Investments (Tables)

12 Months Ended

Apr. 30, 2015

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 April 30, 2015 were as follows:

($ in thousands)	Cost		Gross  Unrealized  Gains		Gross  Unrealized  Losses			Fair Value
Common stocks	$	101	$	74	$	-		$	175
ETFs - equities		3,903		1,508		-			5,411
Inverse ETFs - equities		5,466		-		(1,420	)		4,046
	$	9,470	$	1,582	$	(1,420	)	$	9,632
The carrying value and fair value of securities available-for-sale at April 30, 2014 were as follows:
($ in thousands)	Cost		Gross  Unrealized  Gains		Gross  Unrealized  Losses			Fair Value
Common stocks	$	101	$	47	$	(12	)	$	136
ETFs - equities		3,878		1,280		(2	)		5,156
Inverse ETFs - equities		4,868		-		(934	)		3,934
	$	8,847	$	1,327	$	(948	)	$	9,226

Schedule of income from securities transactions

 

	Fiscal Years Ended April 30,
($ in thousands)	2015			2014			2013
Dividend income	$	157		$	147		$	124
Interest income		3			5			4
Capital gain distribution from ETFs (1)		57			36			-
Exchange loss		(16	)		-			-
Interest expense		-			(5	)		-
Other		(75	)		(5	)		(2	)
Total income/(loss) from securities transactions and other, net	$	126		$	178		$	126

(1) Capital gain distributions of $57,000 and $36,000 which were reclassified from Accumulated Other Comprehensive Income in the Consolidated  Balance Sheets to the Consolidated  Statements of Income in fiscal 2015 and 2014, respectively.

Schedule of components of EAM's investment management operations

	Fiscal Years Ended April 30,
($ in thousands)	2015		2014		2013
Investment management fees earned from the Value Line Funds, net of waivers shown below	$	15,014	$	14,452	$	12,773
12b-1 fees and other fees, net of waivers shown below	$	5,459	$	5,061	$	3,905
Other income	$	34	$	16	$	14
Investment management fee waivers and reimbursements (1)	$	192	$	89	$	379
12b-1 fee waivers (1)	$	1,518	$	1,683	$	2,156
Value Line’s non-voting revenues interest	$	7,346	$	6,767	$	5,781
EAM’s net income (2)	$	1,248	$	1,464	$	945

(1) During fiscal 2015 and 2014 investment management fee waivers and reimbursements primarily related to the Value Line Core Bond Fund and the 12b-1 fee waivers related to six and seven of the Value Line Mutual Funds, respectively.  During fiscal 2013 investment management fee waivers and reimbursements related to the Value Line Core Bond Fund and 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.  In fiscal 2013 the 12b-1 fee waivers related to nine of the Value Line Mutual Funds. 

Subsequent to April 30, 2015, EAM changed its money market option to the Federated Government Obligations Fund which was added as an option for the direct Value Line Funds’ shareholders to exchange into and is now available in place of the Daily Income Fund.

(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

	Fiscal Years Ended April 30,
($ in thousands)		2015			2014
EAM’s total assets		$	60,159		$	59,965
EAM’s total liabilities (1)			(3,104	)		(3,158	)
EAM’s total equity		$	57,055		$	56,807

(1) At April 30, 2015 and 2014, EAM’s total liabilities included a payable to VLI for its accrued non-voting revenues and non-voting profits interests of $1,951,000 and $1,887,000, respectively.