Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Jul. 31, 2023 | Aug. 31, 2023 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000717720 | |
Entity Registrant Name | VALUE LINE INC | |
Amendment Flag | false | |
Current Fiscal Year End Date | --04-30 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2024 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jul. 31, 2023 | |
Document Transition Report | false | |
Entity File Number | 0-11306 | |
Entity Incorporation, State or Country Code | NY | |
Entity Tax Identification Number | 13-3139843 | |
Entity Address, Address Line One | 551 Fifth Avenue | |
Entity Address, City or Town | New York | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 10176-0001 | |
City Area Code | 212 | |
Local Phone Number | 907-1500 | |
Title of 12(b) Security | Common stock, $0.10 par value per share | |
Trading Symbol | VALU | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 9,430,116 |
Consolidated Condensed Balance
Consolidated Condensed Balance Sheets (Current Period Unaudited) - USD ($) | Jul. 31, 2023 | Apr. 30, 2023 |
Current Assets: | ||
Cash and cash equivalents (including short term investments of $9,046 and $7,240, respectively) | $ 9,551,000 | $ 7,590,000 |
Equity securities | 14,765,000 | 14,546,000 |
Available-for-sale Fixed Income securities | 40,279,000 | 39,928,000 |
Accounts receivable, net of allowance for doubtful accounts of $34 and $36, respectively | 1,505,000 | 2,124,000 |
Prepaid and refundable income taxes | 103,000 | 425,000 |
Prepaid expenses and other current assets | 1,277,000 | 1,463,000 |
Total current assets | 67,480,000 | 66,076,000 |
Long term assets: | ||
Investment in EAM Trust | 58,958,000 | 58,775,000 |
Restricted money market investments | 305,000 | 305,000 |
Property and equipment, net | 5,461,000 | 5,788,000 |
Capitalized software and other intangible assets, net | 111,000 | 132,000 |
Total long term assets | 64,835,000 | 65,000,000 |
Total assets | 132,315,000 | 131,076,000 |
Current Liabilities: | ||
Accounts payable and accrued liabilities | 1,062,000 | 1,263,000 |
Accrued salaries | 986,000 | 961,000 |
Dividends payable | 2,641,000 | 2,642,000 |
Accrued taxes on income | 1,594,000 | 307,000 |
Operating lease obligation-short term | 1,310,000 | 1,344,000 |
Unearned revenue | 15,746,000 | 16,771,000 |
Total current liabilities | 23,339,000 | 23,288,000 |
Long term liabilities: | ||
Unearned revenue | 5,880,000 | 6,202,000 |
Operating lease obligation-long term | 4,492,000 | 4,784,000 |
Deferred income taxes | 13,113,000 | 13,129,000 |
Total long term liabilities | 23,485,000 | 24,115,000 |
Total liabilities | 46,824,000 | 47,403,000 |
Shareholders' Equity: | ||
Common stock, $0.10 par value; authorized 30,000,000 shares; issued 10,000,000 shares | 1,000,000 | 1,000,000 |
Additional paid-in capital | 991,000 | 991,000 |
Retained earnings | 98,197,000 | 95,979,000 |
Treasury stock, at cost (569,471 shares and 565,460 shares, respectively) | (14,859,000) | (14,671,000) |
Accumulated other comprehensive income, net of tax | 162,000 | 374,000 |
Total shareholders' equity | 85,491,000 | 83,673,000 |
Total liabilities and shareholders' equity | $ 132,315,000 | $ 131,076,000 |
Consolidated Condensed Balanc_2
Consolidated Condensed Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Jul. 31, 2023 | Apr. 30, 2023 |
Short term investments | $ 9,046 | $ 7,240 |
Allowance for doubtful accounts | $ 34 | $ 36 |
Common stock, par value (in dollars per share) | $ 0.10 | $ 0.10 |
Common stock, shares authorized (in shares) | 30,000,000 | 30,000,000 |
Common stock, shares issued (in shares) | 10,000,000 | 10,000,000 |
Treasury stock, shares (in shares) | 569,471 | 565,460 |
Consolidated Condensed Statemen
Consolidated Condensed Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 31, 2023 | Jul. 31, 2022 | |
Revenues: | ||
Revenues | $ 9,743 | $ 9,944 |
Expenses: | ||
Advertising and promotion | 772 | 821 |
Salaries and employee benefits | 3,740 | 4,047 |
Production and distribution | 1,395 | 1,215 |
Office and administration | 1,089 | 1,305 |
Total expenses | 6,996 | 7,388 |
Income from operations | 2,747 | 2,556 |
Revenues and profits interests in EAM Trust | 2,857 | 3,015 |
Investment gains | 755 | 294 |
Income before income taxes | 6,359 | 5,865 |
Income tax provision | 1,500 | 1,407 |
Net income | $ 4,859 | $ 4,458 |
Earnings per share, basic & fully diluted (in dollars per share) | $ 0.52 | $ 0.47 |
Weighted average number of common shares (in shares) | 9,432,573 | 9,484,109 |
Subscription and Circulation [Member] | ||
Revenues: | ||
Revenues | $ 6,457 | $ 6,591 |
License [Member] | ||
Revenues: | ||
Revenues | $ 3,286 | $ 3,353 |
Consolidated Condensed Statem_2
Consolidated Condensed Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 31, 2023 | Jul. 31, 2022 | |
Net income | $ 4,859 | $ 4,458 |
Other comprehensive income/(loss), net of tax: | ||
Change in unrealized gains on Fixed Income securities, net of tax | (212) | 5 |
Other comprehensive income/(loss) | (212) | 5 |
Comprehensive income | $ 4,647 | $ 4,463 |
Consolidated Condensed Statem_3
Consolidated Condensed Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Jul. 31, 2023 | Jul. 31, 2022 | |
Cash flows from operating activities: | ||
Net income | $ 4,859,000 | $ 4,458,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 348,000 | 334,000 |
Investment (gains)/losses | (221,000) | (145,000) |
Non-voting revenues interest in EAM Trust | (2,616,000) | (2,782,000) |
Non-voting profits interest in EAM Trust | (241,000) | (233,000) |
Distributions received from EAM Trust | 2,674,000 | 3,871,000 |
Deferred income taxes | 40,000 | (88,000) |
Deferred rent | (326,000) | (301,000) |
Other | (352,000) | (36,000) |
Changes in operating assets and liabilities: | ||
Unearned revenue | (1,347,000) | (1,351,000) |
Accounts payable & accrued expenses | (201,000) | (229,000) |
Accrued salaries | 25,000 | 87,000 |
Accrued taxes on income | 1,289,000 | 827,000 |
Prepaid and refundable income taxes | 322,000 | 458,000 |
Prepaid expenses and other current assets | 186,000 | 108,000 |
Accounts receivable | 619,000 | 358,000 |
Total adjustments | 199,000 | 878,000 |
Net cash provided by operating activities | 5,058,000 | 5,336,000 |
Cash flows from investing activities: | ||
Proceeds from sales of equity securities | 516,000 | 576,000 |
Purchases of equity securities | (513,000) | (479,000) |
Purchases of fixed income securities classified as available-for-sale | (16,020,000) | (15,551,000) |
Proceeds from sales of fixed income securities classified as available-for-sale | 15,750,000 | 0 |
Acquisition of property and equipment | 0 | (23,000) |
Net cash used in investing activities | (267,000) | (15,477,000) |
Cash flows from financing activities: | ||
Purchase of treasury stock at cost | (188,000) | (2,382,000) |
Dividends paid | (2,642,000) | (2,378,000) |
Net cash used in financing activities | (2,830,000) | (4,760,000) |
Net change in cash and cash equivalents | 1,961,000 | (14,901,000) |
Cash, cash equivalents and restricted cash at beginning of period | 7,895,000 | 30,008,000 |
Cash, cash equivalents and restricted cash at end of period | $ 9,856,000 | $ 15,107,000 |
Consolidated Condensed Statem_4
Consolidated Condensed Statement of Changes in Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock, Common [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balance (in shares) at Apr. 30, 2022 | 10,000,000 | (490,157) | ||||
Balance at Apr. 30, 2022 | $ 1,000 | $ 991 | $ (9,967) | $ 87,645 | $ (24) | $ 79,645 |
Net income | 4,458 | 4,458 | ||||
Other Comprehensive Income (Loss), Available-for-Sale Securities Adjustment, Net of Tax, Portion Attributable to Parent | 5 | 5 | ||||
Purchase of treasury stock (in shares) | (35,029) | |||||
Purchase of treasury stock | $ (2,382) | (2,382) | ||||
Dividends declared | (2,369) | (2,369) | ||||
Balance (in shares) at Jul. 31, 2022 | 10,000,000 | (525,186) | ||||
Balance at Jul. 31, 2022 | $ 1,000 | 991 | $ (12,349) | 89,734 | (19) | 79,357 |
Balance (in shares) at Apr. 30, 2022 | 10,000,000 | (490,157) | ||||
Balance at Apr. 30, 2022 | $ 1,000 | 991 | $ (9,967) | 87,645 | (24) | 79,645 |
Balance (in shares) at Apr. 30, 2023 | 10,000,000 | (565,460) | ||||
Balance at Apr. 30, 2023 | $ 1,000 | 991 | $ (14,671) | 95,979 | 374 | 83,673 |
Net income | 4,859 | 4,859 | ||||
Other Comprehensive Income (Loss), Available-for-Sale Securities Adjustment, Net of Tax, Portion Attributable to Parent | (212) | (212) | ||||
Purchase of treasury stock (in shares) | (4,011) | |||||
Purchase of treasury stock | $ (188) | (188) | ||||
Dividends declared | (2,641) | (2,641) | ||||
Balance (in shares) at Jul. 31, 2023 | 10,000,000 | (569,471) | ||||
Balance at Jul. 31, 2023 | $ 1,000 | $ 991 | $ (14,859) | $ 98,197 | $ 162 | $ 85,491 |
Note 1 - Organization and Summa
Note 1 - Organization and Summary of Significant Accounting Policies | 3 Months Ended |
Jul. 31, 2023 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block] | Note 1 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 core business is producing investment periodicals and their underlying research and making available certain Value Line copyrights, Value Line trademarks and Value Line Proprietary Ranks and other proprietary information, to third third December 23, 2010 ( The Consolidated Condensed Balance Sheets as of July 31, 2023 April 30, 2023, 10 April 30, 2023 July 28, 2023 ( 10 may not 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 Principles of Consolidation: The Company follows the guidance in the Financial Accounting Standards Board's ("FASB") Topic 810 not not 3 In accordance with FASB's Topic 810, 323 810 not Revenue Recognition: Depending upon the product, subscription fulfillment for Value Line periodicals and related publications is available in print or digitally, via internet access. The length of a subscription varies by product and offer received by the subscriber. Generally, subscriptions are offered as annual subscriptions. Subscription revenues, net of discounts, are recognized ratably on a straight line basis when the product is served to the client over the life of the subscription. Accordingly, the amount of subscription fees to be earned by fulfilling subscriptions after the date of the balance sheets are shown as unearned revenue within current and long-term liabilities. Copyright fees are derived from providing certain Value Line trademarks and the Value Line Proprietary Ranks to third third 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 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% of EAM’s adjusted gross revenues, excluding EULAV Securities' 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. The Company's Revenues Interest in EAM excludes participation in the service and distribution fees of EAM's subsidiary EULAV Securities. The Company reflects its non-voting revenues and non-voting profits interests in EAM as non-operating income under the equity method of accounting. Although the Company does not Valuation of Securities: The Company's securities classified as cash equivalents, equity securities and available-for-sale fixed income securities consist of shares of money market funds that invest primarily in short-term U.S. Government securities and investments in equities including ETFs and are valued in accordance with the requirements of the Fair Value Measurements Topic of the FASB's ASC 820. No. 2016 01 2016 01" The Company classifies its equity securities and available-for-sale fixed income securities as current assets to properly reflect its liquidity and to recognize the fact that it has liquid assets available-for-sale should the need arise. Market valuations of securities listed on a securities exchange and ETF shares are based on the closing sales prices on the last business day of each month. The market value of the Company's fixed maturity U.S. Government debt securities is determined utilizing publicly quoted market prices. Cash equivalents consist of investments in money market funds that invest primarily in U.S. Government securities valued in accordance with rule 2a 7 1940 The Fair Value Measurements Topic of FASB's ASC defines fair value as the price that the Company would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market for the investment. The Fair Value Measurements Topic established a three The three three Level 1 Level 2 Level 3 The following summarizes the levels of fair value measurements of the Company’s investments: As of July 31, 2023 ($ in thousands) Level 1 Level 2 Level 3 Total Cash equivalents $ 9,046 $ - $ - $ 9,046 Equity securities 14,765 - - 14,765 Available-for-sale fixed income securities 40,279 - - 40,279 $ 64,090 $ - $ - $ 64,090 As of April 30, 2023 ($ in thousands) Level 1 Level 2 Level 3 Total Cash equivalents $ 7,240 $ - $ - $ 7,240 Equity securities 14,546 - - 14,546 Available-for-sale fixed income securities 39,928 - - 39,928 $ 61,714 $ - $ - $ 61,714 The Company had no July 31, 2023 April 30, 2023, no 2 3 not 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 Company adopted the provisions of ASU 2015 17, 740 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 July 31, 2023, no 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 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 July 31, 2023 April 30, 2023, |
Note 2 - Investments
Note 2 - Investments | 3 Months Ended |
Jul. 31, 2023 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | Note 2 Investments held by the Company and its subsidiaries are classified as equity securities and available-for-sale fixed income securities in accordance with FASB's ASC 321, 320, twelve Equity Securities: Equity securities on the Consolidated Condensed Balance Sheets, consist of ETFs held for dividend yield that attempt to replicate the performance of certain equity indexes. As of July 31, 2023 April 30, 2023, 500 Proceeds from sales of equity securities during the three July 31, 2023 July 31, 2022, The carrying value and fair value of equity securities at July 31, 2023 ($ in thousands) Cost Gross Unrealized Gains Unrealized Losses Fair Value ETFs - equities $ 10,162 $ 4,603 $ - $ 14,765 The carrying value and fair value of equity securities at April 30, 2023 ($ in thousands) Cost Gross Unrealized Gains Unrealized Losses Fair Value ETFs - equities $ 10,169 $ 4,392 $ (15 ) $ 14,546 Government Debt Securities (Fixed Income Securities): Fixed income securities consist of certificates of deposits and securities issued by federal, state and local governments within the United States. Proceeds from maturities and sales of government debt securities classified as available-for-sale during the three July 31, 2023 July 31, 2022, July 31, 2023, April 30, 2023, The aggregate cost and fair value at July 31, 2023 Amortized Gross Unrealized Gross Unrealized ($ in thousands) Historical Cost Holding Gains Holding Losses Fair Value Maturity Due within 1 year $ 34,988 $ 362 $ (8 ) $ 35,342 Due 1 year through 5 years 5,087 - (150 ) 4,937 Total investment in government debt securities $ 40,075 $ 362 $ (158 ) $ 40,279 The decrease in gross unrealized gains of $270,000 on fixed income securities classified as available-for-sale net of deferred income taxes of $58,000, was included in Accumulated Other Comprehensive Income on the Consolidated Condensed Balance Sheet as of July 31, 2023. The aggregate cost and fair value at April 30, 2023 Amortized Gross Unrealized Gross Unrealized ($ in thousands) Historical Cost Holding Gains Holding Losses Fair Value Maturity Due within 1 year $ 34,384 $ 486 $ (5 ) $ 34,865 Due within 1 year through 5 years 5,071 (8 ) 5,063 Total investment in government debt securities $ 39,455 $ 486 $ (13 ) $ 39,928 The increase in gross unrealized gains of $503,000 on fixed income securities classified as available-for-sale net of deferred income tax liability of $105,000, was included in Accumulated Other Comprehensive Income on the Consolidated Balance Sheet as of April 30, 2023. The average yield on the Government debt securities classified as available-for-sale at July 31, 2023 April 30, 2023 Investment Gains/(Losses): Investment gains/(losses) were comprised of the following: Three Months Ended July 31, ($ in thousands) 2023 2022 Dividend income $ 145 $ 113 Interest income 389 43 Investment gains/(losses) recognized on sales of equity securities during the period 11 2 Unrealized gains/(losses) recognized on equity securities held at the end of the period 210 143 Other - (7 ) Total investment gains/(losses) $ 755 $ 294 Taxable realized gains/(losses) on equity securities sold during fiscal years 2024 2023, 2024 2023. Investment in Unconsolidated Entities: Equity Method Investment: As of July 31, 2023 April 30, 2023, The value of VLI’s investment in EAM at July 31, 2023 April 30, 2023 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 The Company monitors its Investment in EAM Trust for impairment to determine whether an event or change in circumstances has occurred that may not not 2024 2023. The components of EAM’s investment management operations, provided to the Company by EAM, were as follows: Three Months Ended July 31, ($ in thousands) (unaudited) 2023 2022 Investment management fees earned from the Value Line Funds, net of waivers shown below $ 5,428 $ 5,190 12b-1 fees and other fees, net of waivers shown below $ 1,579 $ 1,559 Other income $ 117 $ 8 Investment management fee waivers and reimbursements $ 48 $ (18 ) 12b-1 fee waivers $ 25 $ 28 Value Line’s non-voting revenues interest $ 2,616 $ 2,782 EAM's net income (1) $ 482 $ 466 ( 1 July 31, April 30, ($ in thousands) 2023 2023 (unaudited) EAM's total assets $ 61,483 $ 61,389 EAM's total liabilities (1) (4,603 ) (4,357 ) EAM's total equity $ 56,880 $ 57,032 ( 1 July 31, 2023 April 30, 2023, |
Note 3 - Variable Interest Enti
Note 3 - Variable Interest Entity | 3 Months Ended |
Jul. 31, 2023 | |
Notes to Financial Statements | |
Variable Interest Entity Disclosure [Text Block] | Note 3 The Company holds a non-voting revenues interest and a 50% non-voting profits interest in EAM, the adviser to the Value Line asset management and mutual fund distribution businesses. EAM is considered to be a VIE in relation to the Company. 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 The Company has determined that it does not not not not not 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 no no Value Line ($ in thousands) VIE Assets Investment in EAM Trust (1) Liabilities Maximum Exposure to Loss As of July 31, 2023 (unaudited) $ 61,483 $ 58,958 $ - $ 58,958 As of April 30, 2023 $ 61,389 $ 58,775 $ - $ 58,775 ( 1 |
Note 4 - Supplementary Cash Flo
Note 4 - Supplementary Cash Flows Information | 3 Months Ended |
Jul. 31, 2023 | |
Notes to Financial Statements | |
Cash Flow, Supplemental Disclosures [Text Block] | Note 4 Reconciliation of Cash, Cash Equivalents, and Restricted Cash: The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the Consolidated Condensed Statement of Cash Flows that sum to the total of the same such amounts shown in the Consolidated Condensed Statement of Cash Flows. Three Months Ended July 31, ($ in thousands) 2023 2022 Cash and cash equivalents $ 9,551 $ 14,802 Restricted cash 305 305 Total cash, cash equivalents, and restricted cash shown in the Consolidated Condensed Statement of Cash Flows $ 9,856 $ 15,107 Income Tax Payments: The Company made income tax payments as follows: Three Months Ended July 31, ($ in thousands) 2023 2022 State and local income tax payments $ 164 $ 211 Federal income tax payments $ - $ - |
Note 5 - Employees' Profit Shar
Note 5 - Employees' Profit Sharing and Savings Plan | 3 Months Ended |
Jul. 31, 2023 | |
Notes to Financial Statements | |
Compensation Related Costs, General [Text Block] | Note 5 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. For the three July 31, 2023 July 31, 2022, 2024 2023, |
Note 6 - Comprehensive Income
Note 6 - Comprehensive Income | 3 Months Ended |
Jul. 31, 2023 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | Note 6 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 As of July 31, 2023 July 31, 2022 The components of comprehensive income included in the Consolidated Condensed Statements of Income and Changes in Shareholders' Equity for the three July 31, 2023 ($ in thousands) Amount Before Tax Tax (Expense) / Benefit Amount Net of Tax Change in unrealized gains on available-for-sale fixed income securities $ (270 ) $ 58 $ (212 ) $ (270 ) $ 58 $ (212 ) The components of comprehensive income included in the Consolidated Condensed Statements of Income and Changes in Shareholders' Equity for the three July 31, 2022 ($ in thousands) Amount Before Tax Tax (Expense) / Benefit Amount Net of Tax Change in unrealized losses on available-for-sale fixed income securities $ 7 $ (2 ) $ 5 $ 7 $ (2 ) $ 5 |
Note 7 - Related Party Transact
Note 7 - Related Party Transactions | 3 Months Ended |
Jul. 31, 2023 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | Note 7 Investment Management (overview): The Company has substantial non-voting revenues and non-voting profits interests in EAM, the asset manager to the Value Line Mutual Funds. Accordingly, the Company does not Total assets in the Value Line Funds managed and/or distributed by EAM at July 31, 2023, July 31, 2022. 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 50% of the residual profits of EAM (subject to temporary increase in certain limited circumstances). The Voting Profits Interest Holders receive the other 50% of residual profits of EAM. Distribution is not 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 Three Months Ended July 31, ($ in thousands) 2023 2022 Non-voting revenues interest in EAM $ 2,616 $ 2,782 Non-voting profits interest in EAM 241 233 $ 2,857 $ 3,015 At July 31, 2023, Transactions with Parent: During the three July 31, 2023 July 31, 2022, July 31, 2023 April 30, 2023. The Company is a party to a tax-sharing arrangement with the Parent which allocates the tax liabilities of the two three July 31, 2023 July 31, 2022. As of July 31, 2023, |
Note 8 - Federal, State and Loc
Note 8 - Federal, State and Local Income Taxes | 3 Months Ended |
Jul. 31, 2023 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 8 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 July 31, ($ in thousands) 2023 2022 Current tax expense: Federal $ 1,209 $ 1,138 State and local 251 357 Current tax expense 1,460 1,495 Deferred tax expense (benefit): Federal 40 (88 ) State and local - - Deferred tax expense (benefit): 40 (88 ) Income tax provision $ 1,500 $ 1,407 On December 22, 2017 1, 35% 21% January 1, 2018. 2019 The overall effective income tax rates, as a percentage of pre-tax ordinary income for the three July 31, 2023 July 31, 2022 three July 31, 2023 July 31, 2022, not not Deferred income taxes, a liability, 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 long-term deferred tax liability are as follows: July 31, April 30, ($ in thousands) 2023 2023 Federal tax liability (benefit): Deferred gain on deconsolidation of EAM $ 10,669 $ 10,669 Deferred non-cash post-employment compensation (372 ) (372 ) Depreciation and amortization 48 59 Unrealized gain on securities held for sale 967 919 Right of Use Asset (168 ) (174 ) Deferred charges (137 ) (136 ) Other (391 ) (333 ) Total federal tax liability 10,616 10,632 State and local tax liabilities (benefits): Deferred gain on deconsolidation of EAM 2,063 2,062 Deferred non-cash post-employment compensation (72 ) (72 ) Depreciation and amortization 127 125 Unrealized gain on securities held for sale 188 178 Other 191 204 Total state and local tax liabilities 2,497 2,497 Deferred tax liability, long-term $ 13,113 $ 13,129 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 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: Three Months Ended July 31, 2023 2022 U.S. statutory federal tax rate 21.00 % 21.00 % Increase (decrease) in tax rate from: State and local income taxes, net of federal income tax benefit 3.10 % 3.18 % Effect of dividends received deductions (0.24 )% (0.20 )% Other, net 0.01 % 0.02 % Effective income tax rate 23.87 % 24.00 % The Company believes that, as of July 31, 2023, no 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. Beginning with the fiscal year ended April 30, 2017, The Company’s federal income tax returns (included in the Parent’s consolidated returns) and state and city tax returns for fiscal years ended 2020 2022, three |
Note 9 - Property and Equipment
Note 9 - Property and Equipment | 3 Months Ended |
Jul. 31, 2023 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | Note 9 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: July 31, April 30, ($ in thousands) 2023 2023 Building and leasehold improvements $ 1,013 $ 1,013 Operating lease - right-of-use asset 5,004 5,300 Furniture and equipment 4,083 4,079 10,100 10,392 Accumulated depreciation and amortization (4,639 ) (4,604 ) Total property and equipment, net $ 5,461 $ 5,788 |
Note 10 - Accounting for the Co
Note 10 - Accounting for the Costs of Computer Software Developed for Internal Use | 3 Months Ended |
Jul. 31, 2023 | |
Notes to Financial Statements | |
Internal Use Software Disclosure [Text Block] | Note 10 The Company has adopted the provisions of the Statement of Position 98 1 98 1 98 1 three July 31, 2023 July 31, 2022, During the three July 31, 2023 July 31, 2022, not not third |
Note 11 - Treasury Stock and Re
Note 11 - Treasury Stock and Repurchase Program | 3 Months Ended |
Jul. 31, 2023 | |
Notes to Financial Statements | |
Treasury Stock [Text Block] | Note 11 During October 2022, may may no no Treasury stock, at cost, consists of the following: (in thousands except for shares and cost per share) Shares Cost Assigned Average Cost per Share Aggregate Purchase Price Remaining Under the Program Balance as of April 30, 2023 565,460 $ 14,671 $ 25.95 $ 1,734 Purchases effected in open market during the months ended: May 31, 2023 867 41 47.60 1,693 June 30, 2023 2,289 107 46.64 1,586 July 31, 2023 855 40 46.67 1,546 Balance as of July 31, 2023 569,471 $ 14,859 $ 26.09 $ 1,546 |
Note 12 - Lease Commitments
Note 12 - Lease Commitments | 3 Months Ended |
Jul. 31, 2023 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | Note 12 In February 2016, No. 2016 02, 842 one May 2019 The Company adopted ASU 2016 02 2018 11, not May 1, 2019). not 1 2 3 The Company leases office space in New York, NY and a warehouse and appurtenant office space in Lyndhurst, NJ. The Company has evaluated these leases and determined that they are operating leases under the definitions of the guidance of ASU 2016 02. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for lease payments made at or before the lease commencement date, plus any initial direct costs incurred less any lease incentives received. For operating leases, the right-of-use asset is subsequently measured throughout the lease term at the carrying amount of the lease liability, plus initial direct costs, plus (minus) any prepaid (accrued) lease payments, less the unamortized balance of lease incentives received. On May 1, 2019, July 31, 2023, The Company recognizes lease expense, calculated as the remaining cost of the lease allocated over the remaining lease term on a straight-line basis. Lease expense is presented as part of continuing operations in the consolidated condensed statements of income. The Company recognized $375,000 in lease expenses in both fiscal years 2024 2023 three July 31, 2023 July 31, 2022, For the three July 31, 2023, The Company’s leases generally do not 842 July 31, 2023: Fiscal years ended July 31, ($ in thousands) 2024* $ 1,229 2025 1,429 2026 1,461 2027 1,493 2028 882 Total undiscounted future minimum lease payments 6,494 Less: difference between undiscounted lease payments & the present value of future lease payments 692 Total operating lease liabilities $ 5,802 * Excludes the three July 31, 2023 |
Note 13 - Restricted Cash and D
Note 13 - Restricted Cash and Deposits | 3 Months Ended |
Jul. 31, 2023 | |
Notes to Financial Statements | |
Restricted Assets Disclosure [Text Block] | Note 13 Restricted Money Market Investment in the noncurrent assets on the Consolidated Condensed Balance Sheet at July 31, 2023, third 2022. |
Note 14 - Concentration
Note 14 - Concentration | 3 Months Ended |
Jul. 31, 2023 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | Note 14 During the three July 31, 2023, |
Note 15 - Concentration of Cred
Note 15 - Concentration of Credit Risk | 3 Months Ended |
Jul. 31, 2023 | |
Notes to Financial Statements | |
Concentration of Credit Risk [Text Block] | Note 15 Financial instruments that potentially subject the Company to concentration of credit risk consist principally of cash deposits. Accounts at each institution are insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $250,000. July 31, 2023 July 31, 2022, not |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Jul. 31, 2023 | |
Accounting Policies [Abstract] | |
Use of Estimates, Policy [Policy Text Block] | 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 |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation: The Company follows the guidance in the Financial Accounting Standards Board's ("FASB") Topic 810 not not 3 In accordance with FASB's Topic 810, 323 810 not |
Revenue [Policy Text Block] | Revenue Recognition: Depending upon the product, subscription fulfillment for Value Line periodicals and related publications is available in print or digitally, via internet access. The length of a subscription varies by product and offer received by the subscriber. Generally, subscriptions are offered as annual subscriptions. Subscription revenues, net of discounts, are recognized ratably on a straight line basis when the product is served to the client over the life of the subscription. Accordingly, the amount of subscription fees to be earned by fulfilling subscriptions after the date of the balance sheets are shown as unearned revenue within current and long-term liabilities. Copyright fees are derived from providing certain Value Line trademarks and the Value Line Proprietary Ranks to third third |
Equity Method Investments [Policy Text Block] | 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 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% of EAM’s adjusted gross revenues, excluding EULAV Securities' 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. The Company's Revenues Interest in EAM excludes participation in the service and distribution fees of EAM's subsidiary EULAV Securities. The Company reflects its non-voting revenues and non-voting profits interests in EAM as non-operating income under the equity method of accounting. Although the Company does not |
Fair Value Measurement, Policy [Policy Text Block] | Valuation of Securities: The Company's securities classified as cash equivalents, equity securities and available-for-sale fixed income securities consist of shares of money market funds that invest primarily in short-term U.S. Government securities and investments in equities including ETFs and are valued in accordance with the requirements of the Fair Value Measurements Topic of the FASB's ASC 820. No. 2016 01 2016 01" The Company classifies its equity securities and available-for-sale fixed income securities as current assets to properly reflect its liquidity and to recognize the fact that it has liquid assets available-for-sale should the need arise. Market valuations of securities listed on a securities exchange and ETF shares are based on the closing sales prices on the last business day of each month. The market value of the Company's fixed maturity U.S. Government debt securities is determined utilizing publicly quoted market prices. Cash equivalents consist of investments in money market funds that invest primarily in U.S. Government securities valued in accordance with rule 2a 7 1940 The Fair Value Measurements Topic of FASB's ASC defines fair value as the price that the Company would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market for the investment. The Fair Value Measurements Topic established a three The three three Level 1 Level 2 Level 3 The following summarizes the levels of fair value measurements of the Company’s investments: As of July 31, 2023 ($ in thousands) Level 1 Level 2 Level 3 Total Cash equivalents $ 9,046 $ - $ - $ 9,046 Equity securities 14,765 - - 14,765 Available-for-sale fixed income securities 40,279 - - 40,279 $ 64,090 $ - $ - $ 64,090 As of April 30, 2023 ($ in thousands) Level 1 Level 2 Level 3 Total Cash equivalents $ 7,240 $ - $ - $ 7,240 Equity securities 14,546 - - 14,546 Available-for-sale fixed income securities 39,928 - - 39,928 $ 61,714 $ - $ - $ 61,714 The Company had no July 31, 2023 April 30, 2023, no 2 3 not |
Advertising Cost [Policy Text Block] | Advertising expenses: The Company expenses advertising costs as incurred. |
Income Tax, Policy [Policy Text Block] | 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 Company adopted the provisions of ASU 2015 17, 740 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 July 31, 2023, no |
Earnings Per Share, Policy [Policy Text Block] | 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 |
Cash and Cash Equivalents, Policy [Policy Text Block] | 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 July 31, 2023 April 30, 2023, |
Note 1 - Organization and Sum_2
Note 1 - Organization and Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Jul. 31, 2023 | |
Notes Tables | |
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | As of July 31, 2023 ($ in thousands) Level 1 Level 2 Level 3 Total Cash equivalents $ 9,046 $ - $ - $ 9,046 Equity securities 14,765 - - 14,765 Available-for-sale fixed income securities 40,279 - - 40,279 $ 64,090 $ - $ - $ 64,090 As of April 30, 2023 ($ in thousands) Level 1 Level 2 Level 3 Total Cash equivalents $ 7,240 $ - $ - $ 7,240 Equity securities 14,546 - - 14,546 Available-for-sale fixed income securities 39,928 - - 39,928 $ 61,714 $ - $ - $ 61,714 |
Note 2 - Investments (Tables)
Note 2 - Investments (Tables) | 3 Months Ended |
Jul. 31, 2023 | |
Notes Tables | |
Debt Securities, Trading, and Equity Securities, FV-NI [Table Text Block] | ($ in thousands) Cost Gross Unrealized Gains Unrealized Losses Fair Value ETFs - equities $ 10,162 $ 4,603 $ - $ 14,765 ($ in thousands) Cost Gross Unrealized Gains Unrealized Losses Fair Value ETFs - equities $ 10,169 $ 4,392 $ (15 ) $ 14,546 |
Schedule of Available-for-Sale Securities Reconciliation [Table Text Block] | Amortized Gross Unrealized Gross Unrealized ($ in thousands) Historical Cost Holding Gains Holding Losses Fair Value Maturity Due within 1 year $ 34,988 $ 362 $ (8 ) $ 35,342 Due 1 year through 5 years 5,087 - (150 ) 4,937 Total investment in government debt securities $ 40,075 $ 362 $ (158 ) $ 40,279 Amortized Gross Unrealized Gross Unrealized ($ in thousands) Historical Cost Holding Gains Holding Losses Fair Value Maturity Due within 1 year $ 34,384 $ 486 $ (5 ) $ 34,865 Due within 1 year through 5 years 5,071 (8 ) 5,063 Total investment in government debt securities $ 39,455 $ 486 $ (13 ) $ 39,928 |
Investment Income [Table Text Block] | Three Months Ended July 31, ($ in thousands) 2023 2022 Dividend income $ 145 $ 113 Interest income 389 43 Investment gains/(losses) recognized on sales of equity securities during the period 11 2 Unrealized gains/(losses) recognized on equity securities held at the end of the period 210 143 Other - (7 ) Total investment gains/(losses) $ 755 $ 294 |
Investment Holdings, Other than Securities [Table Text Block] | Three Months Ended July 31, ($ in thousands) (unaudited) 2023 2022 Investment management fees earned from the Value Line Funds, net of waivers shown below $ 5,428 $ 5,190 12b-1 fees and other fees, net of waivers shown below $ 1,579 $ 1,559 Other income $ 117 $ 8 Investment management fee waivers and reimbursements $ 48 $ (18 ) 12b-1 fee waivers $ 25 $ 28 Value Line’s non-voting revenues interest $ 2,616 $ 2,782 EAM's net income (1) $ 482 $ 466 |
Summary Investment Holdings [Table Text Block] | July 31, April 30, ($ in thousands) 2023 2023 (unaudited) EAM's total assets $ 61,483 $ 61,389 EAM's total liabilities (1) (4,603 ) (4,357 ) EAM's total equity $ 56,880 $ 57,032 |
Note 3 - Variable Interest En_2
Note 3 - Variable Interest Entity (Tables) | 3 Months Ended |
Jul. 31, 2023 | |
Notes Tables | |
Schedule of Variable Interest Entities [Table Text Block] | Value Line ($ in thousands) VIE Assets Investment in EAM Trust (1) Liabilities Maximum Exposure to Loss As of July 31, 2023 (unaudited) $ 61,483 $ 58,958 $ - $ 58,958 As of April 30, 2023 $ 61,389 $ 58,775 $ - $ 58,775 |
Note 4 - Supplementary Cash F_2
Note 4 - Supplementary Cash Flows Information (Tables) | 3 Months Ended |
Jul. 31, 2023 | |
Notes Tables | |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | Three Months Ended July 31, ($ in thousands) 2023 2022 Cash and cash equivalents $ 9,551 $ 14,802 Restricted cash 305 305 Total cash, cash equivalents, and restricted cash shown in the Consolidated Condensed Statement of Cash Flows $ 9,856 $ 15,107 Three Months Ended July 31, ($ in thousands) 2023 2022 State and local income tax payments $ 164 $ 211 Federal income tax payments $ - $ - |
Note 6 - Comprehensive Income (
Note 6 - Comprehensive Income (Tables) | 3 Months Ended |
Jul. 31, 2023 | |
Notes Tables | |
Comprehensive Income (Loss) [Table Text Block] | ($ in thousands) Amount Before Tax Tax (Expense) / Benefit Amount Net of Tax Change in unrealized gains on available-for-sale fixed income securities $ (270 ) $ 58 $ (212 ) $ (270 ) $ 58 $ (212 ) ($ in thousands) Amount Before Tax Tax (Expense) / Benefit Amount Net of Tax Change in unrealized losses on available-for-sale fixed income securities $ 7 $ (2 ) $ 5 $ 7 $ (2 ) $ 5 |
Note 7 - Related Party Transa_2
Note 7 - Related Party Transactions (Tables) | 3 Months Ended |
Jul. 31, 2023 | |
Notes Tables | |
Schedule of Non Voting Revenues Interest and Non Voting Profits Interests [Table Text Block] | Three Months Ended July 31, ($ in thousands) 2023 2022 Non-voting revenues interest in EAM $ 2,616 $ 2,782 Non-voting profits interest in EAM 241 233 $ 2,857 $ 3,015 |
Note 8 - Federal, State and L_2
Note 8 - Federal, State and Local Income Taxes (Tables) | 3 Months Ended |
Jul. 31, 2023 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Three Months Ended July 31, ($ in thousands) 2023 2022 Current tax expense: Federal $ 1,209 $ 1,138 State and local 251 357 Current tax expense 1,460 1,495 Deferred tax expense (benefit): Federal 40 (88 ) State and local - - Deferred tax expense (benefit): 40 (88 ) Income tax provision $ 1,500 $ 1,407 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | July 31, April 30, ($ in thousands) 2023 2023 Federal tax liability (benefit): Deferred gain on deconsolidation of EAM $ 10,669 $ 10,669 Deferred non-cash post-employment compensation (372 ) (372 ) Depreciation and amortization 48 59 Unrealized gain on securities held for sale 967 919 Right of Use Asset (168 ) (174 ) Deferred charges (137 ) (136 ) Other (391 ) (333 ) Total federal tax liability 10,616 10,632 State and local tax liabilities (benefits): Deferred gain on deconsolidation of EAM 2,063 2,062 Deferred non-cash post-employment compensation (72 ) (72 ) Depreciation and amortization 127 125 Unrealized gain on securities held for sale 188 178 Other 191 204 Total state and local tax liabilities 2,497 2,497 Deferred tax liability, long-term $ 13,113 $ 13,129 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Three Months Ended July 31, 2023 2022 U.S. statutory federal tax rate 21.00 % 21.00 % Increase (decrease) in tax rate from: State and local income taxes, net of federal income tax benefit 3.10 % 3.18 % Effect of dividends received deductions (0.24 )% (0.20 )% Other, net 0.01 % 0.02 % Effective income tax rate 23.87 % 24.00 % |
Note 9 - Property and Equipme_2
Note 9 - Property and Equipment (Tables) | 3 Months Ended |
Jul. 31, 2023 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | July 31, April 30, ($ in thousands) 2023 2023 Building and leasehold improvements $ 1,013 $ 1,013 Operating lease - right-of-use asset 5,004 5,300 Furniture and equipment 4,083 4,079 10,100 10,392 Accumulated depreciation and amortization (4,639 ) (4,604 ) Total property and equipment, net $ 5,461 $ 5,788 |
Note 11 - Treasury Stock and _2
Note 11 - Treasury Stock and Repurchase Program (Tables) | 3 Months Ended |
Jul. 31, 2023 | |
Notes Tables | |
Class of Treasury Stock [Table Text Block] | (in thousands except for shares and cost per share) Shares Cost Assigned Average Cost per Share Aggregate Purchase Price Remaining Under the Program Balance as of April 30, 2023 565,460 $ 14,671 $ 25.95 $ 1,734 Purchases effected in open market during the months ended: May 31, 2023 867 41 47.60 1,693 June 30, 2023 2,289 107 46.64 1,586 July 31, 2023 855 40 46.67 1,546 Balance as of July 31, 2023 569,471 $ 14,859 $ 26.09 $ 1,546 |
Note 12 - Lease Commitments (Ta
Note 12 - Lease Commitments (Tables) | 3 Months Ended |
Jul. 31, 2023 | |
Notes Tables | |
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block] | Fiscal years ended July 31, ($ in thousands) 2024* $ 1,229 2025 1,429 2026 1,461 2027 1,493 2028 882 Total undiscounted future minimum lease payments 6,494 Less: difference between undiscounted lease payments & the present value of future lease payments 692 Total operating lease liabilities $ 5,802 |
Note 1 - Organization and Sum_3
Note 1 - Organization and Summary of Significant Accounting Policies (Details Textual) - USD ($) | 3 Months Ended | |
Jul. 31, 2023 | Apr. 30, 2023 | |
Money Market Funds, at Carrying Value | $ 9,046,000 | $ 7,240,000 |
EAM Trust [Member] | ||
Non Voting Profits Interest Percent | 50% | |
EAM Trust [Member] | Minimum [Member] | ||
Non Voting Revenues Interest Percent | 41% | |
Percentage of Non Voting Profits Interests Due from Ex Subsidiary Payable to Parent under Agreement | 90% | |
EAM Trust [Member] | Maximum [Member] | ||
Non Voting Revenues Interest Percent | 55% |
Note 1 - Organization and Sum_4
Note 1 - Organization and Summary of Significant Accounting Policies - Schedule of Fair Value Measurements of Investments (Details) - USD ($) | Jul. 31, 2023 | Apr. 30, 2023 |
Cash equivalents | $ 9,046,000 | $ 7,240,000 |
Equity Securities, FV-NI | 14,765,000 | 14,546,000 |
Available-for-sale fixed income securities | 40,279,000 | 39,928,000 |
Investments, Fair Value Disclosure | 64,090,000 | 61,714,000 |
Fair Value, Inputs, Level 1 [Member] | ||
Cash equivalents | 9,046,000 | 7,240,000 |
Equity Securities, FV-NI | 14,765,000 | 14,546,000 |
Available-for-sale fixed income securities | 40,279,000 | 39,928,000 |
Investments, Fair Value Disclosure | 64,090,000 | 61,714,000 |
Fair Value, Inputs, Level 2 [Member] | ||
Cash equivalents | 0 | 0 |
Equity Securities, FV-NI | 0 | 0 |
Available-for-sale fixed income securities | 0 | 0 |
Investments, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ||
Cash equivalents | 0 | 0 |
Equity Securities, FV-NI | 0 | 0 |
Available-for-sale fixed income securities | 0 | 0 |
Investments, Fair Value Disclosure | $ 0 | $ 0 |
Note 2 - Investments (Details T
Note 2 - Investments (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Jul. 31, 2023 | Jul. 31, 2022 | Apr. 30, 2023 | Apr. 30, 2022 | |
Equity Securities, FV-NI, Cost | $ 10,162,000 | $ 10,169,000 | ||
Equity Securities, FV-NI | 14,765,000 | 14,546,000 | ||
Proceeds from Sale of Equity Securities, FV-NI | 516,000 | $ 576,000 | ||
Other Comprehensive Income (Loss), Available-for-Sale Securities Adjustment, Net of Tax, Portion Attributable to Parent | (212,000) | 5,000 | ||
OCI, Debt Securities, Available-for-Sale, Unrealized Holding Gain (Loss), before Adjustment, Tax | (58,000) | 2,000 | ||
Equity Securities, FV-NI, Gain (Loss) | (4,000) | (11,000) | ||
Equity Method Investments | 58,958,000 | 58,775,000 | ||
EAM Trust [Member] | ||||
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 | ||
Equity Method Investment, Other than Temporary Impairment | $ 0 | 0 | ||
Percentage of Non Voting Profit Interest | 50% | |||
Accrued Non Voting Revenues and Non Voting Profits Interests Payable | $ 2,833,000 | 2,601,000 | ||
Fixed Income Securities [Member] | ||||
Proceeds from Sale and Maturity of Debt Securities, Available-for-Sale | 15,750,000 | $ 0 | ||
AOCI, Debt Securities, Available-for-Sale, Adjustment, after Tax | 204,000 | 473,000 | ||
Other Comprehensive Income (Loss), Available-for-Sale Securities Adjustment, Net of Tax, Portion Attributable to Parent | 270,000 | 503,000 | ||
OCI, Debt Securities, Available-for-Sale, Unrealized Holding Gain (Loss), before Adjustment, Tax | $ 58,000 | $ 105,000 | ||
Debt Securities, Available-for-Sale, Weighted Average Yield | 3.76% | 2.55% | ||
Fixed Income Securities [Member] | AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-Sale, Parent [Member] | ||||
AOCI Tax, Attributable to Parent | $ 42,000 | $ 99,000 |
Note 2 - Investments - Schedule
Note 2 - Investments - Schedule of Carrying Value and Fair Value of Equity Securities (Details) - USD ($) | Jul. 31, 2023 | Apr. 30, 2023 |
Equity securities, cost | $ 10,162,000 | $ 10,169,000 |
Equity securities, fair value | 14,765,000 | 14,546,000 |
Exchange Traded Funds [Member] | ||
Equity securities, cost | 10,162,000 | 10,169,000 |
Equity securities, gross unrealized gains | 4,603,000 | 4,392,000 |
Equity securities, gross unrealized losses | 0 | (15,000) |
Equity securities, fair value | $ 14,765,000 | $ 14,546,000 |
Note 2 - Investments - Schedu_2
Note 2 - Investments - Schedule of Carrying Value and Fair Value of Securities Available-for-sale (Details) - USD ($) $ in Thousands | Jul. 31, 2023 | Apr. 30, 2023 |
Due within 1 year, amortized cost | $ 34,988 | $ 34,384 |
Due within 1 year, gross unrealized gains | 362 | 486 |
Due within 1 year, gross unrealized losses | (8) | (5) |
Due within 1 year, fair value | 35,342 | 34,865 |
Due within 1 year through 5 years, amortized cost | 5,087 | 5,071 |
Due 1 year through 5 years, unrealized gains | 0 | |
Due within 1 year through 5 years, gross unrealized losses | (150) | (8) |
Due within 1 year through 5 years, fair value | 4,937 | 5,063 |
Amortized cost | 40,075 | 39,455 |
Total investment in government debt securities, gross unrealized gains | 362 | 486 |
Total investment in government debt securities, gross unrealized losses | (158) | (13) |
Fair value | $ 40,279 | $ 39,928 |
Note 2 - Investments - Income F
Note 2 - Investments - Income From Securities Transactions (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 31, 2023 | Jul. 31, 2022 | |
Dividend income | $ 145 | $ 113 |
Interest income | 389 | 43 |
Investment gains/(losses) recognized on sales of equity securities during the period | 11 | 2 |
Unrealized gains/(losses) recognized on equity securities held at the end of the period | 210 | 143 |
Other | 0 | (7) |
Total investment gains/(losses) | $ 755 | $ 294 |
Note 2 - Investments - Componen
Note 2 - Investments - Components of EAM's Investment Management Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Jul. 31, 2023 | Jul. 31, 2022 | ||
Revenues | $ 9,743 | $ 9,944 | |
Value Line’s non-voting revenues interest | 2,616 | 2,782 | |
EAM's net income | 4,859 | 4,458 | |
EAM Trust [Member] | |||
Other income | 117 | 8 | |
Investment management fee waivers and reimbursements | 48 | (18) | |
12b-1 fee waivers | 25 | 28 | |
Value Line’s non-voting revenues interest | 2,616 | 2,782 | |
EAM's net income | [1] | 482 | 466 |
EAM Trust [Member] | Investment Advice [Member] | |||
Revenues | 5,428 | 5,190 | |
EAM Trust [Member] | Distribution and Shareholder Service [Member] | |||
Revenues | $ 1,579 | $ 1,559 | |
[1]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. |
Note 2 - Investments - Assets a
Note 2 - Investments - Assets and Liabilities (Details) - USD ($) $ in Thousands | Jul. 31, 2023 | Apr. 30, 2023 | Jul. 31, 2022 | Apr. 30, 2022 | |
EAM's total assets | $ 132,315 | $ 131,076 | |||
EAM's total liabilities | 46,824 | 47,403 | |||
EAM's total equity | 85,491 | 83,673 | $ 79,357 | $ 79,645 | |
EAM Trust [Member] | |||||
EAM's total assets | 61,483 | 61,389 | |||
EAM's total liabilities | [1] | 4,603 | 4,357 | ||
EAM's total equity | $ 56,880 | $ 57,032 | |||
[1]At July 31, 2023 and April 30, 2023, EAM's total liabilities included a payable to VLI for its accrued non-voting revenues interest and non-voting profits interest of $2,833,000 and $2,601,000, respectively. |
Note 3 - Variable Interest En_3
Note 3 - Variable Interest Entity (Details Textual) | 3 Months Ended |
Jul. 31, 2023 | |
EAM Trust [Member] | |
Non Voting Profits Interest Percent | 50% |
Note 3 - Variable Interest En_4
Note 3 - Variable Interest Entity - Total Assets, the Maximum Exposure to Loss, and Value of the Assets and Liabilities in EAM (Details) - USD ($) $ in Thousands | Jul. 31, 2023 | Apr. 30, 2023 | |
Assets | $ 132,315 | $ 131,076 | |
Liabilities | 46,824 | 47,403 | |
EAM Trust [Member] | |||
Assets | 61,483 | 61,389 | |
Liabilities | [1] | 4,603 | 4,357 |
EAM Trust [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | |||
Assets | [2] | 58,958 | 58,775 |
Liabilities | 0 | 0 | |
Value Line Maximum Exposure to Loss | $ 58,958 | $ 58,775 | |
[1]At July 31, 2023 and April 30, 2023, EAM's total liabilities included a payable to VLI for its accrued non-voting revenues interest and non-voting profits interest of $2,833,000 and $2,601,000, respectively.[2]Reported within Long-Term Assets on the Consolidated Condensed Balance Sheets. |
Note 4 - Supplementary Cash F_3
Note 4 - Supplementary Cash Flows Information - Supplementary Cash Flow Elements (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Jul. 31, 2023 | Jul. 31, 2022 | Apr. 30, 2023 | Apr. 30, 2022 | |
Cash and cash equivalents | $ 9,551 | $ 14,802 | $ 7,590 | |
Restricted cash | 305 | 305 | ||
Total cash, cash equivalents, and restricted cash shown in the Consolidated Condensed Statement of Cash Flows | 9,856 | 15,107 | $ 7,895 | $ 30,008 |
State and local income tax payments | 164 | 211 | ||
Federal income tax payments | $ 0 | $ 0 |
Note 5 - Employees' Profit Sh_2
Note 5 - Employees' Profit Sharing and Savings Plan (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended |
Jul. 31, 2023 | Apr. 30, 2023 | |
Deferred Compensation Arrangement with Individual, Contributions by Employer | $ 96,000 | $ 137,000 |
Note 6 - Comprehensive Income -
Note 6 - Comprehensive Income - Components of Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 31, 2023 | Jul. 31, 2022 | |
Change in unrealized gains on available-for-sale fixed income securities | $ (270) | $ 7 |
Change in unrealized gains on available-for-sale fixed income securities | 58 | (2) |
Change in unrealized gains on available-for-sale fixed income securities | (212) | 5 |
Other Comprehensive Income (Loss), Available-for-Sale Securities Adjustment, before Tax, Portion Attributable to Parent | (270) | 7 |
Other comprehensive income (loss), available-for-sale securities, tax expense | 58 | (2) |
Other Comprehensive Income (Loss), Available-for-Sale Securities Adjustment, Net of Tax, Portion Attributable to Parent | $ (212) | $ 5 |
Note 7 - Related Party Transa_3
Note 7 - Related Party Transactions (Details Textual) - USD ($) | 3 Months Ended | ||
Jul. 31, 2023 | Jul. 31, 2022 | Apr. 30, 2022 | |
Ownership Percentage By Parent | 91.55% | ||
AB&Co [Member] | |||
Accounts Receivable, after Allowance for Credit Loss | $ 0 | $ 0 | |
Income Taxes Paid | $ 0 | 0 | |
AB&Co [Member] | Reimbursement for Payments and Services [Member] | |||
Related Party Transaction, Amounts of Transaction | 63,000 | 62,000 | |
EAM Trust [Member] | |||
Assets under Management, Carrying Amount | $ 3,470,000,000 | $ 3,160,000,000 | |
Percentage of Assets Increased (Decreased) in Unconsolidated Entities | 9.80% | ||
Non Voting Profits Interest Percent | 50% | ||
Voting Profits Interest Percent | 50% | ||
Accrued Investment Income Receivable | $ 2,833,000 | ||
EAM Trust [Member] | Minimum [Member] | |||
Non Voting Revenues Interest Percent | 41% | ||
Percentage of Non Voting Profits Interests Due from Ex Subsidiary Payable to Parent under Agreement | 90% | ||
EAM Trust [Member] | Maximum [Member] | |||
Non Voting Revenues Interest Percent | 55% |
Note 7 - Related Party Transa_4
Note 7 - Related Party Transactions - Non-voting Revenues Interest and Non-voting Profits Interests (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 31, 2023 | Jul. 31, 2022 | |
Value Line’s non-voting revenues interest | $ 2,616 | $ 2,782 |
Non-voting profits interest in EAM | 241 | 233 |
Revenues and Profits Distribution from Unconsolidated Entity | $ 2,857 | $ 3,015 |
Note 8 - Federal, State and L_3
Note 8 - Federal, State and Local Income Taxes (Details Textual) | 3 Months Ended | 12 Months Ended | |
Jul. 31, 2023 | Jul. 31, 2022 | Apr. 30, 2019 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21% | 21% | 21% |
Effective Income Tax Rate Reconciliation, Percent | 23.87% | 24% | |
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent | 3.10% | 3.18% |
Note 8 - Federal, State and L_4
Note 8 - Federal, State and Local Income Taxes - Provision for Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 31, 2023 | Jul. 31, 2022 | |
Federal | $ 1,209 | $ 1,138 |
State and local | 251 | 357 |
Current tax expense | 1,460 | 1,495 |
Federal | 40 | (88) |
State and local | 0 | 0 |
Deferred tax expense (benefit): | 40 | (88) |
Income tax provision | $ 1,500 | $ 1,407 |
Note 8 - Federal, State and L_5
Note 8 - Federal, State and Local Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Jul. 31, 2023 | Apr. 30, 2023 |
Unrealized gain on securities held for sale | $ 188 | $ 178 |
Deferred tax liability | 13,113 | 13,129 |
Unrealized gain on securities held for sale | 188 | 178 |
Domestic Tax Authority [Member] | ||
Deferred gain on deconsolidation of EAM | 10,669 | 10,669 |
Deferred non-cash post-employment compensation | (372) | (372) |
Depreciation and amortization | 48 | 59 |
Unrealized gain on securities held for sale | 967 | 919 |
Right of Use Asset | (168) | (174) |
Deferred charges | (137) | (136) |
Other | (391) | (333) |
Deferred tax liability | 10,616 | 10,632 |
Unrealized gain on securities held for sale | 967 | 919 |
State and Local Jurisdiction [Member] | ||
Deferred gain on deconsolidation of EAM | 2,063 | 2,062 |
Deferred non-cash post-employment compensation | (72) | (72) |
Depreciation and amortization | 127 | 125 |
Other | 191 | 204 |
Deferred tax liability | $ 2,497 | $ 2,497 |
Note 8 - Federal, State and L_6
Note 8 - Federal, State and Local Income Taxes - Effective Income Tax Rate Reconciliation (Details) | 3 Months Ended | 12 Months Ended | |
Jul. 31, 2023 | Jul. 31, 2022 | Apr. 30, 2019 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21% | 21% | 21% |
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent | 3.10% | 3.18% | |
Effect of dividends received deductions | (0.24%) | (0.20%) | |
Other, net | 0.01% | 0.02% | |
Effective income tax rate | 23.87% | 24% |
Note 9 - Property and Equipme_3
Note 9 - Property and Equipment - Components of Property and Equipment (Details) - USD ($) | Jul. 31, 2023 | Apr. 30, 2023 | May 01, 2019 |
Building and leasehold improvements | $ 1,013,000 | $ 1,013,000 | |
Furniture and equipment | 4,083,000 | 4,079,000 | |
Property, Plant and Equipment, Gross | 10,100,000 | 10,392,000 | |
Accumulated depreciation and amortization | (4,639,000) | (4,604,000) | |
Property and equipment, net | 5,461,000 | 5,788,000 | |
Property and Equipment [Member] | |||
Operating lease - right-of-use asset | $ 5,004,000 | $ 5,300,000 | $ 9,575,000 |
Note 10 - Accounting for the _2
Note 10 - Accounting for the Costs of Computer Software Developed for Internal Use (Details Textual) - USD ($) | 3 Months Ended | |
Jul. 31, 2023 | Jul. 31, 2022 | |
Capitalized Computer Software, Amortization | $ 21,000 | $ 12,000 |
Minimum [Member] | ||
Finite-Lived Intangible Asset, Useful Life (Year) | 3 years | |
Maximum [Member] | ||
Finite-Lived Intangible Asset, Useful Life (Year) | 5 years |
Note 11 - Treasury Stock and _3
Note 11 - Treasury Stock and Repurchase Program (Details Textual) | Oct. 21, 2022 USD ($) |
Stock Repurchase Program, Authorized Amount | $ 3,000,000 |
Note 11 - Treasury Stock and _4
Note 11 - Treasury Stock and Repurchase Program - Treasury Stock at Cost (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | ||||
Jul. 31, 2023 | Jun. 30, 2023 | May 31, 2023 | Jul. 31, 2023 | Jul. 31, 2022 | Apr. 30, 2023 | |
Balance, shares (in shares) | 565,460 | 565,460 | ||||
Balance, total average cost assigned | $ 14,671 | $ 14,671 | ||||
Balance, average cost per share (in dollars per share) | $ 25.95 | $ 25.95 | ||||
Balance, aggregate purchase price remaining under the program | $ 1,546 | $ 1,586 | $ 1,693 | $ 1,546 | $ 1,734 | |
Purchases effected in open market, shares (in shares) | 855 | 2,289 | 867 | |||
Purchases effected in open market, cost | $ 40 | $ 107 | $ 41 | $ 188 | $ 2,382 | |
Purchases effected in open market, average cost (in dollars per share) | $ 46.67 | $ 46.64 | $ 47.60 | |||
Balance, shares (in shares) | 569,471 | 569,471 | ||||
Balance, total average cost assigned | $ 14,859 | $ 14,859 | ||||
Balance, average cost per share (in dollars per share) | $ 26.09 | $ 26.09 |
Note 12 - Lease Commitments (De
Note 12 - Lease Commitments (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Jul. 31, 2023 | Jul. 31, 2022 | Apr. 30, 2023 | May 01, 2019 | |
Operating Lease, Liability, Total | $ 5,802,000 | $ 10,340,000 | ||
Lease Incentive Receivable | 765,000 | |||
Operating Lease, Expense | 375,000 | $ 375,000 | $ 375,000 | |
Operating Lease, Payments | 405,000 | |||
Property and Equipment [Member] | ||||
Operating Lease, Right-of-Use Asset | $ 5,004,000 | $ 5,300,000 | $ 9,575,000 |
Note 12 - Lease Commitments - F
Note 12 - Lease Commitments - Future Minimum Payments (Details) - USD ($) | Jul. 31, 2023 | May 01, 2019 | |
2024* | [1] | $ 1,229,000 | |
2025 | 1,429,000 | ||
2026 | 1,461,000 | ||
2027 | 1,493,000 | ||
2028 | 882,000 | ||
Total undiscounted future minimum lease payments | 6,494,000 | ||
Less: difference between undiscounted lease payments & the present value of future lease payments | 692,000 | ||
Operating lease liabilities, Total | $ 5,802,000 | $ 10,340,000 | |
[1]Excludes the three months ended July 31, 2023 |
Note 13 - Restricted Cash and_2
Note 13 - Restricted Cash and Deposits (Details Textual) - USD ($) | Jul. 31, 2023 | Jul. 31, 2022 | Jan. 31, 2022 |
Restricted Cash, Total | $ 305,000 | $ 305,000 | |
Cash Securing a Letter of Credit Issued as Security Deposit [Member] | |||
Security Deposit | 305,000 | ||
Restricted Cash, Total | $ 305,000 | $ 469,000 |
Note 14 - Concentration (Detail
Note 14 - Concentration (Details Textual) - USD ($) | 3 Months Ended | |
Jul. 31, 2023 | Jul. 31, 2022 | |
Revenue from Contract with Customer, Including Assessed Tax | $ 9,743,000 | $ 9,944,000 |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | One Single Customer [Member] | ||
Concentration Risk, Percentage | 33.70% | |
Revenue from Contract with Customer, Including Assessed Tax | $ 9,743,000 |
Note 15 - Concentration of Cr_2
Note 15 - Concentration of Credit Risk (Details Textual) - USD ($) | Jul. 31, 2023 | Jul. 31, 2022 |
Cash, Uninsured Amount | $ 2,620,000 | $ 5,320,000 |