-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, SFL5VgpZx1XJgc3fFdEUqsUnIQtSjYoxqjcOk+DM74VzTO9DKanZe7Dz04lNSu9v DE9Um5Eewn8SOJrt4hwI2w== 0000912057-96-029468.txt : 19961218 0000912057-96-029468.hdr.sgml : 19961218 ACCESSION NUMBER: 0000912057-96-029468 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19961216 ITEM INFORMATION: Other events FILED AS OF DATE: 19961217 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: VALUE LINE INC CENTRAL INDEX KEY: 0000717720 STANDARD INDUSTRIAL CLASSIFICATION: INVESTMENT ADVICE [6282] IRS NUMBER: 133139843 STATE OF INCORPORATION: NY FISCAL YEAR END: 0430 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-11306 FILM NUMBER: 96681956 BUSINESS ADDRESS: STREET 1: 220 E 42ND ST CITY: NEW YORK STATE: NY ZIP: 10017 BUSINESS PHONE: 2129071500 8-K 1 8-K SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) December 16, 1996 VALUE LINE, INC. (Exact name of registrant as specified in its charter) New York 0-11306 13-3139843 (State or other jurisdiction) (Commission (IRS Employer of incorporation) File Number) Identification No.) 220 East 42nd Street, New York, New York 10017-5891 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code 212-907-1500 Not Applicable (Former name or former address, if changed since last report.) 1 Item 5. Other Events. On December 16, 1996, the Board of Directors of Value Line, Inc. declared an extraordinary dividend of $15.00 per share payable on January 2, 1997 to holders of record of Common Stock at the close of business on December 26, 1996. SIGNATURES Pursuant to the requirement of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. VALUE LINE, INC. Registrant /s/ Howard A. Brecher Date: December 17, 1996 ------------------------------ Howard A. Brecher, Secretary PDL:psp 2 Value Line, Inc. 220 East 42nd Street New York, NY 10017 For Immediate Release Company Contact: Howard A. Brecher December 16, 1996 (212) 907-1620 New York - Value Line, Inc. (NASDAQ - VALU). Value Line, Inc. announced that the Board of Directors declared at a meeting this evening an extraordinary dividend of $15.00 per share payable on January 2, 1997 to all record holders of Common Stock as of the close of business on December 26, 1996. The aggregate amount of the dividend will be approximately $149.7 million. Value Line, Inc. reported revenues for the six months ended October 31, 1996 of $44,804,000, an increase of 5% compared to revenues of $42,839,000 for the six months of fiscal 1996. Operating income for the six months ended October 31, 1996 was $18,445,000 a 4% increase from income of $17,683,000 for the same period of fiscal 1996. Net earnings for the three months and six months ended October 31, 1996 of $7,839,000 and $14,365,000 or $0.79 and $1.44 compared to net earnings of $8,250,000 and $18,474,000 or $0.83 and $1.85 per share at October 31, 1995, respectively. The correction in the financial markets during the first three months of fiscal 1997 as compared to the rapidly rising market during the same period of fiscal 1996 was the primary cause for the decrease in the six months net earnings. Both the second quarter and six month period of fiscal 1996 include proceeds of $2,054,000 from the settlement of a disputed securities trade. In announcing these results, Jean Bernhard Buttner, Chairman and Chief Executive Officer of Value Line, Inc. also said, "We are pleased to report that in addition to the Company's record high levels of revenues and operating income achieved during the six months ended October 31, 1996, full term subscriptions for all products have risen to new record high levels. The Company's asset management and mutual funds business has also performed well with revenues increasing 13% from last year's level. Our newest product, the Value Line Investment Survey for Windows, launched during July 1996 has been well received by the market. This product is a powerful tool which enables investors to manipulate over 200 data items on more than 5,000 stocks while providing access to the acclaimed Value Line research. Value Line, Inc. reported record high earnings in four of its last five fiscal years. For the fiscal year ended April 30, 1996. Value Line, Inc. had record earnings of $41.7 million or $4.18 per share. Mrs. Buttner also stated that this dividend will benefit all shareholders by releasing to them some of the value built up within Value Line, Inc. while they retain their interest in Value Line, Inc.'s core publishing and asset management businesses. Mrs. Buttner noted that this dividend would be paid entirely from retained earnings with funds that Value Line, Inc. had been investing in the Value Line family of mutual funds and marketable securities. She noted that Value Line, Inc. would have, after payment of the dividend, shareholders' equity of approximately $88 million and cash and other liquid assets of approximately $142 million, which the management of Value Line, Inc. believes will be more 3 than adequate, with future cash flows from operations, to finance current and forecasted operations. The Board of Directors of Value Line, Inc. had been requested to declare this dividend by Arnold Bernhard & Co., Inc. (AB&Co.) in order to facilitate AB&Co.'s performance of its obligations under an agreement settling a lawsuit that had been pending in the New York State Supreme Court that sought the dissolution of AB&Co. As part of that agreement, AB&Co. will purchase on January 2, 1997 the shares of AB&Co. common stock held by the Arnold Van Hoven Bernhard family and two co-trustees of a trust of which he is an income beneficiary. Value Line, Inc. is a leading New York-based investment publishing and investment management company. The Value Line Investment Survey is the nation's largest independent advisory service. In addition, the Company provides other investment periodicals, which are produced in both printed and electronic form. Value Line, Inc. provides investment management services to the Value Line Family of 16 no-load mutual funds and to institutional and individual portfolios through its asset management division. ---END--- 4 Value Line, Inc. Consolidated Summary of Financial Results (in thousands except per share amounts) For the three For the six months ended months ended October 31, October 31, 1996 1995 1996 1995 (1) (1) ---------- ---------- ---------- ---------- Revenues $22,347 $22,811 $44,804 $42,839 Operating Income 9,024 10,134 18,445 17,683 Income from Securities Transactions 4,040 3,279 5,496 12,601 Income Before Taxes 13,064 13,413 23,943 30,284 Net Earnings 7,839 8,250 14,365 18,474 Earnings Per Share $0.79 $0.83 $1.44 $1.85 (1) Revenues and operating income for both the three months and six months ended October 31, 1995 include proceeds of $2,054,000 received in settlement of a disputed securities trade. 5 -----END PRIVACY-ENHANCED MESSAGE-----