010. For the twelve months ended April 30, 2010, the Company's net loss of $23,188,000 or $2.32 per share was $46,141,000 below net income of $22,953,000 or $2.30 per share for the twelve months ended April 30, 2009. Net income for the fourth quarter ended April 30, 2010 of $2,445,000 or $0.25 per share was $1,172,000 or 32% below net income of $3,617,000 or $0.36 per share for the fourth quarter of the prior fiscal year. The operating loss, including the SEC Settlement expense, was $32,190,000 for the twelve months ended April 30, 2010, which was $56,413,000 below the operating income of $24,223,000 last fiscal year. The operating loss and net loss of the Company were a result of the Company recording a provision of $48,106,000 related to the SEC Settlement. Excluding the provision for the SEC Settlement and a one-time charge of $727,000 for the write down of development software, operating income for the twelve months ended April 30, 2010 of $16,243,000 was $7,580,000 or 31% below last fiscal year. Operating income of $2,578,000 for the fourth quarter ended April 30, 2010 was $3,294,000 or 56% below operating income of $5,872,000 for the fourth quarter of the prior fiscal year. Inclusive of the $48,106,000 provision for the SEC Settlement, the write down of development software, and payment of a special $3 per share common stock dividend, shareholders' equity of $21,448,000 at April 30, 2010 was 74% lower than shareholders' equity of $80,869,000 at April 30, 2009.
On July 15, 2010 the Board of Directors of Value Line, Inc. declared a quarterly dividend of $0.20 per share to shareholders of record as of July 30, 2010 to be paid on August 12, 2010.
Value Line, Inc. is a leading New York based publishing and investment management company. The Company believes The Value Line Investment Survey is one of the most widely read independent investment publications. Value Line also produces and publishes other proprietary investment periodicals in both print and electronic formats. The Company has copyright data, which it distributes under copyright agreements for fees including certain proprietary ranking system information and other proprietary information used in third party products, and provides investment management services to the Value Line family of no-load mutual funds and institutional and individual portfolios.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
This report may contain 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. Actual results may differ materially from those projected as a result of certain risks and uncertainties, including but not limited to the following:
-- dependence on key personnel; -- maintaining revenue from subscriptions for the Company's products; -- protection of intellectual property rights; -- changes in market and economic conditions; -- fluctuations in the Company's assets under management due to broadly based changes in the values of equity and debt securities, redemptions by investors and other factors; -- dependence on Value Line Funds for investment management and related fees; -- competition in the fields of publishing, copyright data and investment management; -- the impact of government regulation on the Company's business and the uncertainties of litigation and regulatory proceedings; -- terrorist attacks; and -- 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, 2010, and other risks and uncertainties from time to time.
Any forward-looking statements are made only as of the date hereof, and the Company undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.
Value Line, Inc. Consolidated Condensed Summary of Financial Results (in thousands, except per share amounts) For the twelve For the three months months ended April 30, ended April 30, 2010 2009 2010 2009 Revenues $13,913 $14,845 $58,140 $69,241 Operating income/ (loss) $2,578 $5,872 ($32,190) $24,223 Income/(loss) from securities transactions, net $283 ($18) $837 $11,625 Income/(loss) before income taxes $2,861 $5,854 ($31,353) $35,848 Net income/(loss) $2,445 $3,617 ($23,188) $22,953 Earnings/(loss) per share, basic and fully diluted $0.25 $0.36 ($2.32) $2.30
Value Line, Inc.
CONTACT: Howard A. Brecher, +1-212-907-1620
