Business Segments:

9 Months Ended

Jan. 31, 2012

Segment Reporting [Abstract]

Business Segments:

Note 9-Business Segments:

Prior to December 23, 2010, (the Restructuring Transaction date), the Company operated two reportable business segments: (1) Publishing and (2) Investment Management. The Publishing segment, the Company’s only reportable segment subsequent to the Restructuring Transaction date, produces investment related periodical publications (retail and institutional) in both print and electronic form, and includes copyright data fees for the Value Line Proprietary Ranking information and other proprietary information. The Investment Management segment provided advisory services to the Value Line Funds, as well as institutional and individual accounts. The segments are differentiated by the products and services they offer. The accounting policies of the segments are the same as those described in the summary of significant accounting policies.

As more fully described in Note 1 - Organization and Summary of Significant Accounting Policies, the Company deconsolidated its investment management business on December 23, 2010 and therefore no longer reports the investment management operation as a separate business unit. Although VLI continues to receive significant cash flows from these operations through its non-controlling investment in EAM, it no longer considers this to be a reportable business segment due to its lack of control over the operating and financial policies of EAM. Accordingly, the investment management segment reflects activity only through the date of the Restructuring Transaction.

Disclosure of reportable segment information for the three months ended January 31, 2011 was as follows:

($ in thousands)	Publishing			Investment Management			Consolidated Total
Revenues from external customers	$	9,623		$	2,412		$	12,035
Intersegment revenues		3			-			3
Total revenues for reportable segments		9,626			2,412			12,038
Elimination of intersegment revenues		(3	)		-			(3	)
Total consolidated revenues	$	9,623		$	2,412		$	12,035
Depreciation and amortization	$	148		$	2		$	150
Gain from deconsolidation of subsidiaries (1)	$	-		$	50,510		$	50,510
Income/(loss) from securities transactions		(1	)		1			-
Segment profit from operations (2)		1,924			(1,695	)		229
Profit/(loss) for reportable segments	$	1,923		$	48,816		$	50,739
Revenues and profits interests in EAM Trust								724
Income from securities transactions related to corporate assets								(40	)
Income before income taxes							$	51,423

(1) Represents the gain of $50,510,000 from deconsolidation of the asset management and Value Line Mutual Fund Distribution subsidiaries.

(2) Included in the Investment Management business segment are expenses of $1,302,000 related to the Company’s restructure of its Investment Management business segment and non-cash postemployment compensation expense of $1,770,000 related to the value of the Class A voting profits interest in EAM granted by VLI to a former employee of the Company who is presently the CEO of EAM.

Disclosure of reportable segment information for the nine months ended January 31, 2011 was as follows:

($ in thousands)	Publishing			Investment Management			Consolidated Total
Revenues from external customers	$	28,449		$	10,693		$	39,142
Intersegment revenues		7			-			7
Total revenues for reportable segments		28,456			10,693			39,149
Elimination of intersegment revenues		(7	)		-			(7	)
Total consolidated revenues	$	28,449		$	10,693		$	39,142
Depreciation and amortization	$	425		$	14		$	439
Gain from deconsolidation of subsidiaries (1)	$	-		$	50,510		$	50,510
Income/(loss) from securities transactions		(3	)		6			3
Segment profit from operations (2)		6,866			(1,301	)		5,565
Profit/(loss) for reportable segments	$	6,863		$	49,215		$	56,078
Revenues and profits interests in EAM Trust								724
Income from securities transactions related to corporate assets								45
Income before income taxes							$	56,847

(1) Represents the gain of $50,510,000 from deconsolidation of the asset management and Value Line Mutual Fund Distribution subsidiaries.

(2) Included in the Investment Management business segmet are expenses of $3,764,000 related to the Company’s restructure of its Investment Management business segment and non-cash postemployment compensation expense of $1,770,000 related to the value of the Class A voting profits interest in EAM granted by VLI to a former employee of the Company who is presently the CEO of EAM.

As of January 31, 2011, additional reportable segment information was as follows:

($ in thousands)	Assets		Expenditures for Segment Assets
Publishing	$	12,101	$	750
Investment Management		-		10
Corporate assets		75,475		-
Consolidated total	$	87,576	$	760