NEW YORK, Sept. 15, 2005 (PRIMEZONE) -- Value Line, Inc., (Nasdaq:VALU) reported results for its first fiscal quarter ended July 31, 2005. For the quarter, operating income of $9,163,000 was 47% or $2,918,000 above operating income of $6,245,000 for the same period of the last fiscal year. Revenues of $20,874,000 for the three months ended July 31, 2005 were 2% or $506,000 lower than revenues of $21,380,000 for the prior fiscal year. Expenses for the first quarter of $11,711,000 dropped 23% or $3,424,000 compared to last fiscal year. Net income for the three months ended July 31, 2005 of $5,648,000 or $0.57 per share was 5% below net income of $5,941,000 or $0.60 per share in fiscal 2005 primarily due to lower income from securities transactions. Income from securities transactions of $285,000 for the three months ended July 31, 2005 was $3,075,000 or 92% lower than the income of $3,360,000 during the first quarter ended July 31, 2004 primarily because the three months ended July 31, 2004 included capital gains of $3,570,000 from partial sales of equity securities from the company's portfolio holdings. The partial sales were in preparation for a special dividend of $17.50 per share totaling $174,678,000 paid on May 19, 2004. Total assets of $106,328,000 were up 8% over total assets of $98,865,000 at the fiscal year ended April 30, 2005. Retained earnings of $33,951,000 for the three months ended July 31, 2005 were up 48% compared to $22,905,000 at July 31, 2004.
Value Line is a leading New York-based investment publishing and investment management company. The company believes that The Value Line Investment Survey is the nation's largest independent investment publication. The company also produces and publishes other proprietary investment periodicals in both print and electronic formats. Value Line provides investment management services to the Value Line family of no-load mutual funds and to institutional and individual portfolios through its asset management division. For a detailed description of products and services, please visit www.valueline.com.
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This report contains statements (including certain projections and business trends) accompanied by such phrases as "believe," "estimate," "expect," "anticipate," "will," "intend," and other similar or negative expressions, that are "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those projected as a result of certain risks and uncertainties, including but not limited to demand for and market acceptance of new and existing products; renewals of subscriptions for the company's products; adaptation of the company's products to new technologies; fluctuations in the company's assets under management due to broadly based changes in the values of equity and debt securities, redemptions by investors and other factors; competitive product and pricing pressures; the impact of government regulation on the company's business and the uncertainties of litigation and regulatory initiatives and inquiries; and other risks and uncertainties, including but not limited to those detailed from time to time in our SEC filings.
Any forward-looking statements are made only as of the date hereof, and the company undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.
Value Line, Inc.
Consolidated Summary of Financial Results
(in thousands, except per share amounts)
For the three months
ended July 31,
2005 2004
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Revenues $ 20,874 $ 21,380
Operating income $ 9,163 $ 6,245
Income from securities transactions,
net $ 285 $ 3,360
Income before income taxes $ 9,448 $ 9,605
Net income $ 5,648 $ 5,941
Earnings per share, basic and fully
diluted $ 0.57 $ 0.60