NEW YORK, March 15, 2005 (PRIMEZONE) -- Value Line, Inc. (Nasdaq:VALU) reported results for its third fiscal quarter ended January 31, 2005.
Net income for the nine months ended January 31, 2005 of $16,396,000 or $1.64 per share was 6% above income of $15,427,000 or $1.55 per share in fiscal 2004. Net income for the third quarter of fiscal 2005 of $4,657,000 was 5% below income of $4,904,000 for the comparable period of fiscal 2004 due to lower income from securities transactions, which offset increases in operating income.
Operating income of $18,550,000 for the nine months ended January 31, 2005 was 6% above operating income of $17,439,000 for the same period of the last fiscal year. Operating income of $6,437,000 for the third quarter was over 6% above operating income of $6,040,000 for the prior year's quarter.
Income from securities transactions of $8,033,000 for the nine months ended January 31, 2005 were 7% above the same period of fiscal 2004 while dropping 32% in the current fiscal quarter compared to the third quarter of fiscal 2004. Revenues of $63,360,000 for the nine months ended January 31, 2005 were on a par with revenues for the comparable period of fiscal 2004. Expenses declined to $44,810,000 at January 31, 2005, 2% below operating expenses for the nine months ended January 31, 2004. Retained Earnings of $28,370,000 increased 46% or $8,911,000 during the nine months ended January 31, 2005, which was 12% higher than last year's growth for the same period.
Jean Bernhard Buttner, Value Line's Chairman and Chief Executive Officer said, "While the financial markets remain volatile, investors recognize that Value Line is the premier source of high quality, honest independent research. I am pleased to report that Value Line's fiscal year-to-date and third quarter financial results continue to reflect the improved profitability of our operations. Revenues, operating income, net income and income from securities transactions for the nine months ended January 31, 2005 have all exceeded the previous fiscal year's levels. We continue to maintain a healthy financial position with liquid assets in excess of $81 million and shareholders' equity of $42 million, up 21% from April 30, 2004."
From time to time, the Company's Parent has purchased additional shares of Value Line, Inc. in the market when and as the Parent has determined it to be appropriate. As stated numerous times in the past, the public is reminded that the Parent may make additional purchases from time to time in the future.
Value Line is a leading New York-based investment publishing and investment management company. The Value Line Investment Survey is the nation's largest independent investment service. The Company also produces and publishes other investment advice in both print and electronic formats. Value Line provides investment management services to the Value Line family of fourteen no-load mutual funds and to institutional and individual portfolios through its asset management division.
Value Line, Inc.
Consolidated Summary of Financial Results
(in thousands, except per share amounts)
For the For the
three months nine months
ended January 31, ended January 31,
----------------- -----------------
2005 2004 2005 2004
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Revenues $21,058 $21,498 $63,360 $63,225
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Operating income 6,437 6,040 18,550 17,439
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Securities Transactions, net 1,104 1,627 8,033 7,511
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Income before income taxes 7,541 7,667 26,583 24,950
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Net income 4,657 4,904 16,396 15,427
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Earnings per share, basic and
fully diluted $ 0.46 $ 0.49 $ 1.64 $ 1.55
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