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<div>
<div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"><font style="display:inline;font-family:times new roman;font-size:10pt;font-weight:bold;">Note 1-Organization and Summary of Significant Accounting Policies: </font></div>
<div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"> </div>
<div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"><font style="display:inline;font-family:times new roman;font-size:10pt;">The interim consolidated condensed financial statements of Value Line, Inc., together with its subsidiaries (collectively referred to as the “Company”, “Value Line”, or “VLI”), are unaudited. In the opinion of management, the accompanying unaudited consolidated condensed financial statements contain all adjustments (consisting of normal recurring accruals except as noted below) considered necessary for a fair presentation. This report should be read in conjunction with the financial statements and footnotes contained in the Company’s annual report on Form 10-K, dated July 29, 2011 for the fiscal year ended April 30, 2011. Results of operations covered by this report may not be indicative of the results of operations for the entire year. </font></div>
<div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"> </div>
<div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;">
<div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"><font style="display:inline;font-family:times new roman;font-size:10pt;">Value Line is incorporated in the State of New York.  The Company’s primary business is producing investment related periodical publications and making available copyright data including certain Value Line trademarks and Value Line proprietary ranking system information to third parties under written agreements for use in third party managed and marketed investment products.  Prior to December 23, 2010 (the “Restructuring Date”), VLI, through its direct subsidiary EULAV Asset Management LLC (“EAM LLC”), provided investment management services to the Value Line Mutual Funds (“Value Line Funds” or the “Funds”), institutions and individual accounts, and, through EAM LLC’s subsidiary EULAV Securities, Inc. (“ESI”), provided distribution, marketing, and administrative services to the Value Line Funds.  On December 23, 2010, the Company deconsolidated the asset management and mutual fund distribution subsidiaries and exchanged its controlling interest in these subsidiaries for a non-voting revenues interest and a non-voting profits interest in EULAV Asset Management, a Delaware business trust (“EAM”), the successor to EAM LLC and the sole member of EULAV Securities LLC (“ES”), the successor to ESI, (the “Restructuring Transaction”).  VLI also recorded as post-employment compensation expense the value of a voting profits interest in EAM granted to one of the Trustees of EAM, a former VLI employee.  Pursuant to the EAM Declaration of Trust dated as of December 23, 2010 (the “EAM Trust Agreement”), VLI granted EAM the right to use the Value Line name for all existing Value Line Funds and agreed to supply, without charge or expense, the Value Line Proprietary Ranking information to EAM for use in managing the Value Line Funds.  The name “Value Line” as used to describe the Company, its products, and its subsidiaries, is a registered trademark of the Company.  Additional rights of the Company under the EAM Trust Agreement are discussed in Note 11 - Legal Proceedings and Restructuring. </font></div></div>
<div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"> </div>
<div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;">
<div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"><font style="display:inline;font-family:times new roman;font-size:10pt;"><font style="display:inline;font-family:times new roman;font-size:10pt;">Principles of consolidation:  The Company follows the guidance in the Financial Accounting Standards Board’s (“FASB”) Topic 810 “Consolidation” to determine if it should consolidate its investment in a variable interest entity (“VIE”). A VIE is a legal entity in which either (i) equity investors do not have sufficient equity investment at risk to enable the entity to finance its activities independently or  (ii) the equity holders at risk lack the obligation to absorb losses, the right to receive residual returns or the right to make decisions about the entity’s activities that most significantly affect the entity’s economic performance.  A holder of a variable interest in a VIE is required to consolidate the entity if it is determined that it has a controlling financial interest in the VIE and is therefore the primary beneficiary.  The determination of a controlling financial interest in a VIE is based on a qualitative assessment to indentify the variable interest holder, if any, that has (i) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance, and (ii) either the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE.  The accounting guidance requires the Company to perform an ongoing assessment of whether the Company is the primary beneficiary of a variable interest entity.  For fiscal 2012, the Company has determined it is not the primary beneficiary of a VIE. </font></font></div>
<div style="text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;text-align:left;"><font style="display:inline;font-family:times new roman;font-size:10pt;">  </font></div></div>
<div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"><font style="display:inline;font-family:times new roman;font-size:10pt;">In accordance with FASB’s Topic 810, the assets, liabilities, and results of operations of subsidiaries in which the Company has a controlling interest have been consolidated. All significant intercompany accounts and transactions have been eliminated in consolidation. On December 23, 2010, the Company completed the Restructuring Transaction and deconsolidated the related affiliates in accordance with FASB’s Topic 810. As part of the Restructuring Transaction, the Company received a significant non-voting revenues interest (excluding distribution revenues) and a non-voting profits interest in the new entity, EAM. The Company relied on the guidance in FASB’s ASC Topics 323 and 810 in its determination not to consolidate its investment in EAM and to account for such investment under the equity method of accounting. The Company reports the amount it receives for its non-voting revenues and non-voting profits interests as a separate line item below operating income in the Consolidated Condensed Statement of Income. </font></div>
<div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"> </div>
<div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"><font style="display:inline;font-family:times new roman;font-size:10pt;">Accounting Standards Codification: </font></div>
<div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"><font style="display:inline;font-family:times new roman;font-size:10pt;">During fiscal year 2010, the Company adopted the FASB’s <font style="font-style:italic;display:inline;font-family:times new roman;">Accounting Standards Codification (“ASC”). </font>The FASB’s ASC is the source of authoritative U.S. accounting and reporting standards for nongovernmental entities, in addition to guidance issued by the SEC. The FASB’s ASC reorganized the thousands of U.S. GAAP pronouncements into roughly 90 accounting topics and displays all topics using a consistent structure. Although not the official source, it also includes relevant portions of authoritative SEC guidance that follows the same topical structure in separate sections in the Codification. The financial statements of the Company have been updated to reflect the relevant references to the FASB’s ASC. </font></div>
<div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"><font style="display:inline;font-family:times new roman;font-size:10pt;font-weight:bold;">  </font></div>
<div style="text-indent:0pt;margin-left:0pt;margin-right:0pt;">
<div>
<div style="width:100%;text-align:right;"><font style="display:inline;font-family:times new roman;font-size:8pt;"/></div></div></div>
<div style="text-align:justify;text-indent:0pt;display:block;margin-left:225pt;margin-right:0pt;"><font style="display:inline;font-family:times new roman;font-size:10pt;font-weight:bold;">  </font></div>
<div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"/>
<div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"/>
<div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"> </div>
<div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"><font style="display:inline;font-family:times new roman;font-size:10pt;">Revenue Recognition: </font></div>
<div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"><font style="display:inline;font-family:times new roman;font-size:10pt;">Depending upon the product, subscription fulfillment for Value Line publications is available in print, via internet access and CD-ROM. The length of a subscription varies by product and offer received by the subscriber. Generally, subscriptions are available as trial subscriptions, annual subscriptions and/or multi-year subscriptions. Subscription revenues are recognized on a straight line basis over the life of the subscription. Accordingly, the amount of subscription fees to be earned by fulfilling subscriptions after the date of the balance sheet is shown as unearned revenue within current and long-term liabilities. </font></div>
<div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"> </div>
<div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"><font style="display:inline;font-family:times new roman;font-size:10pt;">Copyright data revenues are derived from providing certain Value Line trademarks and Value Line proprietary ranking system information to third parties under written agreements for use in selecting securities for third party marketed products, including unit investment trusts, annuities and exchange traded funds. The Company earns asset-based copyright data fees as specified in the individual agreements. Revenue is recognized monthly over the term of the agreement and, because it is asset-based, will fluctuate as the market value of the underlying portfolio increases or decreases in value.   </font></div>
<div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"><font style="display:inline;font-family:times new roman;font-size:10pt;">Prior to the Restructuring Date, the Company earned investment management fees that consisted of management fees from the Value Line Funds and from asset management clients. Investment management fees for the Funds were earned on a monthly basis as services were performed. The fees were calculated based on average daily net assets of the Funds in accordance with each Fund’s advisory agreement (see Notes 7 and 11).   </font></div>
<div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"><font style="display:inline;font-family:times new roman;font-size:10pt;">  </font></div>
<div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"><font style="display:inline;font-family:times new roman;font-size:10pt;">The management fees and average daily net assets for the Value Line Funds are calculated by State Street Bank, which serves as the fund accountant, fund administrator, and custodian of the Value Line Funds. </font></div>
<div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"><font style="display:inline;font-family:times new roman;font-size:10pt;">  </font></div>
<div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"><font style="display:inline;font-family:times new roman;font-size:10pt;">The Value Line Funds are open-end management companies registered under the Investment Company Act of 1940 (the “1940 Act”). Shareholder transactions for the Value Line Funds are processed each business day by the third party transfer agent of the Funds. Shares can be redeemed without advance notice upon request of the shareowners each day that the New York Stock Exchange is open. Prior to December 1, 2010, EAM LLC, in addition to managing the Value Line Funds, separately managed accounts of institutions and high net worth individuals for which it was paid an advisory fee. EAM had no separately managed accounts as of July 31, 2011. Assets within the separately managed accounts were held at third party custodians and were subject to the terms of the applicable advisory agreement and did not have any advance notice requirement for withdrawals. </font></div>
<div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"> </div>
<div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"><font style="display:inline;font-family:times new roman;font-size:10pt;">Also, prior to the Restructuring Date, service and distribution fees were received from the Value Line Funds in accordance with service and distribution plans under rule 12b-1 of the Investment Company Act of 1940. These plans are compensation plans, which means that the distributor’s fees under the plans are payable without regard to actual expenses incurred by the distributor, and therefore the distributor may earn a profit under the plan. Expenses incurred by ESI, the distributor of the Value Line Funds prior to the Restructuring Date, included payments to securities dealers, banks, financial institutions and other organizations that provided distribution, marketing, and administrative services with respect to the Value Line Funds. Service and distribution fees are received by the distributor on a monthly basis and calculated based upon the average daily net assets of the respective Fund in accordance with each Fund prospectus (see Notes 7 and 11).   </font></div>
<div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"><font style="display:inline;font-family:times new roman;font-size:10pt;">  </font></div>
<div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"><font style="display:inline;font-family:times new roman;font-size:10pt;">Investment in Unconsolidated Entities:   </font></div>
<div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"><font style="display:inline;font-family:times new roman;font-size:10pt;">The Company accounts for its investments in unconsolidated entities (EAM) using the equity method of accounting in accordance with FASB’s ASC 323. The equity method is an appropriate means of recognizing increases or decreases measured by generally accepted accounting principles (“GAAP”) in the economic resources underlying the investments. Under the equity method, an investor recognizes its share of the earnings or losses of an investee in the periods for which they are reported by the investee in its financial statements rather than in the period in which an investee declares a dividend or distribution. An investor adjusts the carrying amount of an investment for its share of the earnings or losses recognized by the investee. </font></div>
<div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"> </div>
<div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"><font style="display:inline;font-family:times new roman;font-size:10pt;">The Company’“ </font>interests<font style="display:inline;font-family:times new roman;">” </font>in EAM, the investment adviser to and the sole member of the distributor of the Value Line Funds, consist of a <font style="display:inline;font-family:times new roman;">“ </font>non-voting revenues interest<font style="display:inline;font-family:times new roman;">” </font>and a <font style="display:inline;font-family:times new roman;">“ </font>non-voting profits interest<font style="display:inline;font-family:times new roman;">” </font>in EAM. The non-voting revenues interest entitles the Company to receive a range of 41% to 55% (depending on the amount of revenues) of EAM’s adjusted gross revenues (excluding ES’s distribution revenues). The non-voting profits interest entitles the Company to receive 50% (subject to certain limited adjustments) of the profits (as defined in the EAM Trust Agreement) of EAM. The revenues interest and at least 90% of the profits interest are to be distributed each quarter to all interest holders of EAM, including Value Line. Subsequent to December 23, 2010, the Company’s revenues interest in EAM excludes participation in the service and distribution fees of EAM’s subsidiary ES. The Company reflects its non-voting revenues and non-voting profits interests in EAM as non-operating income under the equity method of accounting subsequent to the Restructuring Transaction. Although the Company does not have control over the operating and financial policies of EAM, pursuant to the EAM Trust Agreement, it does have a contractual right to receive these revenues and profits.</div>
<div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"/>
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<div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"/>
<div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"> </div>
<div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"><font style="display:inline;font-family:times new roman;font-size:10pt;">Valuation of Securities: </font></div>
<div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"><font style="display:inline;font-family:times new roman;font-size:10pt;">The Company’s securities classified as cash equivalents and available-for-sale consist of shares of Money Market Funds that invest primarily in short-term U.S. Government securities, investments in exchange traded equity funds, shares of equity securities in various publicly traded companies, government debt securities, and FDIC insured commercial paper and are valued in accordance with the requirements of the Fair Value Measurements Topic of the FASB’s ASC 820. The securities available-for-sale reflected in the Consolidated Condensed Balance Sheets are valued at market and unrealized gains and losses on securities classified as available-for-sale, net of applicable taxes, are reported as a separate component of Shareholders’ Equity. Realized gains and losses on sales of the securities classified as available-for-sale are recorded in earnings on trade date and are determined on the identified cost method. </font></div>
<div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"><font style="display:inline;font-family:times new roman;font-size:10pt;">  </font></div>
<div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"><font style="display:inline;font-family:times new roman;font-size:10pt;">The Company classifies its securities available-for-sale as current assets. It does so to properly reflect its liquidity and to recognize the fact that it has liquid assets available-for-sale should the need arise. </font></div>
<div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"> </div>
<div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"><font style="display:inline;font-family:times new roman;font-size:10pt;">Market valuation of securities listed on a securities exchange is based on the closing sales prices on the last business day of each month. Valuation of exchange traded funds shares is based upon the publicly quoted price of the shares listed on a securities exchange. The market value of the Company’s fixed maturity government debt obligations is determined utilizing publicly quoted market prices. Cash equivalents consist of investments in Money Market Funds that invest primarily in U.S. Government securities valued at $1 per share in accordance with rule 2a-7 under the 1940 Act. </font></div>
<div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"> </div>
<div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"><font style="display:inline;font-family:times new roman;font-size:10pt;">The Fair Value Measurements Topic of FASB’s ASC defines fair value as the price that the Company would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market for the investment. The  Fair Value Measurements Topic established a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the information that market participants would use in pricing the asset or liability, including assumptions about risk. Examples of risks include those inherent in a particular valuation technique used to measure fair value such as the risk inherent in the inputs to the valuation technique. Inputs are classified as observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the factors market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The three-tier hierarchy of inputs is summarized in the three broad levels listed below. </font></div>
<div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"> </div>
<div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"><font style="display:inline;font-family:times new roman;font-size:10pt;">Level 1 – quoted prices in active markets for identical investments </font></div>
<div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"><font style="display:inline;font-family:times new roman;font-size:10pt;">Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.) </font></div>
<div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"><font style="display:inline;font-family:times new roman;font-size:10pt;">Level 3 – significant unobservable inputs (including the Company’s own assumptions in determining the fair value of investments) </font></div>
<div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"> </div>
<div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"><font style="display:inline;font-family:times new roman;font-size:10pt;">The valuation techniques used by the Company to measure fair value for Level 1 securities consisted of quoted prices in active markets for identical assets. </font></div>
<div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"><font style="display:inline;font-family:times new roman;font-size:10pt;">The following is a summary of the inputs used as of July 31, 2011 in valuing the Company’s investments carried at fair value: </font></div>
<div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"> </div>
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<table cellspacing="0" cellpadding="0" style="text-align:justify;font-family:times new roman;font-size:10pt;" width="80%">
<tr style="text-align:justify;">
<td valign="bottom" style="text-align:justify;" width="44%"><font style="display:inline;font-family:times new roman;font-size:10pt;">  </font></td>
<td valign="bottom" style="text-align:justify;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">  </font></td>
<td valign="bottom" colspan="10" style="text-align:center;" width="34%"><font style="display:inline;font-family:times new roman;font-size:10pt;">  </font><font style="display:inline;font-family:times new roman;font-size:10pt;">(in thousands) </font></td>
<td valign="bottom" nowrap="nowrap" style="text-align:center;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">  </font></td></tr>
<tr>
<td valign="bottom" style="text-align:center;" width="44%"><font style="display:inline;font-family:times new roman;font-size:10pt;">  </font></td>
<td valign="bottom" style="text-align:center;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">  </font></td>
<td valign="bottom" colspan="2" style="text-align:center;" width="10%"><font style="display:inline;font-family:times new roman;font-size:10pt;">  </font></td>
<td valign="bottom" nowrap="nowrap" style="text-align:center;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">  </font></td>
<td valign="bottom" style="text-align:center;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">  </font></td>
<td valign="bottom" colspan="2" style="text-align:center;" width="10%"><font style="display:inline;font-family:times new roman;font-size:10pt;">  </font></td>
<td valign="bottom" nowrap="nowrap" style="text-align:center;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">  </font></td>
<td valign="bottom" style="text-align:center;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">  </font></td>
<td valign="bottom" colspan="2" style="text-align:center;" width="10%">
<div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"><font style="display:inline;font-family:times new roman;font-size:10pt;">Investments in </font></div></td>
<td valign="bottom" nowrap="nowrap" style="text-align:center;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">  </font></td></tr>
<tr>
<td valign="bottom" style="text-align:center;" width="44%"><font style="display:inline;font-family:times new roman;font-size:10pt;">  </font></td>
<td valign="bottom" style="text-align:center;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">  </font></td>
<td valign="bottom" colspan="2" style="text-align:center;" width="10%"><font style="display:inline;font-family:times new roman;font-size:10pt;">  </font></td>
<td valign="bottom" nowrap="nowrap" style="text-align:center;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">  </font></td>
<td valign="bottom" style="text-align:center;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">  </font></td>
<td valign="bottom" colspan="2" style="text-align:center;" width="10%"><font style="display:inline;font-family:times new roman;font-size:10pt;">  </font></td>
<td valign="bottom" nowrap="nowrap" style="text-align:center;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">  </font></td>
<td valign="bottom" style="text-align:center;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">  </font></td>
<td valign="bottom" colspan="2" style="text-align:center;" width="10%">
<div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"><font style="display:inline;font-family:times new roman;font-size:10pt;">Securities </font></div></td>
<td valign="bottom" nowrap="nowrap" style="text-align:center;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">  </font></td></tr>
<tr>
<td valign="bottom" style="text-align:center;" width="44%"><font style="display:inline;font-family:times new roman;font-size:10pt;">  </font></td>
<td valign="bottom" style="text-align:center;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">  </font></td>
<td valign="bottom" colspan="2" style="text-align:center;" width="10%"><font style="display:inline;font-family:times new roman;font-size:10pt;">  </font></td>
<td valign="bottom" nowrap="nowrap" style="text-align:center;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">  </font></td>
<td valign="bottom" style="text-align:center;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">  </font></td>
<td valign="bottom" colspan="2" style="text-align:center;" width="10%">
<div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"><font style="display:inline;font-family:times new roman;font-size:10pt;">Cash </font></div></td>
<td valign="bottom" nowrap="nowrap" style="text-align:center;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">  </font></td>
<td valign="bottom" style="text-align:center;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">  </font></td>
<td valign="bottom" colspan="2" style="text-align:center;" width="10%">
<div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"><font style="display:inline;font-family:times new roman;font-size:10pt;">Available-for- </font></div></td>
<td valign="bottom" nowrap="nowrap" style="text-align:center;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">  </font></td></tr>
<tr>
<td valign="bottom" style="border-bottom:black 2px solid;text-align:left;" width="44%">
<div style="text-align:left;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"><font style="display:inline;font-family:times new roman;font-size:10pt;">Valuation Inputs </font></div></td>
<td valign="bottom" style="border-bottom:black 2px solid;text-align:center;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">  </font></td>
<td valign="bottom" nowrap="nowrap" colspan="2" style="border-bottom:black 2px solid;text-align:center;" width="10%">
<div style="text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"><font style="display:inline;font-family:times new roman;font-size:10pt;">Total Investments </font></div></td>
<td valign="bottom" nowrap="nowrap" style="border-bottom:black 2px solid;text-align:center;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">  </font></td>
<td valign="bottom" style="border-bottom:black 2px solid;text-align:center;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">  </font></td>
<td valign="bottom" colspan="2" style="border-bottom:black 2px solid;text-align:center;" width="10%">
<div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"><font style="display:inline;font-family:times new roman;font-size:10pt;">Equivalents </font></div></td>
<td valign="bottom" nowrap="nowrap" style="border-bottom:black 2px solid;text-align:center;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">  </font></td>
<td valign="bottom" style="border-bottom:black 2px solid;text-align:center;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">  </font></td>
<td valign="bottom" colspan="2" style="border-bottom:black 2px solid;text-align:center;" width="10%">
<div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"><font style="display:inline;font-family:times new roman;font-size:10pt;">Sale </font></div></td>
<td valign="bottom" nowrap="nowrap" style="border-bottom:black 2px solid;text-align:left;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">  </font></td></tr>
<tr>
<td valign="bottom" style="text-align:justify;" width="44%">
<div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"><font style="display:inline;font-family:times new roman;font-size:10pt;">Level 1 - quoted prices </font></div></td>
<td valign="bottom" style="text-align:justify;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">  </font></td>
<td valign="bottom" style="text-align:left;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">$ </font></td>
<td valign="bottom" style="text-align:right;" width="9%"><font style="display:inline;font-family:times new roman;font-size:10pt;">16,211 </font></td>
<td valign="bottom" nowrap="nowrap" style="text-align:left;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">  </font></td>
<td valign="bottom" style="text-align:justify;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">  </font></td>
<td valign="bottom" style="text-align:left;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">$ </font></td>
<td valign="bottom" style="text-align:right;" width="9%"><font style="display:inline;font-family:times new roman;font-size:10pt;">6,615 </font></td>
<td valign="bottom" nowrap="nowrap" style="text-align:left;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">  </font></td>
<td valign="bottom" style="text-align:justify;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">  </font></td>
<td valign="bottom" style="text-align:left;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">$ </font></td>
<td valign="bottom" style="text-align:right;" width="9%"><font style="display:inline;font-family:times new roman;font-size:10pt;">9,596 </font></td>
<td valign="bottom" nowrap="nowrap" style="text-align:left;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">  </font></td></tr>
<tr>
<td valign="bottom" style="text-align:justify;" width="44%">
<div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"><font style="display:inline;font-family:times new roman;font-size:10pt;">Level 2 - other significant observable inputs </font></div></td>
<td valign="bottom" style="text-align:justify;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">  </font></td>
<td valign="bottom" style="text-align:left;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">  </font></td>
<td valign="bottom" style="text-align:right;" width="9%"><font style="display:inline;font-family:times new roman;font-size:10pt;">- </font></td>
<td valign="bottom" nowrap="nowrap" style="text-align:left;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">  </font></td>
<td valign="bottom" style="text-align:justify;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">  </font></td>
<td valign="bottom" style="text-align:left;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">  </font></td>
<td valign="bottom" style="text-align:right;" width="9%"><font style="display:inline;font-family:times new roman;font-size:10pt;">- </font></td>
<td valign="bottom" nowrap="nowrap" style="text-align:left;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">  </font></td>
<td valign="bottom" style="text-align:justify;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">  </font></td>
<td valign="bottom" style="text-align:left;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">  </font></td>
<td valign="bottom" style="text-align:right;" width="9%"><font style="display:inline;font-family:times new roman;font-size:10pt;">- </font></td>
<td valign="bottom" nowrap="nowrap" style="text-align:left;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">  </font></td></tr>
<tr>
<td valign="bottom" style="text-align:justify;" width="44%">
<div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"><font style="display:inline;font-family:times new roman;font-size:10pt;">Level 3 - significant unobservable inputs </font></div></td>
<td valign="bottom" style="text-align:justify;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">  </font></td>
<td valign="bottom" style="text-align:left;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">  </font></td>
<td valign="bottom" style="text-align:right;" width="9%"><font style="display:inline;font-family:times new roman;font-size:10pt;">- </font></td>
<td valign="bottom" nowrap="nowrap" style="text-align:left;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">  </font></td>
<td valign="bottom" style="text-align:justify;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">  </font></td>
<td valign="bottom" style="text-align:left;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">  </font></td>
<td valign="bottom" style="text-align:right;" width="9%"><font style="display:inline;font-family:times new roman;font-size:10pt;">- </font></td>
<td valign="bottom" nowrap="nowrap" style="text-align:left;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">  </font></td>
<td valign="bottom" style="text-align:justify;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">  </font></td>
<td valign="bottom" style="text-align:left;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">  </font></td>
<td valign="bottom" style="text-align:right;" width="9%"><font style="display:inline;font-family:times new roman;font-size:10pt;">- </font></td>
<td valign="bottom" nowrap="nowrap" style="text-align:left;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">  </font></td></tr>
<tr>
<td valign="bottom" style="border-bottom:black 3px double;text-align:justify;border-top:black 2px solid;" width="44%">
<div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"><font style="display:inline;font-family:times new roman;font-size:10pt;">Total </font></div></td>
<td valign="bottom" style="border-bottom:black 3px double;text-align:justify;border-top:black 2px solid;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">  </font></td>
<td valign="bottom" style="border-bottom:black 3px double;text-align:left;border-top:black 2px solid;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">$ </font></td>
<td valign="bottom" style="border-bottom:black 3px double;text-align:right;border-top:black 2px solid;" width="9%"><font style="display:inline;font-family:times new roman;font-size:10pt;">16,211 </font></td>
<td valign="bottom" nowrap="nowrap" style="border-bottom:black 3px double;text-align:left;border-top:black 2px solid;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">  </font></td>
<td valign="bottom" style="border-bottom:black 3px double;text-align:justify;border-top:black 2px solid;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">  </font></td>
<td valign="bottom" style="border-bottom:black 3px double;text-align:left;border-top:black 2px solid;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">$ </font></td>
<td valign="bottom" style="border-bottom:black 3px double;text-align:right;border-top:black 2px solid;" width="9%"><font style="display:inline;font-family:times new roman;font-size:10pt;">6,615 </font></td>
<td valign="bottom" nowrap="nowrap" style="border-bottom:black 3px double;text-align:left;border-top:black 2px solid;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">  </font></td>
<td valign="bottom" style="border-bottom:black 3px double;text-align:justify;border-top:black 2px solid;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">  </font></td>
<td valign="bottom" style="border-bottom:black 3px double;text-align:left;border-top:black 2px solid;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">$ </font></td>
<td valign="bottom" style="border-bottom:black 3px double;text-align:right;border-top:black 2px solid;" width="9%"><font style="display:inline;font-family:times new roman;font-size:10pt;">9,596 </font></td>
<td valign="bottom" nowrap="nowrap" style="border-bottom:black 3px double;text-align:left;border-top:black 2px solid;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">  </font></td></tr></table></div>
<div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"><font style="display:inline;font-family:times new roman;font-size:10pt;">  </font></div>
<div style="text-indent:0pt;margin-left:0pt;margin-right:0pt;">
<div>
<div style="width:100%;text-align:right;"><font style="display:inline;font-family:times new roman;font-size:8pt;"/></div></div></div>
<div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"/>
<div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"/>
<div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"> </div>
<div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"><font style="display:inline;font-family:times new roman;font-size:10pt;">The following is a summary of the inputs used as of April 30, 2011 in valuing the Company’s investments carried at fair value: </font></div>
<div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"> </div>
<div style="text-align:justify;">
<table cellspacing="0" cellpadding="0" style="text-align:justify;font-family:times new roman;font-size:10pt;" width="80%">
<tr style="text-align:justify;">
<td valign="bottom" style="text-align:justify;" width="44%"><font style="display:inline;font-family:times new roman;font-size:10pt;">  </font></td>
<td valign="bottom" style="text-align:center;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">  </font></td>
<td valign="bottom" colspan="10" style="text-align:center;" width="10%"><font style="display:inline;font-family:times new roman;font-size:10pt;">  </font><font style="display:inline;font-family:times new roman;font-size:10pt;">(in thousands) </font></td>
<td valign="bottom" nowrap="nowrap" style="text-align:center;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">  </font></td></tr>
<tr>
<td valign="bottom" style="text-align:center;" width="44%"><font style="display:inline;font-family:times new roman;font-size:10pt;">  </font></td>
<td valign="bottom" style="text-align:center;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">  </font></td>
<td valign="bottom" colspan="2" style="text-align:center;" width="10%"><font style="display:inline;font-family:times new roman;font-size:10pt;">  </font></td>
<td valign="bottom" nowrap="nowrap" style="text-align:center;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">  </font></td>
<td valign="bottom" style="text-align:center;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">  </font></td>
<td valign="bottom" colspan="2" style="text-align:center;" width="10%"><font style="display:inline;font-family:times new roman;font-size:10pt;">  </font></td>
<td valign="bottom" nowrap="nowrap" style="text-align:center;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">  </font></td>
<td valign="bottom" style="text-align:center;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">  </font></td>
<td valign="bottom" colspan="2" style="text-align:center;" width="10%">
<div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"><font style="display:inline;font-family:times new roman;font-size:10pt;">Investments in </font></div></td>
<td valign="bottom" nowrap="nowrap" style="text-align:center;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">  </font></td></tr>
<tr>
<td valign="bottom" style="text-align:center;" width="44%"><font style="display:inline;font-family:times new roman;font-size:10pt;">  </font></td>
<td valign="bottom" style="text-align:center;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">  </font></td>
<td valign="bottom" colspan="2" style="text-align:center;" width="10%"><font style="display:inline;font-family:times new roman;font-size:10pt;">  </font></td>
<td valign="bottom" nowrap="nowrap" style="text-align:center;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">  </font></td>
<td valign="bottom" style="text-align:center;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">  </font></td>
<td valign="bottom" colspan="2" style="text-align:center;" width="10%"><font style="display:inline;font-family:times new roman;font-size:10pt;">  </font></td>
<td valign="bottom" nowrap="nowrap" style="text-align:center;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">  </font></td>
<td valign="bottom" style="text-align:center;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">  </font></td>
<td valign="bottom" colspan="2" style="text-align:center;" width="10%">
<div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"><font style="display:inline;font-family:times new roman;font-size:10pt;">Securities </font></div></td>
<td valign="bottom" nowrap="nowrap" style="text-align:center;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">  </font></td></tr>
<tr>
<td valign="bottom" style="text-align:center;" width="44%"><font style="display:inline;font-family:times new roman;font-size:10pt;">  </font></td>
<td valign="bottom" style="text-align:center;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">  </font></td>
<td valign="bottom" colspan="2" style="text-align:center;" width="10%"><font style="display:inline;font-family:times new roman;font-size:10pt;">  </font></td>
<td valign="bottom" nowrap="nowrap" style="text-align:center;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">  </font></td>
<td valign="bottom" style="text-align:center;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">  </font></td>
<td valign="bottom" colspan="2" style="text-align:center;" width="10%">
<div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"><font style="display:inline;font-family:times new roman;font-size:10pt;">Cash </font></div></td>
<td valign="bottom" nowrap="nowrap" style="text-align:center;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">  </font></td>
<td valign="bottom" style="text-align:center;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">  </font></td>
<td valign="bottom" colspan="2" style="text-align:center;" width="10%">
<div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"><font style="display:inline;font-family:times new roman;font-size:10pt;">Available-for- </font></div></td>
<td valign="bottom" nowrap="nowrap" style="text-align:center;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">  </font></td></tr>
<tr>
<td valign="bottom" style="border-bottom:black 2px solid;text-align:left;" width="44%">
<div style="text-align:left;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"><font style="display:inline;font-family:times new roman;font-size:10pt;">Valuation Inputs </font></div></td>
<td valign="bottom" style="border-bottom:black 2px solid;text-align:center;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">  </font></td>
<td valign="bottom" nowrap="nowrap" colspan="2" style="border-bottom:black 2px solid;text-align:center;" width="10%">
<div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"><font style="display:inline;font-family:times new roman;font-size:10pt;">Total Investments </font></div></td>
<td valign="bottom" nowrap="nowrap" style="border-bottom:black 2px solid;text-align:center;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">  </font></td>
<td valign="bottom" style="border-bottom:black 2px solid;text-align:center;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">  </font></td>
<td valign="bottom" colspan="2" style="border-bottom:black 2px solid;text-align:center;" width="10%">
<div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"><font style="display:inline;font-family:times new roman;font-size:10pt;">Equivalents </font></div></td>
<td valign="bottom" nowrap="nowrap" style="border-bottom:black 2px solid;text-align:center;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">  </font></td>
<td valign="bottom" style="border-bottom:black 2px solid;text-align:center;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">  </font></td>
<td valign="bottom" colspan="2" style="border-bottom:black 2px solid;text-align:center;" width="10%">
<div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"><font style="display:inline;font-family:times new roman;font-size:10pt;">Sale </font></div></td>
<td valign="bottom" nowrap="nowrap" style="border-bottom:black 2px solid;text-align:left;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">  </font></td></tr>
<tr>
<td valign="bottom" style="text-align:justify;" width="44%">
<div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"><font style="display:inline;font-family:times new roman;font-size:10pt;">Level 1 - quoted prices </font></div></td>
<td valign="bottom" style="text-align:justify;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">  </font></td>
<td valign="bottom" style="text-align:left;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">$ </font></td>
<td valign="bottom" style="text-align:right;" width="9%"><font style="display:inline;font-family:times new roman;font-size:10pt;">18,832 </font></td>
<td valign="bottom" nowrap="nowrap" style="text-align:left;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">  </font></td>
<td valign="bottom" style="text-align:justify;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">  </font></td>
<td valign="bottom" style="text-align:left;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">$ </font></td>
<td valign="bottom" style="text-align:right;" width="9%"><font style="display:inline;font-family:times new roman;font-size:10pt;">6,158 </font></td>
<td valign="bottom" nowrap="nowrap" style="text-align:left;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">  </font></td>
<td valign="bottom" style="text-align:justify;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">  </font></td>
<td valign="bottom" style="text-align:left;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">$ </font></td>
<td valign="bottom" style="text-align:right;" width="9%"><font style="display:inline;font-family:times new roman;font-size:10pt;">12,674 </font></td>
<td valign="bottom" nowrap="nowrap" style="text-align:left;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">  </font></td></tr>
<tr>
<td valign="bottom" style="text-align:justify;" width="44%">
<div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"><font style="display:inline;font-family:times new roman;font-size:10pt;">Level 2 - other significant observable inputs </font></div></td>
<td valign="bottom" style="text-align:justify;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">  </font></td>
<td valign="bottom" style="text-align:left;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">  </font></td>
<td valign="bottom" style="text-align:right;" width="9%"><font style="display:inline;font-family:times new roman;font-size:10pt;">- </font></td>
<td valign="bottom" nowrap="nowrap" style="text-align:left;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">  </font></td>
<td valign="bottom" style="text-align:justify;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">  </font></td>
<td valign="bottom" style="text-align:left;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">  </font></td>
<td valign="bottom" style="text-align:right;" width="9%"><font style="display:inline;font-family:times new roman;font-size:10pt;">- </font></td>
<td valign="bottom" nowrap="nowrap" style="text-align:left;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">  </font></td>
<td valign="bottom" style="text-align:justify;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">  </font></td>
<td valign="bottom" style="text-align:left;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">  </font></td>
<td valign="bottom" style="text-align:right;" width="9%"><font style="display:inline;font-family:times new roman;font-size:10pt;">- </font></td>
<td valign="bottom" nowrap="nowrap" style="text-align:left;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">  </font></td></tr>
<tr>
<td valign="bottom" style="text-align:justify;" width="44%">
<div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"><font style="display:inline;font-family:times new roman;font-size:10pt;">Level 3 - significant unobservable inputs </font></div></td>
<td valign="bottom" style="text-align:justify;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">  </font></td>
<td valign="bottom" style="text-align:left;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">  </font></td>
<td valign="bottom" style="text-align:right;" width="9%"><font style="display:inline;font-family:times new roman;font-size:10pt;">- </font></td>
<td valign="bottom" nowrap="nowrap" style="text-align:left;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">  </font></td>
<td valign="bottom" style="text-align:justify;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">  </font></td>
<td valign="bottom" style="text-align:left;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">  </font></td>
<td valign="bottom" style="text-align:right;" width="9%"><font style="display:inline;font-family:times new roman;font-size:10pt;">- </font></td>
<td valign="bottom" nowrap="nowrap" style="text-align:left;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">  </font></td>
<td valign="bottom" style="text-align:justify;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">  </font></td>
<td valign="bottom" style="text-align:left;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">  </font></td>
<td valign="bottom" style="text-align:right;" width="9%"><font style="display:inline;font-family:times new roman;font-size:10pt;">- </font></td>
<td valign="bottom" nowrap="nowrap" style="text-align:left;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">  </font></td></tr>
<tr>
<td valign="bottom" style="border-bottom:black 3px double;text-align:justify;border-top:black 2px solid;" width="44%">
<div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"><font style="display:inline;font-family:times new roman;font-size:10pt;">Total </font></div></td>
<td valign="bottom" style="border-bottom:black 3px double;text-align:justify;border-top:black 2px solid;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">  </font></td>
<td valign="bottom" style="border-bottom:black 3px double;text-align:left;border-top:black 2px solid;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">$ </font></td>
<td valign="bottom" style="border-bottom:black 3px double;text-align:right;border-top:black 2px solid;" width="9%"><font style="display:inline;font-family:times new roman;font-size:10pt;">18,832 </font></td>
<td valign="bottom" nowrap="nowrap" style="border-bottom:black 3px double;text-align:left;border-top:black 2px solid;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">  </font></td>
<td valign="bottom" style="border-bottom:black 3px double;text-align:justify;border-top:black 2px solid;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">  </font></td>
<td valign="bottom" style="border-bottom:black 3px double;text-align:left;border-top:black 2px solid;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">$ </font></td>
<td valign="bottom" style="border-bottom:black 3px double;text-align:right;border-top:black 2px solid;" width="9%"><font style="display:inline;font-family:times new roman;font-size:10pt;">6,158 </font></td>
<td valign="bottom" nowrap="nowrap" style="border-bottom:black 3px double;text-align:left;border-top:black 2px solid;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">  </font></td>
<td valign="bottom" style="border-bottom:black 3px double;text-align:justify;border-top:black 2px solid;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">  </font></td>
<td valign="bottom" style="border-bottom:black 3px double;text-align:left;border-top:black 2px solid;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">$ </font></td>
<td valign="bottom" style="border-bottom:black 3px double;text-align:right;border-top:black 2px solid;" width="9%"><font style="display:inline;font-family:times new roman;font-size:10pt;">12,674 </font></td>
<td valign="bottom" nowrap="nowrap" style="border-bottom:black 3px double;text-align:left;border-top:black 2px solid;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">  </font></td></tr></table></div>
<div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"><font style="display:inline;font-family:times new roman;font-size:10pt;">  </font></div>
<div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"><font style="display:inline;font-family:times new roman;font-size:10pt;">The Company had no other financial instruments including futures, forwards and swap contracts. For the periods ended July 31, 2011 and April 30, 2011, there were no Level 2 nor Level 3 investments. The Company does not have any liabilities subject to Fair Value Measurement. </font></div>
<div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"> </div>
<div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"><font style="display:inline;font-family:times new roman;font-size:10pt;">Advertising expenses:  The Company expenses advertising costs as incurred. </font></div>
<div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"> </div>
<div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"><font style="display:inline;font-family:times new roman;font-size:10pt;">Reclassification: Certain items in the prior year financial statements have been reclassified to conform to the current year presentation. </font></div>
<div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"><font style="display:inline;font-family:times new roman;font-size:10pt;">  </font></div>
<div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"><font style="display:inline;font-family:times new roman;font-size:10pt;">Income Taxes: </font></div>
<div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"><font style="display:inline;font-family:times new roman;font-size:10pt;">The Company computes its income tax provision in accordance with the Income Tax Topic of the FASB’s ASC. Deferred tax liabilities and assets are recognized for the expected future tax consequences of events that have been reflected in the Consolidated Condensed Financial Statements. Deferred tax liabilities and assets are determined based on the differences between the book values and the tax bases of particular assets and liabilities, using tax rates currently in effect for the years in which the differences are expected to reverse. </font></div>
<div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"> </div>
<div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"><font style="display:inline;font-family:times new roman;font-size:10pt;">The Income Tax Topic of the FASB’s ASC establishes for all entities, a minimum threshold for financial statement recognition of the benefit of positions taken in filing tax returns (including whether an entity is taxable in a particular jurisdiction), and requires certain expanded tax disclosures. As of July 31, 2011, management has reviewed the tax positions for the years still subject to tax audit under the statute of limitations, evaluated the implications, and determined that there is no material impact to the Company’s financial statements. </font></div>
<div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"> </div>
<div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"><font style="display:inline;font-family:times new roman;font-size:10pt;">Earnings per share: Earnings per share are based on the weighted average number of shares of common stock and common stock equivalents outstanding during each period. </font></div>
<div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"><font style="display:inline;font-family:times new roman;font-size:10pt;">Cash and Cash Equivalents: For purposes of the Consolidated Condensed Statements of Cash Flows, the Company considers all cash held at banks and short term liquid investments with an original maturity of less than three months to be cash and cash equivalents. As of July 31, 2011 and April 30, 2011, cash equivalents included $6,615,000 and $6,158,000, respectively, invested in mutual funds that invest in U.S. Government Securities and bank certificates of deposits. </font></div>
<div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"> </div>
<div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"><font style="display:inline;font-family:times new roman;font-size:10pt;">Use of Estimates: The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates. </font></div>
<div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"> </div>
<div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"><font style="display:inline;font-family:times new roman;font-size:10pt;">Expenses Associated with Restructuring: </font></div>
<div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"><font style="display:inline;font-family:times new roman;font-size:10pt;">The Company expensed all costs associated with the Restructuring Transaction as incurred (see Note 11 - Legal Proceedings and Restructuring). </font></div></div>
<div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;font-weight:bold;" >Note 2-Investments:
</font>
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" > 
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="font-style:italic;display:inline;font-family:times new roman;font-size:10pt;" >Securities Available-for-Sale:
</font>
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" > 
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Securities held by the Company and its subsidiaries are classified as available-for-sale securities in accordance with FASB’s ASC 320, Investments - Debt and Equity Securities.
</font>
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" > 
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="font-style:italic;display:inline;font-family:times new roman;font-size:10pt;" >Equity Securities:
</font>
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" > 
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >As of July 31, 2011 and April 30, 2011, the aggregate cost of the equity securities classified as available-for-sale, which consist of investments in the First Trust Value Line Dividend, PGF PowerShares preferred stock and S&P Dividend ETFs, and certain shares of equity securities was $1,360,000 for both periods and the market value was $1,392,000 and $1,466,000, respectively. There were no sales or proceeds from sales of equity securities during the three months ended July 31, 2011 or July 31,  2010.
</font>
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" > 
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" >
</div><div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" >
</div><div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" >
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" > 
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >The decrease in gross unrealized gains on equity securities classified as available-for-sale due to changes in market conditions of $74,000, net of deferred taxes of $26,000, was included in Shareholders’ Equity at July 31, 2011. The increase in gross unrealized gains on equity securities classified as available-for-sale due to changes in market conditions of $106,000, net of deferred taxes of $37,000, was included in Shareholders’ Equity at  April 30, 2011.
</font>
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" > 
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="font-style:italic;display:inline;font-family:times new roman;font-size:10pt;" >Government Debt Securities (Fixed Income Securities):
</font>
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" > 
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Government debt securities consist of securities issued by the United States federal government. The aggregate cost and fair value at July 31, 2011 for government debt securities classified as available-for-sale were as follows:
</font>
</div><div style="text-align:justify;" ><table cellspacing="0" cellpadding="0" width="80%" style="text-align:justify;font-family:times new roman;font-size:10pt;" ><tr style="text-align:justify;" ><td valign="bottom" width="42%" colspan="2" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" width="10%" colspan="10" style="text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >(in thousands)
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td>
</tr><tr><td valign="bottom" width="22%" style="border-bottom:black 2px solid;text-align:left;" ><div style="text-align:left;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Maturity
</font>
</font>
</div>
</td><td valign="bottom" width="20%" style="text-align:left;padding-bottom:2px;" ><div style="text-align:left;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</div>
</td><td valign="bottom" width="1%" style="text-align:center;padding-bottom:2px;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" width="10%" colspan="2" style="border-bottom:black 2px solid;text-align:center;" ><div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Historical
</font>
</font>
</div><font style="display:inline;font-family:times new roman;font-size:10pt;" >Cost
</font>
</div>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="border-bottom:black 2px solid;text-align:center;padding-bottom:2px;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" width="1%" style="border-bottom:black 2px solid;text-align:center;padding-bottom:2px;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" width="10%" colspan="2" style="border-bottom:black 2px solid;text-align:center;padding-bottom:2px;" ><div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Fair Value
</font>
</div>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="border-bottom:black 2px solid;text-align:center;padding-bottom:2px;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" width="1%" style="border-bottom:black 2px solid;text-align:center;padding-bottom:2px;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" width="13%" colspan="2" nowrap="nowrap" style="border-bottom:black 2px solid;text-align:center;padding-bottom:2px;" ><div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Gross Unrealized
</font>
</font>
</div><font style="display:inline;font-family:times new roman;font-size:10pt;" >Holding Gains/(Losses)
</font>
</div>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="border-bottom:black 2px solid;text-align:left;padding-bottom:2px;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td>
</tr><tr><td valign="bottom" width="42%" colspan="2" style="text-align:justify;" ><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Due within 1 year
</font>
</div>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" width="1%" style="border-bottom:black 2px solid;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >$
</font>
</td><td valign="bottom" width="9%" style="border-bottom:black 2px solid;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >8,214
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="border-bottom:black 2px solid;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" width="1%" style="border-bottom:black 2px solid;text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" width="1%" style="border-bottom:black 2px solid;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >$
</font>
</td><td valign="bottom" width="9%" style="border-bottom:black 2px solid;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >8,204
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="border-bottom:black 2px solid;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" width="1%" style="border-bottom:black 2px solid;text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" width="1%" style="border-bottom:black 2px solid;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >$
</font>
</td><td valign="bottom" width="12%" style="border-bottom:black 2px solid;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >(10
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="border-bottom:black 2px solid;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >)
</font>
</td>
</tr><tr><td valign="bottom" width="42%" colspan="2" style="text-align:justify;padding-bottom:4px;" ><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Total investment in government debt securities
</font>
</div>
</td><td valign="bottom" width="1%" style="text-align:justify;padding-bottom:4px;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" width="1%" style="border-bottom:black 4px double;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >$
</font>
</td><td valign="bottom" width="9%" style="border-bottom:black 4px double;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >8,214
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="border-bottom:black 4px double;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" width="1%" style="border-bottom:black 4px double;text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" width="1%" style="border-bottom:black 4px double;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >$
</font>
</td><td valign="bottom" width="9%" style="border-bottom:black 4px double;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >8,204
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="border-bottom:black 4px double;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" width="1%" style="border-bottom:black 4px double;text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" width="1%" style="border-bottom:black 4px double;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >$
</font>
</td><td valign="bottom" width="12%" style="border-bottom:black 4px double;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >(10
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="border-bottom:black 4px double;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >)
</font>
</td>
</tr>
</table>
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >The aggregate cost and fair value at April 30, 2011 for government debt securities classified as available-for-sale were as follows:
</font>
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" > 
</div><div style="text-align:justify;" ><table cellspacing="0" cellpadding="0" width="80%" style="text-align:justify;font-family:times new roman;font-size:10pt;" ><tr style="text-align:justify;" ><td valign="bottom" width="42%" colspan="2" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" width="10%" colspan="10" style="text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >(in thousands)
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td>
</tr><tr><td valign="bottom" width="22%" style="border-bottom:black 2px solid;text-align:left;" ><div style="text-align:left;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Maturity
</font>
</font>
</div>
</td><td valign="bottom" width="20%" style="text-align:left;padding-bottom:2px;" ><div style="text-align:left;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</div>
</td><td valign="bottom" width="1%" style="text-align:center;padding-bottom:2px;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" width="10%" colspan="2" style="border-bottom:black 2px solid;text-align:center;" ><div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Historical
</font>
</font>
</div><font style="display:inline;font-family:times new roman;font-size:10pt;" >Cost
</font>
</div>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="border-bottom:black 2px solid;text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" width="1%" style="border-bottom:black 2px solid;text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" width="10%" colspan="2" style="border-bottom:black 2px solid;text-align:center;" ><div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Fair Value
</font>
</div>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="border-bottom:black 2px solid;text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" width="1%" style="border-bottom:black 2px solid;text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" width="13%" colspan="2" nowrap="nowrap" style="border-bottom:black 2px solid;text-align:center;" ><div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Gross Unrealized
</font>
</font>
</div><font style="display:inline;font-family:times new roman;font-size:10pt;" >Holding Gains/(Losses)
</font>
</div>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="border-bottom:black 2px solid;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td>
</tr><tr><td valign="bottom" width="42%" colspan="2" style="text-align:justify;padding-bottom:2px;" ><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Due within 1 year
</font>
</div>
</td><td valign="bottom" width="1%" style="text-align:justify;padding-bottom:2px;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" width="1%" style="border-bottom:black 2px solid;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >$
</font>
</td><td valign="bottom" width="9%" style="border-bottom:black 2px solid;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >11,217
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="border-bottom:black 2px solid;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" width="1%" style="border-bottom:black 2px solid;text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" width="1%" style="border-bottom:black 2px solid;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >$
</font>
</td><td valign="bottom" width="9%" style="border-bottom:black 2px solid;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >11,208
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="border-bottom:black 2px solid;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" width="1%" style="border-bottom:black 2px solid;text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" width="1%" style="border-bottom:black 2px solid;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >$
</font>
</td><td valign="bottom" width="12%" style="border-bottom:black 2px solid;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >(9
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="border-bottom:black 2px solid;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >)
</font>
</td>
</tr><tr><td valign="bottom" width="42%" colspan="2" style="text-align:justify;padding-bottom:4px;" ><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Total investment in government debt securities
</font>
</div>
</td><td valign="bottom" width="1%" style="text-align:justify;padding-bottom:4px;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" width="1%" style="border-bottom:black 4px double;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >$
</font>
</td><td valign="bottom" width="9%" style="border-bottom:black 4px double;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >11,217
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="border-bottom:black 4px double;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" width="1%" style="border-bottom:black 4px double;text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" width="1%" style="border-bottom:black 4px double;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >$
</font>
</td><td valign="bottom" width="9%" style="border-bottom:black 4px double;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >11,208
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="border-bottom:black 4px double;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" width="1%" style="border-bottom:black 4px double;text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" width="1%" style="border-bottom:black 4px double;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >$
</font>
</td><td valign="bottom" width="12%" style="border-bottom:black 4px double;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >(9
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="border-bottom:black 4px double;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >)
</font>
</td>
</tr>
</table>
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >The increase in gross unrealized losses of $6,000 and $74,000 on fixed income securities classified as available-for-sale net of deferred income tax of $2,000 and $26,000, respectively, were included in Accumulated Other Comprehensive Income on the Consolidated Condensed Balance Sheets as of July 31, 2011 and April 30, 2011, respectively.
</font>
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Proceeds from sales of government debt securities classified as available-for-sale during the three months ended July 31, 2011 and July 31, 2010 were $2,998,000 and $6,706,000, respectively. During the three months ended July 31, 2011, losses on sales of fixed income securities of $5,000 were reclassified from Accumulated Other Comprehensive Income in the Balance Sheet to the Consolidated Condensed Statement of Income. During the three months ended July 31, 2010 there were no realized gains or losses on fixed income securities.
</font>
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" > 
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >The average yield on the Government debt securities classified as available-for-sale at July 31, 2011 and April 30, 2011 was 0.23% and 0.24%, respectively.
</font>
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" > 
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >During the three months ended July 31, 2011 and 2010, income from securities transactions also included $12,000 and $0 of dividend income; $8,000 and $39,000 of interest income, respectively.
</font>
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" > 
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:281.45pt;" ><font style="font-style:italic;display:inline;font-family:times new roman;font-size:10pt;" >Investment in Unconsolidated Entities:
</font>
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:281.45pt;" ><font style="font-style:italic;display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:281.45pt;" ><font style="font-style:italic;display:inline;font-family:times new roman;font-size:10pt;" >Equity Method Investment:
</font>
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" > 
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" >The Company recorded an asset, Investment in EAM, on its Consolidated Condensed Balance Sheet with an initial valuation as of December 23, 2010 of $55,805,000 as a result of the deconsolidation of EAM LLC and ESI, the former asset management and mutual fund distribution subsidiaries.  In accordance with the Consolidation Topic of the FASB’s ASC, the Company recognized a pre-tax gain in net income of $50,510,000 measured as the difference between the fair value of the consideration received, valued at $51,690,000, and the carrying value of the former subsidiaries’ assets and liabilities, which was comprised of $1,180,000 of working capital (cash), transferred pursuant to the Restructuring Transaction. The value of VLI’s investment in EAM at July 31, 2011 and April 30, 2011 reflects the fair value at December 23, 2010 of the non-voting revenues and profits interest received in the Restructuring Transaction, plus $5,820,000 of cash and liquid securities in excess of working capital requirements contributed to EAM’s capital account by VLI on December 23, 2010, plus earnings from EAM less earnings distributed to VLI by EAM, during the period from December 23, 2010 through the balance sheets dates.
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" > 
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >In accordance with the EAM Trust Agreement and as mentioned above, EAM received $7,000,000 in cash and liquid securities from VLI pursuant to the Restructuring Transaction which included $1,180,000 of working capital deemed needed for operations and $5,820,000 in excess of working capital needs. It is anticipated that EAM will have sufficient liquidity and earn enough profit to conduct its current and future operations so the management of EAM will not need additional funding. Although the distributor had historically received, from the Value Line Funds under the compensation plans it had in place with the Funds, amounts in excess of its actual expenditures, in more recent years the distributor has been spending amounts on promotion of the Value Line Funds in excess of the compensation received from the Funds. Over time, EAM anticipates that its total future expenditures on such promotion will equal or exceed its total future revenues under the Funds’ distribution plans. However, if that should not occur, EAM has no obligation to reimburse the Value Line Funds.
</font>
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" > 
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:513pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</div><div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;font-weight:bold;" >
</font>
</div><div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" >
</div><div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" > 
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >The Company monitors this asset for impairment to determine whether an event or change in circumstances has occurred that may have a significant adverse effect on the fair value of the investment. Impairment indicators include, but are not limited to the following: (a) a significant deterioration in the earnings performance, asset quality, or business prospects of the investee, (b) a significant adverse change in the regulatory, economic, or technological environment of the investee, (c) a significant adverse change in the general market condition of the industry in which the investee operates, or (d) factors that raise significant concerns about the investee’s ability to continue as a going concern such as negative cash flows, working capital deficiencies, or noncompliance with statutory capital requirements.  EAM did not record any impairment losses for its assets during the first quarter of fiscal year 2012.
</font>
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" > 
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >The overall results of EAM’s investment management operations during the three months ended July 31, 2011, before interest holder distributions, include total investment management fees earned from the Value Line Funds of $3,301,000, 12b-1 fees of $928,000 and other income of $4,000. For the same period, total investment management fee waivers were $230,000 and 12b-1 fee waivers were $618,000.  During the three months ended July 31, 2011, EAM’s net income was $162,000, after giving effect to Value Line’s non-voting revenues interest of $1,491,000, but before distributions to voting profits interest holders and to the Company in respect of its non-voting profits interest. <font style="display:inline;font-family:times new roman;font-size:10pt;" >During the three months ended July 31, 2011, the Company recorded income of $1,491,000 and profits of $81,000 from its non-voting revenues and its non-voting profits interests in EAM without incurring any directly related expenses. Operating expenses of EAM during the three months ended July 31, 2011, were $2,580,000 and EAM’s net income was $162,000 available for distribution to profit interest holders. At July 31, 2011, EAM’s total assets were $58,091,000, total liabilities were $1,471,000 and total equity was $56,620,000.
</font>
</font>
</font>
</div>
</div>
</div>
<div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;font-weight:bold;" >Note 3: Variable Interest Entity
</font>
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" > 
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >As discussed in Note 11 - Legal Proceedings and Restructuring, as part of the Restructuring Transaction, the Company retained a non-voting revenues interest and a 50% non-voting profits interest in EAM, which was formed to carry on the asset management and mutual fund distribution businesses formerly conducted by Value Line and its subsidiaries. EAM is considered to be a variable interest entity. The Company makes its determination for consolidation of EAM as a variable interest entity based on a qualitative assessment of the purpose and design of EAM, the terms and characteristics of the variable interests in EAM, and the risks EAM is designed to originate and pass through to holders of variable interests. Other than EAM, the Company does not have an interest in any other variable interest entities.
</font>
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" > 
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Value Line has determined that it does not have a controlling financial interest in EAM because it does not have the power to direct the activities of EAM that most significantly impact its economic performance. Value Line does not hold any voting stock of EAM and it does not have any involvement in the day to day activities or operations of EAM. Although the EAM Trust Agreement provides Value Line with certain consent rights and contains certain restrictive covenants related to the activities of EAM, these are considered to be protective rights and therefore Value Line does not maintain control over EAM.
</font>
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" > 
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >In addition, although EAM is expected to be profitable, there is a risk that it could operate at a loss. While all of the profit interest shareholders in EAM are subject to variability based on EAM’s operations risk, Value Line’s revenue interest in EAM is a preferred interest in the revenues of EAM, rather than a profits interest in EAM, and Value Line accordingly believes it is subject to proportionately less risk than other holders of the profits interests.
</font>
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" > 
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >The Company has not provided any explicit or implicit financial or other support to EAM other than what was contractually agreed to in the EAM Trust Agreement. Value Line has no obligation to fund EAM in the future and as a result has no exposure to loss beyond its initial investment and any undistributed revenues and profits interests retained in EAM. The following table presents the total assets of EAM, the maximum exposure to loss due to involvement with EAM, as well as the value of the assets and liabilities the Company has recorded for its interest in EAM.
</font>
</div><div style="text-align:justify;" ><table cellspacing="0" cellpadding="0" width="100%" style="font-family:times new roman;font-size:10pt;" ><tr><td valign="bottom" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" colspan="2" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" colspan="2" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" colspan="2" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" colspan="2" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td>
</tr><tr><td valign="bottom" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" colspan="2" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" colspan="2" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" colspan="2" style="text-align:center;" ><div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >(In thousands)
</font>
</div>
</td><td valign="bottom" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" colspan="2" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td>
</tr><tr><td valign="bottom" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" colspan="2" ><div style="text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</div>
</td><td valign="bottom" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" colspan="2" ><div style="text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Maximum
</font>
</div>
</td><td valign="bottom" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" colspan="2" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" colspan="2" ><div style="text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</div>
</td><td valign="bottom" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td>
</tr><tr><td valign="bottom" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" colspan="2" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" colspan="2" ><div style="text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Exposure to
</font>
</div>
</td><td valign="bottom" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" colspan="2" ><div style="text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Investment
</font>
</div>
</td><td valign="bottom" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" colspan="2" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td>
</tr><tr><td valign="bottom" style="padding-bottom:2px;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" style="padding-bottom:2px;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" style="padding-bottom:2px;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" colspan="2" style="border-bottom:black 2px solid;" ><div style="text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >VIE Assets
</font>
</font>
</div>
</td><td valign="bottom" nowrap="nowrap" style="border-bottom:black 2px solid;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" style="border-bottom:black 2px solid;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" colspan="2" style="border-bottom:black 2px solid;" ><div style="text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Loss
</font>
</div>
</td><td valign="bottom" nowrap="nowrap" style="border-bottom:black 2px solid;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" style="border-bottom:black 2px solid;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" colspan="2" style="border-bottom:black 2px solid;text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font><font style="display:inline;font-family:times new roman;font-size:10pt;" >(1) (2)
</font>
</td><td valign="bottom" nowrap="nowrap" style="border-bottom:black 2px solid;text-align:left;" > 
</td><td valign="bottom" style="border-bottom:black 2px solid;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" colspan="2" style="border-bottom:black 2px solid;" ><div style="text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Liabilities
</font>
</div>
</td><td valign="bottom" nowrap="nowrap" style="text-align:left;padding-bottom:2px;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" nowrap="nowrap" style="text-align:left;padding-bottom:2px;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td>
</tr><tr><td valign="bottom" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" colspan="2" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" colspan="2" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" colspan="2" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td>
</tr><tr><td valign="bottom" style="text-align:left;padding-left:0pt;margin-left:9pt;" ><div style="text-align:left;text-indent:0pt;display:block;margin-left:18pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >EAM Trust
</font>
</div>
</td><td valign="bottom" style="text-align:left;" ><div style="text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >at July 31, 2011
</font>
</div>
</td><td valign="bottom" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >$
</font>
</td><td valign="bottom" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >58,091
</font>
</td><td valign="bottom" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >$
</font>
</td><td valign="bottom" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >56,226
</font>
</td><td valign="bottom" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >$
</font>
</td><td valign="bottom" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >56,226
</font>
</td><td valign="bottom" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >$
</font>
</td><td valign="bottom" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >-
</font>
</td><td valign="bottom" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td>
</tr><tr><td valign="bottom" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td>
</tr><tr><td valign="bottom" width="20%" style="text-align:left;padding-left:0pt;margin-left:9pt;" ><div style="text-align:left;text-indent:0pt;display:block;margin-left:18pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >EAM Trust
</font>
</div>
</td><td valign="bottom" width="20%" style="text-align:left;" ><div style="text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >at April 30, 2011
</font>
</div>
</td><td valign="bottom" width="1%" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >$
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >57,780
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" width="1%" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >$
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >56,367
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" width="1%" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >$
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >56,367
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" width="1%" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >$
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >-
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" > 
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" > 
</td>
</tr>
</table>
</div><div style="text-align:justify;" > 
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >(1)  Reported within Long Term Assets on Consolidated Condensed Balance Sheets.
</font>
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" > 
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >(2) Revenues receivable from EAM of $514,000 previously reported within Current Assets at April 30, 2011 on the Form 10-K, filed on July 29, 2011, were reclassified from Receivables from Affiliates to Investment in EAM Trust at July 31, 2011 on the Consolidated Condensed Balance Sheet.
</font>
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" > 
</div>
</div>
<div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-weight:bold;" >Note 4-Supplementary Cash Flow Information:<br></br>
</font>
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" >
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >There were no income tax payments during the three months ended July 31, 2011. Cash payments for income taxes were $10,000 for the three months ended July 31, 2010. The Company also received $1,598,000 of federal income tax refunds during the first quarter of fiscal 2011.
</font>
</div>
</div>
<div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;font-weight:bold;" >Note 5-Employees’ Profit Sharing and Savings Plan:
</font>
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" > 
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Substantially all employees of the Company and its subsidiaries are members of the Value Line, Inc. Profit Sharing and Savings Plan (the “Plan”). In general, this is a qualified, contributory plan which provides for a discretionary annual Company contribution which is determined by a formula based on the salaries of eligible employees and the amount of consolidated net operating income as defined in the Plan. The estimated profit sharing plan contribution, which is included as an expense in salaries and employee benefits in the Consolidated Condensed Statement of Income, was $150,000 for the three months ended July 31, 2011.
</font>
</div>
</div>
<div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;font-weight:bold;" >Note 6-Comprehensive Income:<br></br>
</font>
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" >
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >The FASB’s ASC Comprehensive Income topic requires the reporting of comprehensive income in addition to net income from operations. Comprehensive income is a more inclusive financial reporting methodology that includes disclosure of certain financial information that otherwise would not be recognized in the calculation of net income.<br></br>
</font>
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >As of July 31, 2011, the Company held both equity and U.S. Government debt securities that are classified as available-for-sale on the Consolidated Condensed Balance Sheets. At July 31, 2010, the Company held U.S. Government debt securities that are classified as available-for-sale on the Consolidated Condensed Balance Sheets. The change in valuation of these securities, net of deferred income taxes, has been recorded in Accumulated Other Comprehensive Income in the Company’s Consolidated Condensed Balance Sheets.<br></br>
</font>
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" >
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >The components of comprehensive income that are included in the Statement of Changes in Shareholders’ Equity are as follows:
</font>
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" >
</div><div style="text-align:justify;" ><table cellspacing="0" cellpadding="0" width="80%" style="text-align:justify;font-family:times new roman;font-size:10pt;" ><tr style="text-align:justify;" ><td valign="bottom" width="44%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="10%" colspan="2" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="10%" colspan="2" style="text-align:center;" ><div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >(in thousands)
</font>
</div>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="10%" colspan="2" style="text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td>
</tr><tr><td valign="bottom" width="44%" style="text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="10%" colspan="2" style="text-align:center;" ><div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Before
</font>
</div>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="10%" colspan="2" style="text-align:center;" ><div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Tax
</font>
</div>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="10%" colspan="2" style="text-align:center;" ><div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Net of
</font>
</div>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td>
</tr><tr><td valign="bottom" width="44%" style="text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="10%" colspan="2" style="text-align:center;" ><div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Tax
</font>
</div>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="10%" colspan="2" style="text-align:center;" ><div
style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >(Expense)
</font>
</div>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="10%" colspan="2" style="text-align:center;" ><div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Tax
</font>
</div>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td>
</tr><tr><td valign="bottom" width="44%" style="text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="10%" colspan="2" style="text-align:center;" ><div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Amount
</font>
</div>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="10%" colspan="2" style="text-align:center;" ><div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >or Benefit
</font>
</div>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="10%" colspan="2" style="text-align:center;" ><div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Amount
</font>
</div>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td>
</tr><tr><td valign="bottom" width="44%" style="text-align:justify;" ><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Three months ended July 31, 2011
</font>
</div>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="10%" colspan="2" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="10%" colspan="2" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="10%" colspan="2" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td>
</tr><tr><td valign="bottom" width="44%" style="text-align:justify;" ><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Unrealized losses on securities:
</font>
</div>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="10%" colspan="2" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="10%" colspan="2" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="10%" colspan="2" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td>
</tr><tr><td valign="bottom" width="44%" style="text-align:justify;" ><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Unrealized holding losses arising during the
</font>
</div>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="10%" colspan="2" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom"
width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="10%" colspan="2" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="10%" colspan="2" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td>
</tr><tr><td valign="bottom" width="44%" style="text-align:justify;" ><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >period
</font>
</div>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >$
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >(80
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >)
</font>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >$
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >28
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >$
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >(52
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >)
</font>
</td>
</tr><tr><td valign="bottom" width="44%" style="text-align:justify;" ><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Add: Reclassification adjustments
</font>
</div>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td>
</tr><tr><td valign="bottom" width="44%" style="text-align:justify;padding-bottom:2px;" ><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >for losses realized in net income
</font>
</div>
</td><td valign="bottom" width="1%" style="text-align:justify;padding-bottom:2px;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="border-bottom:black 2px solid;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="border-bottom:black 2px solid;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >5
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="border-bottom:black 2px solid;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="border-bottom:black 2px solid;text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="border-bottom:black 2px solid;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="border-bottom:black 2px solid;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >(2
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap"
style="border-bottom:black 2px solid;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >)
</font>
</td><td valign="bottom" width="1%" style="border-bottom:black 2px solid;text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="border-bottom:black 2px solid;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="border-bottom:black 2px solid;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >3
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="border-bottom:black 2px solid;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td>
</tr><tr><td valign="bottom" width="44%" style="text-align:justify;padding-bottom:4px;" ><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Other comprehensive loss
</font>
</div>
</td><td valign="bottom" width="1%" style="text-align:justify;padding-bottom:4px;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="border-bottom:black 4px double;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >$
</font>
</td><td valign="bottom" width="9%" style="border-bottom:black 4px double;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >(75
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="border-bottom:black 4px double;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >)
</font>
</td><td valign="bottom" width="1%" style="border-bottom:black 4px double;text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="border-bottom:black 4px double;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >$
</font>
</td><td valign="bottom" width="9%" style="border-bottom:black 4px double;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >26
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="border-bottom:black 4px double;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="border-bottom:black 4px double;text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="border-bottom:black 4px double;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >$
</font>
</td><td valign="bottom" width="9%" style="border-bottom:black 4px double;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >(49
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="border-bottom:black 4px double;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >)
</font>
</td>
</tr><tr><td valign="bottom" width="44%" style="text-align:justify;" ><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Three months ended July 31, 2010
</font>
</div>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td>
</tr><tr><td valign="bottom" width="44%" style="text-align:justify;" ><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Unrealized losses on securities:
</font>
</div>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font
style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td>
</tr><tr><td valign="bottom" width="44%" style="text-align:justify;" ><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Unrealized holding losses arising during the
</font>
</div>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td>
</tr><tr><td valign="bottom" width="44%" style="text-align:justify;padding-bottom:2px;" ><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >period
</font>
</div>
</td><td valign="bottom" width="1%" style="text-align:justify;padding-bottom:2px;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="border-bottom:black 2px solid;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >$
</font>
</td><td valign="bottom" width="9%" style="border-bottom:black 2px solid;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >(15
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="border-bottom:black 2px solid;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >)
</font>
</td><td valign="bottom" width="1%" style="border-bottom:black 2px solid;text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="border-bottom:black 2px solid;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >$
</font>
</td><td valign="bottom" width="9%" style="border-bottom:black 2px solid;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >5
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="border-bottom:black 2px solid;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="border-bottom:black 2px solid;text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="border-bottom:black 2px solid;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >$
</font>
</td><td valign="bottom" width="9%" style="border-bottom:black 2px solid;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >(10
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="border-bottom:black 2px solid;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >)
</font>
</td>
</tr><tr><td valign="bottom" width="44%" style="text-align:justify;padding-bottom:4px;" ><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Other comprehensive loss
</font>
</div>
</td><td valign="bottom" width="1%" style="text-align:justify;padding-bottom:4px;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="border-bottom:black 4px double;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >$
</font>
</td><td valign="bottom" width="9%" style="border-bottom:black 4px double;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >(15
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="border-bottom:black 4px double;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >)
</font>
</td><td valign="bottom" width="1%" style="border-bottom:black 4px double;text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="border-bottom:black 4px double;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >$
</font>
</td><td valign="bottom" width="9%" style="border-bottom:black 4px double;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >5
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="border-bottom:black 4px
double;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="border-bottom:black 4px double;text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="border-bottom:black 4px double;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >$
</font>
</td><td valign="bottom" width="9%" style="border-bottom:black 4px double;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >(10
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="border-bottom:black 4px double;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >)
</font>
</td>
</tr>
</table>
</div>
</div>
913000
781000
1995000
1993000
<div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;font-weight:bold;" >Note 7-Related Party Transactions:
</font>
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" > 
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="font-style:italic;display:inline;font-family:times new roman;font-size:10pt;" >Investment Management (overview):
</font>
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" > 
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><div style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >As discussed previously in Note 1 - Organization and Summary of Significant Accounting Policies, prior to December 23, 2010, the Company’s former direct subsidiary EAM LLC was the investment adviser and manager for the Value Line Funds, and EAM LLC’s subsidiary ESI was the distributor for the Funds. EAM LLC earned investment management fees based upon the average daily net asset values of the respective Value Line Funds. Service and distribution fees were received by ESI from the Value Line Funds in accordance with service and distribution plans under rule 12b-1 of the Investment Company Act of 1940. These plans are compensation plans, which means that the distributor’s fees under the plans are payable without regard to actual expenses incurred by the distributor, and therefore the distributor may earn a profit under the plans. Expenses incurred by ESI included payments to securities dealers, banks, financial institutions and other organizations which provided distribution, marketing, and administrative services (including payments by ESI to VLI for allocated compensation and administration expenses) with respect to the distribution of the Funds’ shares. Service and distribution fees were received on a monthly basis and calculated based upon the average daily net assets of the respective Fund in accordance with each Fund’s prospectus.
</font>
</div>
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</div><div style="text-indent:0pt;margin-left:0pt;margin-right:0pt;" ><div><div style="width:100%;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:8pt;" >
</font>
</div>
</div>
</div><div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;font-weight:bold;" >
</font>
</div><div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" >
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" > 
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >As of the Restructuring Date, December 23, 2010, the Company deconsolidated its asset management and mutual fund distribution businesses and its interest in these businesses was restructured as a non-voting revenues and non-voting profits interest in EAM. Accordingly, the Company no longer reports this operation as a separate business segment, although it still maintains a significant interest in the cash flows generated by this business. Total assets in the Value Line Funds managed by EAM at July 31, 2011 were $2.15 billion, 2% above total assets of $2.1 billion in the Value Line Funds managed by EAM LLC, the predecessor of EAM, at July 31, 2010. Overall assets in the Value Line Funds at July 31, 2011 increased $50 million, or 2% since July 31, 2010 as a result of market appreciation that more than offset net redemptions within the equity funds.
</font>
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" > 
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >During the three months ended July 31, 2010, investment management fees and distribution service fees (which we sometimes refer to as “12b-1 fees”) amounted to $4,215,000, after giving effect to account fee waivers for certain of the Value Line Funds. These amounts included 12b-1 fees of $910,000. For the same period total investment management fee waivers were $186,000 and total 12b-1 fee waivers were $620,000. With limited exceptions, the Company, EAM LLC and ESI had no right to recoup the previously waived amounts of investment management fees and 12b-1 fees. Any such recoupment of waived investment management fees is subject to the provisions of the applicable prospectus. During the three months ended July 31, 2010, separately managed accounts revenues were $51,000. Separately managed accounts had $44 million in assets as of July 31, 2010. Of the $44 million, $21 million was affiliated with Arnold Bernhard & Co., Inc. (“AB&Co.” or the “Parent”). During the third quarter of fiscal 2011, the affiliated entities cancelled their separately managed account agreements with EAM LLC.
</font>
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" > 
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >The non-voting revenues and profits distributions due from EAM to the Company for income earned through the balance sheet date, which is included in the Investment in EAM Trust on the Consolidated Condensed Balance Sheets were $587,000 and $514,000 at July 31, 2011 and April 30, 2011, respectively. The non-voting revenues and non-voting profits interests due from EAM are payable quarterly under the provisions of the EAM Trust Agreement.
</font>
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" > 
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="font-style:italic;display:inline;font-family:times new roman;font-size:10pt;" >EAM Trust - VLI’s non-voting revenues and profits interests:
</font>
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" > 
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >As a result of the Restructuring Transaction, the Company no longer engages, through subsidiaries, in the investment management or mutual fund distribution businesses. The Company does hold non-voting revenues and non-voting profits interests in EAM which entitle the Company to receive from EAM an amount ranging from 41% to 55% of EAM’s investment management fee revenues from its mutual fund and separate accounts business. EAM currently has no separately managed account clients. During the three months ended July 31, 2011, the Company recorded revenues of $1,491,000 and profits of $81,000 from its non-voting interests in EAM without incurring any directly related expenses. During the period from December 23, 2010 until May 28, 2011, EAM and ES occupied a portion of the premises that the Company leases from a third party. The Company received $44,000 for the month of May, 2011 for rent and certain accounting and other administrative support services provided to EAM and ES on a transitional basis during such period.
</font>
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" > 
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="font-style:italic;display:inline;font-family:times new roman;font-size:10pt;" >Transactions with Parent:
</font>
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" > 
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >During the three months ended July 31, 2011 and 2010, the Company was reimbursed $101,000 and $75,000, respectively, for payments it made on behalf of and services it provided to the Parent. At July 31, 2011 and April 30, 2011, the Receivables from affiliates included  receivables from the Parent of $1,000 and $38,000, respectively. 
</font>
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >The Company is a party to a tax-sharing arrangement with the Parent which allocates the tax liabilities of the two Companies between them. The Company made no Federal tax payments to the Parent during the three months ended July 31, 2011. For the three months ended July 31, 2010, the Company received $1,598,000 from the Parent for prepaid Federal income taxes.  
</font>
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >From time to time, the Parent has purchased additional shares of common stock of the Company in the market when and as the Parent has determined it to be appropriate. The Parent may make additional purchases of common stock of the Company from time to time in the future, although the Parent has suspended purchases of Value Line shares until Value Line’s share repurchase program is concluded (see Note 10 - Treasury Stock and Repurchase Program). As at July 31, 2011, the Parent owns approximately 86.7% of the issued and outstanding shares of common stock of the Company.
</font>
</div>
</div>
<div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;font-weight:bold;" >Note 8-Federal, State and Local Income Taxes:<br></br>
</font>
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" >
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >The Company computes its income tax provision in accordance with the requirements of the Income Tax Topic of the FASB’s ASC.<br></br>
</font>
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" >
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >The provision for income taxes includes the following:<br></br>
</font>
</div><div style="text-align:justify;" ><div><table cellspacing="0" cellpadding="0" width="60%" style="text-align:justify;font-family:times new roman;font-size:10pt;" ><tr style="text-align:justify;" ><td valign="bottom" width="36%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="22%" colspan="6" style="text-align:center;" ><div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Three months ended July 31,
</font>
</div>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td>
</tr><tr><td valign="bottom" width="36%" style="text-align:center;padding-bottom:2px;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:center;padding-bottom:2px;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="10%" colspan="2" style="border-bottom:black 2px solid;text-align:center;" ><div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >2011
</font>
</div>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="border-bottom:black 2px solid;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="border-bottom:black 2px solid;text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="10%" colspan="2" style="border-bottom:black 2px solid;text-align:center;" ><div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >2010
</font>
</div>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="border-bottom:black 2px solid;text-align:left;padding-bottom:2px;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td>
</tr><tr><td valign="bottom" width="36%" style="text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="22%" colspan="6" style="text-align:center;" ><div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >(in thousands)
</font>
</div>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td>
</tr><tr><td valign="bottom" width="36%" style="text-align:justify;" ><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Current tax expense/(benefit):
</font>
</div>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="10%" colspan="2" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="10%" colspan="2" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td>
</tr><tr><td valign="bottom" width="36%" style="text-align:justify;padding-left:0pt;margin-left:9pt;" ><div style="text-align:justify;text-indent:0pt;display:block;margin-left:9pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Federal
</font>
</div>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >$
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >50
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >$
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >125
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap"
style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td>
</tr><tr><td valign="bottom" width="36%" style="text-align:justify;padding-bottom:2px;padding-left:0pt;margin-left:9pt;" ><div style="text-align:justify;text-indent:0pt;display:block;margin-left:9pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >State and local
</font>
</div>
</td><td valign="bottom" width="1%" style="text-align:justify;padding-bottom:2px;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="border-bottom:black 2px solid;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="border-bottom:black 2px solid;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >(92
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="border-bottom:black 2px solid;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >)
</font>
</td><td valign="bottom" width="1%" style="border-bottom:black 2px solid;text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="border-bottom:black 2px solid;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="border-bottom:black 2px solid;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >-
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="border-bottom:black 2px solid;text-align:left;padding-bottom:2px;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td>
</tr><tr><td valign="bottom" width="36%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >(42
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >)
</font>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >125
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td>
</tr><tr><td valign="bottom" width="36%" style="text-align:justify;" ><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Deferred tax expense:
</font>
</div>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td>
</tr><tr><td valign="bottom" width="36%" style="text-align:justify;padding-left:0pt;margin-left:9pt;" ><div style="text-align:justify;text-indent:0pt;display:block;margin-left:9pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Federal
</font>
</div>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >1,006
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >1,064
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td>
</tr><tr><td valign="bottom" width="36%" style="text-align:justify;padding-bottom:2px;padding-left:0pt;margin-left:9pt;" ><div style="text-align:justify;text-indent:0pt;display:block;margin-left:9pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >State and local
</font>
</div>
</td><td valign="bottom" width="1%" style="text-align:justify;padding-bottom:2px;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="border-bottom:black 2px solid;text-align:left;" ><font
style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="border-bottom:black 2px solid;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >181
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="border-bottom:black 2px solid;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="border-bottom:black 2px solid;text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="border-bottom:black 2px solid;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="border-bottom:black 2px solid;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >77
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="border-bottom:black 2px solid;text-align:left;padding-bottom:2px;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td>
</tr><tr><td valign="bottom" width="36%" style="text-align:justify;padding-bottom:2px;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:justify;padding-bottom:2px;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="border-bottom:black 2px solid;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="border-bottom:black 2px solid;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >1,187
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="border-bottom:black 2px solid;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="border-bottom:black 2px solid;text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="border-bottom:black 2px solid;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="border-bottom:black 2px solid;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >1,141
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="border-bottom:black 2px solid;text-align:left;padding-bottom:2px;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td>
</tr><tr><td valign="bottom" width="36%" style="text-align:justify;padding-bottom:4px;" ><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Income tax provision:
</font>
</div>
</td><td valign="bottom" width="1%" style="text-align:justify;padding-bottom:4px;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="border-bottom:black 4px double;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >$
</font>
</td><td valign="bottom" width="9%" style="border-bottom:black 4px double;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >1,145
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="border-bottom:black 4px double;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="border-bottom:black 4px double;text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="border-bottom:black 4px double;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >$
</font>
</td><td valign="bottom" width="9%" style="border-bottom:black 4px double;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >1,266
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="border-bottom:black 4px double;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td>
</tr>
</table><br />
</div>
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Deferred income taxes are provided for temporary differences between the financial reporting basis and the tax basis of the Company’s assets and liabilities. The tax effect of temporary differences giving rise to the Company’s deferred tax asset and deferred tax liability are as follows:<br></br>
</font>
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" >
</div><div style="text-align:justify;" ><div><div><table cellspacing="0" cellpadding="0" width="80%" style="text-align:justify;font-family:times new roman;font-size:10pt;" ><tr style="text-align:justify;" ><td valign="bottom" width="56%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="10%" colspan="2" style="text-align:center;" ><div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >July 31,
</font>
</div>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="10%" colspan="2" style="text-align:center;" ><div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >April 30,
</font>
</div>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new
roman;font-size:10pt;" >
</font>
</td>
</tr><tr><td valign="bottom" width="56%" style="text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="10%" colspan="2" style="text-align:center;" ><div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >2011
</font>
</div>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="10%" colspan="2" style="text-align:center;" ><div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >2011
</font>
</div>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td>
</tr><tr><td valign="bottom" width="56%" style="text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="22%" colspan="6" style="text-align:center;border-top:black 2px solid;" ><div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >(in thousands)
</font>
</div>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;border-top:black 2px solid;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td>
</tr><tr><td valign="bottom" width="56%" style="text-align:justify;" ><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Short term deferred tax asset
</font>
</div>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="10%" colspan="2" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="10%" colspan="2" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td>
</tr><tr><td valign="bottom" width="56%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="10%" colspan="2" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="10%" colspan="2" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td>
</tr><tr><td valign="bottom" width="56%" style="text-align:justify;" ><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Federal tax benefit from net operating loss
</font>
</div>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >$
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >1,220
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >$
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >2,226
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td>
</tr><tr><td valign="bottom" width="56%" style="text-align:justify;" ><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >State and city tax benefit from net operating loss
</font>
</div>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >87
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new
roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >268
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td>
</tr><tr><td valign="bottom" width="56%" style="text-align:justify;" ><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Unrealized gains on securities held for sale
</font>
</div>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >(34
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >)
</font>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >(34
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >)
</font>
</td>
</tr><tr><td valign="bottom" width="56%" style="text-align:justify;" ><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Depreciation and amortization
</font>
</div>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >-
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >-
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td>
</tr><tr><td valign="bottom" width="56%" style="text-align:justify;" ><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Tax benefit on operating lease exit obligation
</font>
</div>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >182
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >211
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td>
</tr><tr><td valign="bottom" width="56%" style="text-align:justify;" ><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Deferred professional fees
</font>
</div>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >109
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >109
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td>
</tr><tr><td valign="bottom" width="56%" style="text-align:justify;" ><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font
style="display:inline;font-family:times new roman;font-size:10pt;" >Deferred charges
</font>
</div>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >192
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >192
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td>
</tr><tr><td valign="bottom" width="56%" style="text-align:justify;padding-bottom:2px;" ><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Other, net
</font>
</div>
</td><td valign="bottom" width="1%" style="text-align:justify;padding-bottom:2px;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="border-bottom:black 2px solid;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="border-bottom:black 2px solid;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >50
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="border-bottom:black 2px solid;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="border-bottom:black 2px solid;text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="border-bottom:black 2px solid;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="border-bottom:black 2px solid;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >50
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="border-bottom:black 2px solid;text-align:left;padding-bottom:2px;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td>
</tr><tr><td valign="bottom" width="56%" style="text-align:justify;padding-bottom:4px;" ><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Deferred tax asset
</font>
</div>
</td><td valign="bottom" width="1%" style="text-align:justify;padding-bottom:4px;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="border-bottom:black 4px double;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >$
</font>
</td><td valign="bottom" width="9%" style="border-bottom:black 4px double;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >1,806
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="border-bottom:black 4px double;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="border-bottom:black 4px double;text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="border-bottom:black 4px double;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >$
</font>
</td><td valign="bottom" width="9%" style="border-bottom:black 4px double;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >3,022
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="border-bottom:black 4px double;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td>
</tr><tr><td valign="bottom" width="56%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" ><br />
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td>
</tr><tr><td valign="bottom" width="56%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="10%" colspan="2" style="text-align:center;" ><div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >July 31,
</font>
</div>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:center;" ><font style="display:inline;font-family:times new
roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="10%" colspan="2" style="text-align:center;" ><div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >April 30,
</font>
</div>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td>
</tr><tr><td valign="bottom" width="56%" style="text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="10%" colspan="2" style="text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font><font style="display:inline;font-family:times new roman;font-size:10pt;" >2011
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="10%" colspan="2" style="text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font><font style="display:inline;font-family:times new roman;font-size:10pt;" >2011
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td>
</tr><tr><td valign="bottom" width="56%" style="text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="22%" colspan="6" style="text-align:center;border-top:black 2px solid;" ><div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >(in thousands)
</font>
</div>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;border-top:black 2px solid;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td>
</tr><tr><td valign="bottom" width="56%" style="text-align:justify;" ><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Long term deferred tax liability
</font>
</div>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td>
</tr><tr><td valign="bottom" width="56%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td>
</tr><tr><td valign="bottom" width="56%" style="text-align:justify;" ><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Federal tax liability for deferred gain on EAM
</font>
</div>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >$
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >17,679
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >$
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new
roman;font-size:10pt;" >17,679
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td>
</tr><tr><td valign="bottom" width="56%" style="text-align:justify;" ><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Federal tax benefit deferred non-cash compensation
</font>
</div>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >(619
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >)
</font>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >(619
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >)
</font>
</td>
</tr><tr><td valign="bottom" width="56%" style="text-align:justify;" ><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Federal tax benefit on lease exit obligation
</font>
</div>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >(108
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >)
</font>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >(108
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >)
</font>
</td>
</tr><tr><td valign="bottom" width="56%" style="text-align:justify;" ><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Federal tax benefit on depreciation and amortization
</font>
</div>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >(390
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >)
</font>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >(364
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >)
</font>
</td>
</tr><tr><td valign="bottom" width="56%" style="text-align:justify;" ><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >State and local tax liability for deferred gain on EAM
</font>
</div>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >2,132
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >2,132
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td>
</tr><tr><td valign="bottom" width="56%" style="text-align:justify;" ><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >State and local tax benefit deferred non-cash compensation
</font>
</div>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times
new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >(62
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >)
</font>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >(62
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >)
</font>
</td>
</tr><tr><td valign="bottom" width="56%" style="text-align:justify;" ><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >State and local tax benefit on lease exit obligation
</font>
</div>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >(25
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >)
</font>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >(25
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >)
</font>
</td>
</tr><tr><td valign="bottom" width="56%" style="text-align:justify;" ><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >State and local tax benefit on depreciation and amortization
</font>
</div>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >(45
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >)
</font>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >(45
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >)
</font>
</td>
</tr><tr><td valign="bottom" width="56%" style="text-align:justify;padding-bottom:2px;" ><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >State and local tax benefit on deferred professional fees
</font>
</div>
</td><td valign="bottom" width="1%" style="text-align:justify;padding-bottom:2px;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="border-bottom:black 2px solid;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="border-bottom:black 2px solid;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >(14
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="border-bottom:black 2px solid;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >)
</font>
</td><td valign="bottom" width="1%" style="border-bottom:black 2px solid;text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="border-bottom:black 2px solid;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="border-bottom:black 2px solid;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >(14
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="border-bottom:black 2px solid;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >)
</font>
</td>
</tr><tr><td valign="bottom" width="56%" style="text-align:justify;padding-bottom:4px;" ><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Deferred tax liability
</font>
</div>
</td><td valign="bottom" width="1%" style="text-align:justify;padding-bottom:4px;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="border-bottom:black 4px double;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >$
</font>
</td><td valign="bottom" width="9%" style="border-bottom:black 4px double;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >18,548
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="border-bottom:black 4px double;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="border-bottom:black 4px
double;text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="border-bottom:black 4px double;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >$
</font>
</td><td valign="bottom" width="9%" style="border-bottom:black 4px double;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >18,574
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="border-bottom:black 4px double;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td>
</tr>
</table><br />
</div>
</div>
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >The Company’s net operating loss carryforward of approximately $6,361,000 is expected to be fully utilized during the fiscal year ending April 30, 2012. The tax effect of temporary differences giving rise to the Company’s long-term deferred tax liability is primarily a result of the federal, state, and local taxes related to the $50,510,000 gain from deconsolidation of the Company’s asset management and mutual fund distribution subsidiaries partially offset by the long-term tax benefit related to the non-cash post-employment compensation of $1,770,000 granted to VLI’s former employee and the benefit related to the Company’s exit lease obligation of $914,000 all recognized in fiscal 2011.
</font>
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" >
</div><div style="text-indent:0pt;margin-left:0pt;margin-right:0pt;" ><div><div style="width:100%;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:8pt;" >
</font>
</div>
</div><div style="page-break-after:always;width:100%;" ><div style="text-align:center;width:100%;" >
</div>
</div><div><div style="width:100%;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:8pt;" >
</font>
</div>
</div>
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" >
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" >
</div><div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" >
</div>
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" >
</div><div style="text-align:left;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >At the end of each interim reporting period, the Company estimates the effective income tax rate to apply for the full year. The Company uses the effective income tax rate determined to provide for income taxes on a year-to-date basis and reflect the tax effect of any tax law changes and certain other discrete events in the period in which they occur.<br></br>
</font>
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;font-weight:bold;" >
</font>
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >The annual effective tax rate during fiscal 2012 changes due to a number of factors including but not limited to an increase or decrease in the ratio of income or loss to pre-tax income for items that do not have tax consequences, the Company’s geographic profit mix between tax jurisdictions, new tax laws, new interpretations of existing tax law and rulings by and settlements with tax authorities. <br></br>
</font>
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" >
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >The overall effective income tax rate, as a percentage of pre-tax income, during the three months ended July 31, 2011 and 2010, were 35.55% and 35.33%, respectively.<br></br>
</font>
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >The Company believes that, as at July 31, 2011, there were no material uncertain tax positions that would require disclosure under GAAP.<br></br>
</font>
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" >
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >The provision for income taxes differs from the amount of income tax determined by applying the applicable U.S. statutory income tax rate to pretax income as a result of the following:
</font>
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" >
</div><div style="text-align:justify;" ><div><table cellspacing="0" cellpadding="0" width="100%" style="text-align:justify;font-family:times new roman;font-size:10pt;" ><tr style="text-align:justify;" ><td valign="bottom" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" colspan="6" style="text-align:center;" ><div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Three months ended July 31,
</font>
</div>
</td><td valign="bottom" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td>
</tr><tr><td valign="bottom" style="text-align:justify;padding-bottom:2px;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom"
style="text-align:justify;padding-bottom:2px;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" colspan="2" style="border-bottom:black 2px solid;text-align:center;" ><div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >2011
</font>
</div>
</td><td valign="bottom" nowrap="nowrap" style="border-bottom:black 2px solid;text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" style="border-bottom:black 2px solid;text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" colspan="2" style="border-bottom:black 2px solid;text-align:center;" ><div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >2010
</font>
</div>
</td><td valign="bottom" nowrap="nowrap" style="border-bottom:black 2px solid;text-align:left;padding-bottom:2px;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td>
</tr><tr><td valign="bottom" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" colspan="2" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" colspan="2" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td>
</tr><tr><td valign="bottom" width="76%" style="text-align:justify;" ><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >U.S. statutory federal rate
</font>
</div>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >35.00
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >%
</font>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >35.00
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >%
</font>
</td>
</tr><tr><td valign="bottom" width="76%" style="text-align:justify;" ><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Increase/(decrease) in tax rate from:
</font>
</div>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td>
</tr><tr><td valign="bottom" width="76%" style="text-align:justify;padding-left:0pt;margin-left:9pt;" ><div style="text-align:justify;text-indent:0pt;display:block;margin-left:9pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >State and local income taxes, net of federal income tax benefit
</font>
</div>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >1.58
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >%
</font>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >1.39
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >%
</font>
</td>
</tr><tr><td
valign="bottom" width="76%" style="text-align:justify;padding-left:0pt;margin-left:9pt;" ><div style="text-align:justify;text-indent:0pt;display:block;margin-left:9pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Effect of tax exempt income and dividend deductions
</font>
</div>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >-0.09
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >%
</font>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >0
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >%
</font>
</td>
</tr><tr><td valign="bottom" width="76%" style="text-align:justify;padding-left:0pt;margin-left:9pt;" ><div style="text-align:justify;text-indent:0pt;display:block;margin-left:9pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Domestic production tax credit
</font>
</div>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >-0.94
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >%
</font>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >0
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >%
</font>
</td>
</tr><tr><td valign="bottom" width="76%" style="text-align:justify;padding-bottom:2px;padding-left:0pt;margin-left:9pt;" ><div style="text-align:justify;text-indent:0pt;display:block;margin-left:9pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Other, net
</font>
</div>
</td><td valign="bottom" width="1%" style="text-align:justify;padding-bottom:2px;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="border-bottom:black 2px solid;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="border-bottom:black 2px solid;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >0
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="border-bottom:black 2px solid;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >%
</font>
</td><td valign="bottom" width="1%" style="border-bottom:black 2px solid;text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="border-bottom:black 2px solid;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="border-bottom:black 2px solid;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >-1.06
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="border-bottom:black 2px solid;text-align:left;padding-bottom:2px;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >%
</font>
</td>
</tr><tr><td valign="bottom" width="76%" style="text-align:justify;padding-bottom:4px;" ><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Effective income tax rate
</font>
</div>
</td><td valign="bottom" width="1%" style="text-align:justify;padding-bottom:4px;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="border-bottom:black 4px double;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="border-bottom:black 4px double;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >35.55
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="border-bottom:black 4px double;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >%
</font>
</td><td valign="bottom" width="1%" style="border-bottom:black 4px double;text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="border-bottom:black 4px double;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="border-bottom:black 4px double;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >35.33
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="border-bottom:black 4px double;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >%
</font>
</td>
</tr>
</table><br />
</div>
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</div><div
style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >The Company is included in the consolidated federal income tax return of the Parent. The Company has a tax sharing agreement which requires it to make tax payments to the Parent equal to the Company’s liability/(benefit) as if it filed a separate return. <br></br>
</font>
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >The Company’s federal income tax returns (included in the Parent’s consolidated returns) and state and city tax returns for fiscal years ended April 30, 2008, 2009, and 2010 are subject to examination by the tax authorities, generally for three years after they were filed. The IRS and New York State tax authorities have recently concluded an examination for the years ended through April 30, 2008, which resulted in no changes that had any adverse effect on the Company’s financial statements. More recently, the IRS commenced an audit of the fiscal year 2010.
</font>
</div>
</div>
<div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;font-weight:bold;" >Note 9-Business Segments:
</font>
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" > 
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Prior to December 23, 2010, the Company operated two reportable business segments: (1) Investment Periodicals, Publishing & Copyright Data and (2) Investment Management. The Investment Periodicals, Publishing & Copyright Data segment produces investment related periodical publications (retail and institutional) in both print and electronic form, and includes copyright data fees for Value Line proprietary ranking system information and other proprietary information. Prior to December 23, 2010, 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.
</font>
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" > 
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >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 will continue 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.
</font>
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:225pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;font-weight:bold;" > 
</font>
</div><div style="text-indent:0pt;margin-left:0pt;margin-right:0pt;" ><div><div style="width:100%;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:8pt;" >
</font>
</div>
</div>
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:225pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;font-weight:bold;" > 
</font>
</div><div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" >
</div><div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" >
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" > 
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Disclosure of Reportable Segment information for the quarter ended July 31, 2010 is as follows:
</font>
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:63pt;margin-right:0pt;" > 
</div><div style="text-align:justify;margin-left:63pt;" ><table cellspacing="0" cellpadding="0" width="70%" style="text-align:justify;font-family:times new roman;font-size:10pt;" ><tr><td valign="bottom" width="34%" style="text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" width="1%" style="text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" width="10%" colspan="2" style="text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" width="1%" style="text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" width="10%" colspan="2" style="text-align:center;" ><div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >(in thousands)
</font>
</div>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" width="1%" style="text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" width="10%" colspan="2" style="text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td>
</tr><tr><td valign="bottom" width="34%" style="text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" width="1%" style="text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" width="10%" colspan="2" style="text-align:center;" ><div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Investment
</font>
</div>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" width="1%" style="text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" width="10%" colspan="2" style="text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" width="1%" style="text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" width="10%" colspan="2" style="text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td>
</tr><tr><td valign="bottom" width="34%" style="text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" width="1%" style="text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" width="10%" colspan="2" style="text-align:center;" ><div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Periodicals,
</font>
</div>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" width="1%" style="text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" width="10%" colspan="2" style="text-align:center;" ><div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</div>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" width="1%" style="text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" width="10%" colspan="2" style="text-align:center;" ><div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</div>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td>
</tr><tr><td valign="bottom" width="34%" style="text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" width="1%" style="text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" width="10%" colspan="2" style="text-align:center;" ><div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Publishing &
</font>
</div>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" width="1%" style="text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" width="10%" colspan="2" style="text-align:center;" ><div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Investment
</font>
</div>
</div>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" width="1%" style="text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" width="10%" colspan="2" style="text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td>
</tr><tr><td valign="bottom" width="34%" style="text-align:center;padding-bottom:2px;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" width="1%" style="text-align:center;padding-bottom:2px;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" width="10%" colspan="2" style="border-bottom:black 2px solid;text-align:center;" ><div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Copyright Data
</font>
</div>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="border-bottom:black 2px solid;text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" width="1%" style="border-bottom:black 2px solid;text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" width="10%" colspan="2" style="border-bottom:black 2px solid;text-align:center;" ><div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Management
</font>
</font>
</div>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="border-bottom:black 2px solid;text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" width="1%" style="border-bottom:black 2px solid;text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" width="10%" colspan="2" style="border-bottom:black 2px solid;text-align:justify;" ><div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Total
</font>
</font>
</div>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="border-bottom:black 2px solid;text-align:left;padding-bottom:2px;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td>
</tr><tr><td valign="bottom" width="34%" style="text-align:justify;" ><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Revenues from external customers
</font>
</div>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >$
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >9,394
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >$
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >4,215
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >$
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >13,609
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td>
</tr><tr><td valign="bottom" width="34%" style="text-align:justify;" ><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Intersegment revenues
</font>
</div>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >2
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >-
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >2
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td>
</tr><tr><td valign="bottom" width="34%" style="text-align:justify;" ><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Income/(loss) from securities transactions
</font>
</div>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >-
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >3
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >3
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td>
</tr><tr><td valign="bottom" width="34%" style="text-align:justify;" ><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Depreciation and amortization
</font>
</div>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >146
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >6
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >152
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td>
</tr><tr><td valign="bottom" width="34%" style="text-align:justify;" ><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Segment profit/(loss) from operations*
</font>
</div>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >3,238
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >308
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >3,546
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td>
</tr><tr><td valign="bottom" width="34%" style="text-align:justify;" ><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Segment assets
</font>
</div>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >13,969
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >7,430
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >21,399
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td>
</tr><tr><td valign="bottom" width="34%" style="text-align:justify;" ><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Expenditures for segment assets
</font>
</div>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >63
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >-
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >63
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td>
</tr>
</table>
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > A reconciliation of reportable segment revenues, operating profit and assets for the quarter ended July 31, 2010 is as follows:
</font>
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" > 
</div><div style="text-align:justify;" ><table cellspacing="0" cellpadding="0" width="70%" style="text-align:justify;font-family:times new roman;font-size:10pt;" ><tr style="text-align:justify;" ><td valign="bottom" width="58%" style="text-align:justify;" ><div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >(in thousands)
</font>
</font>
</div>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" width="10%" colspan="2" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td>
</tr><tr><td valign="bottom" width="58%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" width="10%" colspan="2" style="border-bottom:black 2px solid;text-align:right;" ><div style="text-align:right;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >2010
</font>
</div>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="border-bottom:black 2px solid;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td>
</tr><tr><td valign="bottom" width="58%" style="text-align:justify;" ><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;font-weight:bold;" >Revenues
</font>
</div>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" width="10%" colspan="2" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td>
</tr><tr><td valign="bottom" width="58%" style="text-align:justify;" ><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Total revenues for reportable segments
</font>
</div>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >$
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >13,611
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td>
</tr><tr><td valign="bottom" width="58%" style="text-align:justify;padding-bottom:2px;" ><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Elimination of intersegment revenues
</font>
</div>
</td><td valign="bottom" width="1%" style="text-align:justify;padding-bottom:2px;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" width="1%" style="border-bottom:black 2px solid;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" width="9%" style="border-bottom:black 2px solid;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >(2
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="border-bottom:black 2px solid;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >)
</font>
</td>
</tr><tr><td valign="bottom" width="58%" style="text-align:justify;padding-bottom:4px;padding-left:0pt;margin-left:9pt;" ><div style="text-align:justify;text-indent:0pt;display:block;margin-left:9pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Total consolidated revenues
</font>
</div>
</td><td valign="bottom" width="1%" style="text-align:justify;padding-bottom:4px;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" width="1%" style="border-bottom:black 4px double;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >$
</font>
</td><td valign="bottom" width="9%" style="border-bottom:black 4px double;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >13,609
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="border-bottom:black 4px double;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td>
</tr><tr><td valign="bottom" width="58%" style="text-align:justify;" ><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;font-weight:bold;" >Profit/(loss) before income taxes *
</font>
</div>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td>
</tr><tr><td valign="bottom" width="58%" style="text-align:justify;" ><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Total profit/(loss) for reportable segments
</font>
</div>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >$
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >3,549
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td>
</tr><tr><td valign="bottom" width="58%" style="text-align:justify;padding-bottom:2px;" ><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Add: Income from securities transactions related to corporate assets
</font>
</div>
</td><td valign="bottom" width="1%" style="text-align:justify;padding-bottom:2px;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" width="1%" style="border-bottom:black 2px solid;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" width="9%" style="border-bottom:black 2px solid;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >34
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="border-bottom:black 2px solid;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td>
</tr><tr><td valign="bottom" width="58%" style="text-align:justify;padding-bottom:4px;padding-left:0pt;margin-left:9pt;" ><div style="text-align:justify;text-indent:0pt;display:block;margin-left:9pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Profit/(loss) before income taxes
</font>
</div>
</td><td valign="bottom" width="1%" style="text-align:justify;padding-bottom:4px;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" width="1%" style="border-bottom:black 4px double;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >$
</font>
</td><td valign="bottom" width="9%" style="border-bottom:black 4px double;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >3,583
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="border-bottom:black 4px double;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td>
</tr><tr><td valign="bottom" width="58%" style="text-align:justify;" ><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;font-weight:bold;" >Assets
</font>
</div>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td>
</tr><tr><td valign="bottom" width="58%" style="text-align:justify;" ><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Total assets for reportable segments
</font>
</div>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >$
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >21,399
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td>
</tr><tr><td valign="bottom" width="58%" style="text-align:justify;padding-bottom:2px;" ><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Corporate assets
</font>
</div>
</td><td valign="bottom" width="1%" style="text-align:justify;padding-bottom:2px;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" width="1%" style="border-bottom:black 2px solid;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" width="9%" style="border-bottom:black 2px solid;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >38,349
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="border-bottom:black 2px solid;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td>
</tr><tr><td valign="bottom" width="58%" style="text-align:justify;padding-bottom:4px;padding-left:0pt;margin-left:9pt;" ><div style="text-align:justify;text-indent:0pt;display:block;margin-left:9pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Consolidated total assets
</font>
</div>
</td><td valign="bottom" width="1%" style="text-align:justify;padding-bottom:4px;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td><td valign="bottom" width="1%" style="border-bottom:black 4px double;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >$
</font>
</td><td valign="bottom" width="9%" style="border-bottom:black 4px double;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >59,748
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="border-bottom:black 4px double;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > 
</font>
</td>
</tr>
</table>
</div>
</div>
<div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;font-weight:bold;" >Note 10 - Treasury Stock and Repurchase Program:<br></br>
</font>
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" >
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >On January 20, 2011, the Company’s Board of Directors approved the repurchase of shares of the Company’s common stock, at such times and prices as management determined to be advisable up to an aggregate purchase price of $3,200,000. During fiscal 2011, the Company repurchased an aggregate of 6,719 shares of the Company’s common stock for $89,812, at an average price of $13.37 per share. During the three months ended July 31, 2011, the Company repurchased 11,700 shares of the Company’s common stock for $158,353, at an average price of $13.53 per share. Under the January 20, 2011 authorization, $2,951,835 remains available for additional share repurchases. The repurchase authorization extends through January 15, 2012, unless further extended or earlier terminated by the Board of Directors.<br></br>
</font>
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" >
</div><div style="text-align:justify;" ><table cellspacing="0" cellpadding="0" width="100%" style="text-align:justify;font-family:times new roman;font-size:10pt;" ><tr style="text-align:justify;" ><td valign="bottom" style="text-align:justify;" ><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Treasury stock, at cost, consists of the following:
</font>
</div>
</td><td valign="bottom" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" colspan="2" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" colspan="2" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" colspan="2" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td>
</tr><tr><td valign="bottom" style="text-align:justify;" ><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >(in thousands except for
</font>
</div>
</td><td valign="bottom" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" colspan="2" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" colspan="2" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" colspan="2" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td>
</tr><tr><td valign="bottom" style="text-align:justify;" ><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >shares and cost per
</font>
</div>
</td><td valign="bottom" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" colspan="2" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" nowrap="nowrap" style="text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" colspan="3" style="text-align:center;" ><div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Total Average
</font>
</div>
</td><td valign="bottom" nowrap="nowrap" style="text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" colspan="3" style="text-align:center;" ><div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Average Cost
</font>
</div>
</td><td valign="bottom" nowrap="nowrap" style="text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td>
</tr><tr><td valign="bottom" style="text-align:left;padding-bottom:2px;" ><div style="text-align:left;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >share)
</font>
</div>
</td><td valign="bottom" style="text-align:center;padding-bottom:2px;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" colspan="2" style="border-bottom:black
2px solid;text-align:center;" ><div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Shares
</font>
</div>
</td><td valign="bottom" nowrap="nowrap" style="border-bottom:black 2px solid;text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" colspan="3" style="border-bottom:black 2px solid;text-align:center;" ><div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Cost Assigned
</font>
</div>
</td><td valign="bottom" nowrap="nowrap" style="border-bottom:black 2px solid;text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" style="border-bottom:black 2px solid;text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" colspan="2" style="border-bottom:black 2px solid;text-align:center;" ><div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >per Share
</font>
</div>
</td><td valign="bottom" nowrap="nowrap" style="border-bottom:black 2px solid;text-align:left;padding-bottom:2px;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td>
</tr><tr><td valign="bottom" style="text-align:justify;" ><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Balance April 30, 2011
</font>
</div>
</td><td valign="bottom" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >25,119
</font>
</td><td valign="bottom" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >$
</font>
</td><td valign="bottom" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >444
</font>
</td><td valign="bottom" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" colspan="2" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td>
</tr><tr><td valign="bottom" width="64%" style="text-align:justify;padding-bottom:2px;" ><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Purchases effected in open market
</font>
</div>
</td><td valign="bottom" width="1%" style="text-align:justify;padding-bottom:2px;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="border-bottom:black 2px solid;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="border-bottom:black 2px solid;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >11,700
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="border-bottom:black 2px solid;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="border-bottom:black 2px solid;text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="border-bottom:black 2px solid;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="border-bottom:black 2px solid;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >158
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="border-bottom:black 2px solid;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="border-bottom:black 2px solid;text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="border-bottom:black 2px solid;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >$
</font>
</td><td valign="bottom" width="9%" style="border-bottom:black 2px solid;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >13.53
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="border-bottom:black 2px solid;text-align:left;padding-bottom:2px;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td>
</tr><tr><td valign="bottom" width="64%" style="text-align:justify;" ><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Balance July 31, 2011
</font>
</div>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >36,819
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new
roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >$
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >602
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td>
</tr>
</table>
</div><div style="text-align:justify;" >
</div>
</div>
<div><div style="text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;font-weight:bold;" >Note 11-Legal Proceedings and Restructuring:<br></br>
</font>
</div><div style="text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;text-align:justify;" >
</div><div style="text-indent:36pt;display:block;margin-left:0pt;margin-right:0pt;text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >As more fully disclosed under the caption Legal Proceedings and Restructuring under Part I, item 3 in the Company’s Form 10-K filed with the SEC on July 29, 2011, the Company concluded a negotiated settlement with the SEC as a result of an investigation into former brokerage practices (the “Settlement”). Value Line had voluntarily suspended the brokerage activity in 2004, five years prior to the Settlement, so the Settlement will not result in any change in such revenue compared to more recent fiscal years. As further described below, the Settlement also resulted in the investment adviser business (including the distributor) being transferred to EAM. Value Line continues to have both a non-voting revenues interest and a non-voting profits interest in EAM. As a result of the Restructuring Transaction, Value Line ceased to “control” (as that term is defined in the 1940 Act) the Adviser or the Distributor. Under the terms of the Settlement with the SEC, two individuals who participated in the Settlement were barred from association with any broker, dealer, or investment adviser and were prohibited from serving or acting in various capacities, including as an “affiliated person” (as that term is defined in the 1940 Act) of the Funds, the Adviser or the Distributor subject to a limited exception until December 24, 2010. The required “disassociation” was accomplished on December 23, 2010 upon the closing of the Restructuring Transaction whereby EAM, a Delaware business trust, succeeded to the regulated businesses and the Company transferred 100% of the voting control over the regulated investment adviser and broker-dealer subsidiaries formerly conducted by the Company to five individual voting profits interest holders of EAM, none of whom is under the control of the Company or its direct or indirect majority shareholder.<br></br>
</font>
</div><div style="text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;text-align:justify;" >
</div><div style="text-indent:36pt;display:block;margin-left:0pt;margin-right:0pt;text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >In connection with the Settlement, the Company without admitting or denying the SEC charges, paid $43,706,000 to the SEC in November 2009. Subsequent to the Settlement and pursuant to Section 308(a) of the Sarbanes-Oxley Act of 2002, the Company’s disgorgement, interest and penalty payments were placed into a Fair Fund created by the SEC. The Fair Fund will be used to reimburse shareholders who owned shares in the affected Value Line Funds in the period covered by the Settlement. The Company is required to bear all costs associated with the Fair Fund distribution, including compensating a third party consultant appointed by the SEC to administer the Fair Fund distribution. During fiscal 2011, the SEC appointed A.B. Data, Ltd. as the Administrator of the Fair Fund. A.B. Data, Ltd. has no affiliation with the Company. In connection with its ongoing administration of the Fair Fund, A.B. Data, Ltd and the Company estimated that the costs of administration for settlement of the Fair Fund and other costs associated with the Settlement and the Restructuring Transaction would be approximately $2,633,000 of which the unpaid amount of $1,384,000 and $1,464,000 are reflected as a liability in the consolidated condensed balance sheets as of and July 31, 2011 and April 30, 2011, respectively.<br></br>
</font>
</div><div style="text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;text-align:justify;" >
</div><div style="text-indent:36pt;display:block;margin-left:0pt;margin-right:0pt;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >In connection with the Restructuring Transaction, in accordance with the requirements of the 1940 Act, at the time of the Restructuring Transaction, each Fund’s prior investment advisory agreement terminated and EAM entered into a new investment advisory agreement with each Fund. The services provided by EAM under each new agreement and the rates at which fees are paid by each Fund under its new agreement are the same as under that Fund’s prior investment advisory agreement. In addition, the other terms of each Fund’s new investment advisory agreement are the same as that Fund’s prior investment advisory agreement, except for the date of execution, the two-year initial term, immaterial updating changes and immaterial changes in form.
</font>
</div><div style="text-indent:0pt;display:block;" ><br />
</div><div style="text-indent:36pt;display:block;margin-left:0pt;margin-right:0pt;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Each Fund had a distribution agreement with ESI (the “Distributor”), a wholly-owned subsidiary of EAM LLC, pursuant to which the Distributor acted as principal underwriter and distributor of the Funds. As part of the Restructuring Transaction ESI was restructured as a Delaware limited liability company and changed its name to EULAV Securities LLC (which we sometimes refer to as “ES”). No other changes were made to the Distributor’s organization, including its operations and personnel. For its services under the agreements, the Distributor is not entitled to receive any compensation, although it is entitled to receive fees under each Fund’s Service and Distribution Plan.<br></br>
</font>
</div><div style="text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;text-align:justify;" >
</div><div style="text-indent:36pt;display:block;margin-left:0pt;margin-right:0pt;text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >As part of the Restructuring Transaction, EAM’s capital structure was revised so that Value Line owns only a non-voting revenues interest and a non-voting profits interest in EAM and five individuals each own 20% of the voting profits interests of the Adviser (“EAM”). The holders of EAM’s voting profits interests elect five individual trustees and a Delaware resident trustee of EAM. The trustees of EAM other than the Delaware trustee manage the combined company consisting of the Adviser and the Distributor much like a board of directors. EAM’s holders of the voting profits
interests elected themselves as the five initial individual trustees of the Adviser and the Corporation Trust Company as the Delaware resident trustee. The Trustees initially delegated the authority to manage the day-to-day business of the Adviser and the Distributor to the Adviser’s senior executive, Mitchell E. Appel, who is one of the Trustees and is also a Director of the Funds.<br></br>
</font>
</div><div style="text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;text-align:justify;" >
</div><div style="text-indent:36pt;display:block;margin-left:0pt;margin-right:0pt;text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Each of the five individuals holding voting profits interests in EAM was granted 20% of the voting power for the election of trustees and other matters submitted for approval by the holders of the profits interests of the Adviser in exchange for the agreement by such individual to act as an initial voting profits interest holder and, in the case of Mr. Appel, as the initial senior executive officer, of EAM in order to enable Value Line to complete the required disassociation from the Company’s regulated entities. Collectively, the holders of the voting profits interests are entitled to receive 50% of the residual profits of the business, in which the share of Mr. Appel is 45% and the others each 1.25%, subject to temporary adjustments in certain circumstances. Value Line retains a non-voting profits interest representing 50% of residual profits, subject to temporary adjustments in certain circumstances and has no power to vote for the election, removal or replacement of the trustees of EAM. Value Line also has a non-voting revenues interest in EAM pursuant to which it is entitled to receive a portion of the non-distribution revenues of the business ranging from 41% at non-distribution fee revenue levels of $9 million or less to 55% at such revenue levels of $35 million or more. In the event the business is sold or liquidated, the first $56.1 million of net proceeds (the value of the business at the time the Restructuring Transaction was approved as determined by the directors of Value Line after reviewing a valuation report by the directors’ financial advisors) plus any additional capital contributions (Value Line or any holder of a voting profits interest, at its discretion, may make future contributions to its capital account in EAM), which contributions would increase its capital account but not its percentage interest in operating profits, will be distributed in accordance with capital accounts; 20% of the next $56.1 million will be distributed to the holders of the voting profits interests and 80% to the holders of the non-voting profits interests (initially Value Line); and the excess will be distributed 45% to the holders of the voting profits interests and 55% to the holders of the non-voting profits interests.
</font>
</div><div style="text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;text-align:justify;" >
</div><div style="text-indent:0pt;margin-left:0pt;margin-right:0pt;" ><div><div style="width:100%;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:8pt;" >
</font>
</div>
</div><div style="page-break-after:always;width:100%;" ><div style="text-align:center;width:100%;" >
</div>
</div><div><div style="width:100%;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:8pt;" >
</font>
</div>
</div>
</div><div style="text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;text-align:justify;" >
</div><div style="text-indent:36pt;display:block;margin-left:0pt;margin-right:0pt;text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >In connection with the Restructuring Transaction, Value Line (1) granted the Adviser, the Distributor and each Fund use of the name “Value Line” so long as the Adviser remains the Fund’s adviser and on the condition that the Fund does not alter its investment objectives or fundamental policies as they exist on the date of the investment advisory agreement, provided also the Funds do not use leverage for investment purposes, short selling or other complex or unusual investment strategies that create a risk profile similar to that of so-called hedge funds, (2) agreed to provide the Adviser its ranking information without charge on as favorable a basis as to its best institutional customers and (3) agreed to capitalize the business with $7 million of cash and cash equivalents.<br></br>
</font>
</div><div style="text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;text-align:justify;" >
</div><div style="text-indent:36pt;display:block;margin-left:0pt;margin-right:0pt;text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >The EAM trust entity has no fixed term, but in the event that control of the Company’s majority shareholder changes, or in the event that the majority shareholder no longer beneficially owns 5% or more of the voting securities of the Company, then the Company has the right, but not the obligation, to buy the voting profits interests in EAM at a fair market value to be determined by an independent valuation firm in accordance with the terms of the EAM Trust Agreement.<br></br>
</font>
</div><div style="text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;text-align:justify;" >
</div><div style="text-indent:36pt;display:block;margin-left:0pt;margin-right:0pt;text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Value Line also has certain consent rights with respect to extraordinary events involving EAM, such as a proposed sale of all or a significant part of EAM, material acquisitions, entering into businesses other than asset management and fund distribution, paying compensation in excess of the mandated limit of 22.5%-30% of non-distribution fee revenues (depending on the level of such revenues), declaring voluntary bankruptcy, making material changes in tax or accounting policies or making substantial borrowings, and entering into related party transactions. These rights were established to protect Value Line’s non-voting revenues and non-voting profits interests in EAM.<br></br>
</font>
</div><div style="text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;text-align:justify;" >
</div><div style="text-indent:36pt;display:block;margin-left:0pt;margin-right:0pt;text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >On a short-term transitional basis, EAM and the Distributor occupied a portion of the premises that the Company leases from a third party. The Company received rental payments from EAM and provided certain accounting and other administrative support services to EAM on a transitional
basis. In accordance with the terms of the Restructuring Transaction, EAM vacated the Company’s premises before June 1, 2011.<br></br>
</font>
</div><div style="text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;text-align:justify;" >
</div><div style="text-indent:36pt;display:block;margin-left:0pt;margin-right:0pt;text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >On September 3, 2008, the Company was served with a derivative shareholder’s suit filed in New York County Supreme Court (the “Court”) naming certain current and former directors of the Company and alleging breach of fiduciary duty and related allegations, most of which arise from the SEC matter. The complaint sought return of remuneration by the directors and other remedies. A second derivative shareholder’s suit was filed in New York County Supreme Court on or about November 9, 2009, naming certain current and former Value Line Directors and the Parent as defendants. This suit primarily restates the same or similar allegations and seeks similar remedies as were sought in the earlier derivative shareholder’s suit served in September 2008. By order dated January 8, 2010, the Court granted plaintiffs’ motion to consolidate the two cases. The Company has advised its insurance carriers of these developments. It is not possible to estimate accurately an amount or range of loss on the Company’s financial statements.<br></br>
</font>
</div><div style="text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;text-align:justify;" >
</div><div style="text-indent:36pt;display:block;margin-left:0pt;margin-right:0pt;text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >The present and former directors who are defendants in the consolidated cases filed in 2008 and 2009 are Howard A. Brecher, Edgar A. Buttner, Jean B. Buttner and David T. Henigson. The complaints do not specify a basis for calculating remuneration that the actions seek to have returned to the Company, nor do the original or amended complaints state a total of such remuneration.<br></br>
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</div><div style="text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;text-align:justify;" >
</div><div style="text-indent:36pt;display:block;margin-left:0pt;margin-right:0pt;text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Following mediation under the auspices of the Court, on March 22, 2011, an agreement in principle was reached by the parties to settle the litigation. The settlement in principle is subject to the parties’ execution of a settlement agreement and Court approval. Provided the settlement agreement is consummated and approved, the settlement in principle calls for payment of settlement funds in an aggregate sum of $2.9 million for the benefit of the Company’s minority shareholders (the Company’s shareholders other than AB&Co., all other named defendants and members of their immediate families). That sum is inclusive of any and all costs and expenses of the plaintiffs in relation to the case, including but not limited to legal fees and other charges and court costs. Since the settlement in principle calls for payment of settlement funds by parties other than the Company, the settlement of these cases on the terms contemplated by the settlement in principle, if completed, will have no material effect on the financial condition, results of operations or cash flows of the Company.
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