Investments (Tables)

9 Months Ended

Jan. 31, 2013

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, 2013 were as follows:

($ in thousands)	Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Common stocks	$	103	$	19	$	(11	)	$	111
ETFs - equities		2,969		419		-			3,388
Inverse ETFs - equities		1,878		-		(225	)		1,653
	$	4,950	$	438	$	(236	)	$	5,152

The carrying value and fair value of securities available-for-sale at April 30, 2012 were as follows:

($ in thousands)	Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Common stocks	$	103	$	14	$	(5	)	$	112
ETFs - equities		2,257		201		(5	)		2,453
Inverse ETFs - equities		1,389		-		(73	)		1,316
	$	3,749	$	215	$	(83	)	$	3,881

Schedule of income from securities transactions

	Three Months Ended January 31,					Nine Months Ended January 31,
($ in thousands)	2013		2012			2013			2012
Dividend income	$	34	$	19		$	91		$	46
Interest income		3		2			4			16
Realized losses on securities available-for- sale (1)		-		(18	)		-			(22	)
Other		-		-			(2	)		(6	)
Total income from securities transactions, net	$	37	$	3		$	93		$	34

(1) This amount was reclassified from Accumulated Other Comprehensive Income in the Consolidated Condensed Balance Sheets to the Consolidated Condensed Statements of Income.

Schedule of components of EAM's investment management operations

	Three Months Ended January 31,				Nine Months Ended January 31,
($ in thousands) (unaudited)	2013		2012		2013		2012
Investment management fees earned from the Value Line Funds, net of waivers shown below	$	3,252	$	3,038	$	9,481	$	9,296
12b-1 fees and other fees, net of waivers shown below	$	992	$	838	$	2,868	$	2,588
Other income	$	5	$	5	$	5	$	14
Investment management fee waivers (1)	$	16	$	179	$	362	$	636
12b-1 fee waivers (1)	$	545	$	534	$	1,633	$	1,700
Value Line’s non-voting revenues interest	$	1,472	$	1,430	$	4,280	$	4,251
EAM’s net income (2)	$	306	$	52	$	694	$	240

(1) During fiscal 2013 investment management fee waivers primarily related to the U.S. Government Money Market Fund (“USGMMF”) which was merged into a third party fund, the Daily Income Fund, managed by Reich & Tang, effective October 19, 2012. The 12b-1 fee waivers related to nine of the Value Line Mutual Funds. In fiscal 2012, investment management fee waivers primarily related to the USGMMF and the 12b-1 fee waivers related to eleven of the Value Line Mutual Funds.

(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)		2013			2012
	(unaudited)
EAM’s total assets		$	59,141		$	57,482
EAM’s total liabilities (1)			(2,664	)		(663	)
EAM’s total equity		$	56,477		$	56,819

(1) At January 31, 2013, EAM’s total liabilities included a payable to VLI for its accrued non-voting revenues and non-voting profits interests of $1,588,000.