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<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font-family: times new roman,times;" size="2"><b>Revenue Recognition:</b></font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font-family: times new roman,times;" size="2">Depending upon the product, subscriptions to Value Line periodicals and related publications are available in print or digitally, via internet access. The length of a subscription varies by product and offer received by the subscriber. Generally, subscriptions are offered as annual subscriptions. Subscription revenues, net of discounts, are recognized ratably on a straight line basis when the product is served to the client over the life of the subscription. Accordingly, the amount of subscription fees to be earned by fulfilling subscriptions after the date of the balance sheets are shown as unearned revenue within current and long term liabilities.</font></p>
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<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font-family: times new roman,times;" size="2"><b>Investment in Unconsolidated Entities:</b></font></p>
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<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font-family: times new roman,times;" size="2">The Company accounts for its investment in its unconsolidated entity, 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 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></p>
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<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font-family: times new roman,times;" size="2"><b>Valuation of Securities:</b></font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font-family: times new roman,times;" size="2">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 equity securities including Exchange traded funds (“ETFs”), and deposits in savings accounts at large commercial banks and are valued in accordance with the requirements of the Fair Value Measurements Topic of the FASB’s ASC 820. The securities classified as available-for-sale reflected in the Consolidated Condensed Balance Sheets are valued at market and unrealized gains and losses, 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 as of the trade date and are determined on the identified cost method.</font></p>
<p style="font: 13.33px/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; -webkit-text-stroke-width: 0px;">  </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font-family: times new roman,times;" size="2">The Company classifies its securities available-for-sale as current assets to properly reflect its liquidity and to recognize the fact that it has liquid assets available-for-sale should the need arise.</font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font-family: times new roman,times;" size="2">Market valuations of securities listed on a securities exchange and ETF shares are based on the closing sales prices on the last business day of each month. The market values of fixed maturity U.S. Government debt securities are determined utilizing publicly quoted market prices. Cash equivalents consist of investments in money market funds that invest primarily in U.S. Government securities valued in accordance with rule 2a-7 under the 1940 Act.</font></p>
<p style="font: 13.33px/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; -webkit-text-stroke-width: 0px;"></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font-family: times new roman,times;" size="2">The Fair Value Measurements Topic of FASB’s ASC 820 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.</font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font-family: times new roman,times;" size="2">The three-tier hierarchy of inputs is summarized in the three broad levels listed below.</font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font-family: times new roman,times;" size="2">Level 1 – quoted prices in active markets for identical investments</font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font-family: times new roman,times;" size="2">Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)</font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font-family: times new roman,times;" size="2">Level 3 – significant unobservable inputs (including the Company’s own assumptions in determining the fair value of investments)</font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font-family: times new roman,times;" size="2">The following summarizes the levels of fair value measurements of the Company’s investments:</font></p>
<table style="widows: 1; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; letter-spacing: normal; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px; font-size-adjust: none;" border="0" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="width: 487px;"> </td>
<td style="width: 15px;"> </td>
<td style="width: 15px;"> </td>
<td style="width: 157px; text-align: right;"> </td>
<td style="width: 15px;"> </td>
<td style="width: 15px;"> </td>
<td style="width: 157px; text-align: right;"> </td>
<td style="width: 15px;"> </td>
<td style="width: 15px;"> </td>
<td style="width: 158px; text-align: right;"> </td>
<td style="width: 15px;"> </td>
<td style="width: 15px;"> </td>
<td style="width: 158px; text-align: right;"> </td>
<td style="width: 16px;"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td> </td>
<td> </td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="11"><font style="font-family: times new roman,times;" size="2">As of October 31, 2015</font></td>
<td> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">($ in thousands)</font></td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"><font style="font-family: times;" size="2">Level 1</font></td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"><font style="font-family: times new roman,times;" size="2">Level 2</font></td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"><font style="font-family: times new roman,times;" size="2">Level 3</font></td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"><font style="font-family: times new roman,times;" size="2">Total</font></td>
<td style="text-align: center;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td><font style="font-family: times new roman,times;" size="2">Cash equivalents</font></td>
<td> </td>
<td><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">11,179</font></td>
<td> </td>
<td><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">-</font></td>
<td> </td>
<td><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">-</font></td>
<td> </td>
<td><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">11,179</font></td>
<td> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td><font style="font-family: times new roman,times;" size="2">Securities available-for-sale</font></td>
<td> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">2,503</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">-</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">-</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">2,503</font></td>
<td> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td> </td>
<td> </td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">13,682</font></td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">-</font></td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">-</font></td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">13,682</font></td>
<td> </td>
</tr>
</table>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<table style="widows: 1; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; letter-spacing: normal; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px; font-size-adjust: none;" border="0" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td> </td>
<td> </td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="14"><font style="font-family: times new roman,times;" size="2">As of April 30, 2015</font></td>
<td style="text-align: center;"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">($ in thousands)</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"><font style="font-family: times new roman,times;" size="2">Level 1</font></td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"><font style="font-family: times new roman,times;" size="2">Level 2</font></td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"><font style="font-family: times new roman,times;" size="2">Level 3</font></td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"><font style="font-family: times new roman,times;" size="2">Total</font></td>
<td style="text-align: center;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="width: 439px; text-align: left; padding-left: 0.75pt;"><font style="font-family: times new roman,times;" size="2">Cash equivalents</font></td>
<td style="width: 15px;"> </td>
<td style="width: 15px; text-align: left;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="width: 157px; text-align: right;"><font style="font-family: times new roman,times;" size="2">5,272</font></td>
<td style="width: 15px; text-align: left;"> </td>
<td style="width: 15px;"> </td>
<td style="width: 15px; text-align: left;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="width: 157px; text-align: right;"><font style="font-family: times new roman,times;" size="2">-</font></td>
<td style="width: 15px; text-align: left;"> </td>
<td style="width: 15px;"> </td>
<td style="width: 15px; text-align: left;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="width: 158px; text-align: right;"><font style="font-family: times new roman,times;" size="2">-</font></td>
<td style="width: 15px; text-align: left;"> </td>
<td style="width: 15px;"> </td>
<td style="width: 15px; text-align: left;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="width: 160px; text-align: right;"><font style="font-family: times new roman,times;" size="2">5,272</font></td>
<td style="width: 16px; text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="padding-left: 0.75pt;"><font style="font-family: times new roman,times;" size="2">Securities available-for-sale</font></td>
<td> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">9,632</font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">-</font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">-</font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">9,632</font></td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="padding-left: 0.75pt;"> </td>
<td> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">14,904</font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">-</font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">-</font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">14,904</font></td>
<td style="text-align: left;"> </td>
</tr>
</table>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font-family: times new roman,times;" size="2">The Company had no other financial instruments such as futures, forwards and swap contracts. For the periods ended October 31, 2015 and April 30, 2015, there were no Level 2 nor Level 3 investments. The Company does not have any liabilities subject to fair value measurement.</font></p>
<p style="font: 13.33px/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; -webkit-text-stroke-width: 0px;">  </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font-family: times new roman,times;" size="2"><b>Advertising expenses:</b></font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font-family: times new roman,times;" size="2">The Company expenses advertising costs as incurred.</font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font-family: times new roman,times;" size="2"><b>Income Taxes:</b></font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font-family: times new roman,times;" size="2">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></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font-family: times new roman,times;" size="2">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 October 31, 2015, 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></p>
<p style="font: 13.33px/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; -webkit-text-stroke-width: 0px;">  </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font-family: times new roman,times;" size="2"><b>Earnings per share:</b></font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font-family: times new roman,times;" size="2">Earnings per share are based on the weighted average number of shares of common stock and common stock equivalents outstanding during each period. Any shares that are reacquired during the period are weighted for the portion of the period that they are outstanding. The Company does not have any potentially dilutive common shares from outstanding stock options, warrants, restricted stock, or restricted stock units.</font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font-family: times new roman,times;" size="2"><b>Cash and Cash Equivalents:</b></font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font-family: times new roman,times;" size="2">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 October 31, 2015 and April 30, 2015, cash equivalents included $11,179,000 and $5,272,000, respectively, for amounts invested in savings accounts at commercial banks and investments in money market mutual funds that invest in short term U.S. government securities.</font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font-family: times new roman,times;" size="2"><b>Note 2 - Investments:</b></font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font-family: times new roman,times;" size="2"><b><i>Securities Available-for-Sale:</i></b></font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font-family: times new roman,times;" size="2">Investments held by the Company and its subsidiaries are classified as securities available-for-sale in accordance with FASB’s ASC 320, Investments - Debt and Equity Securities. All of the Company’s securities classified as available-for-sale are readily marketable and have a maturity of twelve months or less and are classified as current assets on the Consolidated Condensed Balance Sheets.</font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font-family: times new roman,times;" size="2"><b><i>Equity Securities:</i></b></font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font-family: times new roman,times;" size="2">Equity securities classified as available-for-sale on the Consolidated Condensed Balance Sheets, consist of ETFs held for dividend yield that attempt to replicate the performance of certain equity indexes and ETFs that hold preferred shares primarily of financial institutions.</font></p>
<p style="font: 13.33px/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; -webkit-text-stroke-width: 0px;">  </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font-family: times new roman,times;" size="2">As of October 31, 2015 and April 30, 2015, the aggregate cost of the equity securities classified as available-for-sale, which consist of investments in the SPDR Series Trust S&P Dividend ETF (SDY), First Trust Value Line Dividend Index ETF (FVD), PowerShares Financial Preferred ETF (PGF), small, mid and large cap high dividend yielding ETFs, and conservative equity ETFs (VLSM, VLML, VLLV), was $2,381,000 and $9,470,000, respectively, and the fair value was $2,503,000 and $9,632,000, respectively. </font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font-family: times new roman,times;" size="2">Proceeds from sales of equity securities classified as available-for-sale during the six months ended October 31, 2015 were $8,684,000 and the related capital losses of $15,000 were reclassified from Accumulated Other Comprehensive Income in the Consolidated Condensed Balance Sheet to the Consolidated Condensed Statement of Income. During the second quarter ended October 31, 2015, the Company made a decision to sell the dividend paying ETF and non dividend paying inverse ETF positions. There were no sales or proceeds from sales of equity securities during the six months ended October 31, 2014. The decrease in gross unrealized gains on equity securities classified as available-for-sale of $55,000, net of deferred taxes of $19,000 was included in Shareholders’ Equity at October 31, 2015. The decrease in gross unrealized gains on equity securities classified as available-for-sale of $27,000, net of deferred taxes of $10,000 was included in Shareholders’ Equity at October 31, 2014.</font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1;
font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font-family: times new roman,times;" size="2">The changes in the value of equity securities investments are recorded in Other Comprehensive Income in the Consolidated Condensed Financial Statements. Realized gains and losses are recorded as of the trade date in the Consolidated Condensed Statements of Income when securities are sold, mature or are redeemed. As of October 31, 2015 and April 30, 2015, accumulated other comprehensive income included net unrealized gains of $122,000 and $162,000, net of deferred taxes of $43,000 and $57,000, respectively.</font></p>
<p style="font: 13.33px/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; -webkit-text-stroke-width: 0px;">  </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font-family: times new roman,times;" size="2">The carrying value and fair value of securities available-for-sale at October 31, 2015 were as follows:</font></p>
<p style="font: 13.33px/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; -webkit-text-stroke-width: 0px;"></p>
<table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="width: 504px;"> </td>
<td style="width: 15px;"> </td>
<td style="width: 15px; text-align: center;"> </td>
<td style="width: 141px; text-align: center;"> </td>
<td style="width: 15px;"> </td>
<td style="width: 15px;"> </td>
<td style="width: 15px; text-align: center;"> </td>
<td style="width: 141px; text-align: center;"> </td>
<td style="width: 15px;"> </td>
<td style="width: 15px;"> </td>
<td style="width: 15px; text-align: center;"> </td>
<td style="width: 142px; text-align: center;"> </td>
<td style="width: 15px;"> </td>
<td style="width: 15px;"> </td>
<td style="width: 15px; text-align: center;"> </td>
<td style="width: 144px; text-align: center;"> </td>
<td style="width: 16px;"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">($ in thousands)</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"><font style="font-family: times new roman,times;" size="2">Cost</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"><font style="font-family: times new roman,times;" size="2">Gross Unrealized</font><br /><font style="font-family: times new roman,times;" size="2">Gains</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"><font style="font-family: times new roman,times;" size="2">Gross</font><br /><font style="font-family: times new roman,times;" size="2">Unrealized</font><br /><font style="font-family: times new roman,times;" size="2">Losses</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"><font style="font-family: times new roman,times;" size="2">Fair Value</font></td>
<td> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-left: 0.75pt;"><font style="font-family: times new roman,times;" size="2">ETFs - equities</font></td>
<td> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">2,381</font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">125</font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">(3</font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">)</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new
roman,times;" size="2">2,503</font></td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="padding-left: 0.75pt;"> </td>
<td> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">2,381</font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">125</font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">(3</font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">)</font></td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">2,503</font></td>
<td style="text-align: left;"> </td>
</tr>
</table>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font-family: times new roman,times;" size="2">The carrying value and fair value of securities available-for-sale at April 30, 2015 were as follows:</font></p>
<p style="font: 13.33px/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; -webkit-text-stroke-width: 0px;"></p>
<table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td> </td>
<td> </td>
<td style="text-align: center;"> </td>
<td style="text-align: center;"> </td>
<td> </td>
<td> </td>
<td style="text-align: center;"> </td>
<td style="text-align: center;"> </td>
<td> </td>
<td> </td>
<td style="text-align: center;"> </td>
<td style="text-align: center;"> </td>
<td> </td>
<td> </td>
<td style="text-align: center;"> </td>
<td style="text-align: center;"> </td>
<td> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">($ in thousands)</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"><font style="font-family: times new roman,times;" size="2">Cost</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"><font style="font-family: times new roman,times;" size="2">Gross Unrealized</font><br /><font style="font-family: times new roman,times;" size="2">Gains</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"><font style="font-family: times new roman,times;" size="2">Gross</font><br /><font style="font-family: times new roman,times;" size="2">Unrealized</font><br /><font style="font-family: times new roman,times;" size="2">Losses</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"><font style="font-family: times new roman,times;" size="2">Fair Value</font></td>
<td> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="width: 503px; text-align: left; padding-left: 0.75pt;"><font style="font-family: times new roman,times;" size="2">Common stocks</font></td>
<td style="width: 15px;"> </td>
<td style="width: 15px; text-align: left;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="width: 141px; text-align: right;"><font style="font-family: times new roman,times;" size="2">101</font></td>
<td style="width: 15px; text-align: left;"> </td>
<td style="width: 15px;"> </td>
<td
style="width: 15px; text-align: left;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="width: 141px; text-align: right;"><font style="font-family: times new roman,times;" size="2">74</font></td>
<td style="width: 15px; text-align: left;"> </td>
<td style="width: 15px;"> </td>
<td style="width: 15px; text-align: left;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="width: 142px; text-align: right;"><font style="font-family: times new roman,times;" size="2">-</font></td>
<td style="width: 15px; text-align: left;"> </td>
<td style="width: 15px;"> </td>
<td style="width: 15px; text-align: left;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="width: 144px; text-align: right;"><font style="font-family: times new roman,times;" size="2">175</font></td>
<td style="width: 16px; text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-left: 0.75pt;"><font style="font-family: times new roman,times;" size="2">ETFs - equities</font></td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">3,903</font></td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">1,508</font></td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">-</font></td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">5,411</font></td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-left: 0.75pt;"><font style="font-family: times new roman,times;" size="2">Inverse ETFs - equities</font></td>
<td> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">5,466</font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">-</font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">(1,420</font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">)</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">4,046</font></td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="padding-left: 0.75pt;"> </td>
<td> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">9,470</font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">1,582</font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">(1,420</font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">)</font></td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">9,632</font></td>
<td style="text-align: left;"> </td>
</tr>
</table>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font:
10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font-family: times new roman,times;" size="2"><b><i>Income from Securities Transactions:</i></b></font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font-family: times new roman,times;" size="2"><b><i> </i></b></font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font-family: times new roman,times;" size="2">Income from securities transactions was comprised of the following: </font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"></p>
<table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td> </td>
<td> </td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="6" nowrap="nowrap"><font style="font-family: times new roman,times;" size="2">Three Months Ended October 31,</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="6" nowrap="nowrap"><font style="font-family: times new roman,times;" size="2">Six Months Ended October 31,</font></td>
<td> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">($ in thousands)</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"><font style="font-family: times new roman,times;" size="2">2015</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"><font style="font-family: times new roman,times;" size="2">2014</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"><font style="font-family: times new roman,times;" size="2">2015</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"><font style="font-family: times new roman,times;" size="2">2014</font></td>
<td> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="width: 504px; text-align: left;"><font style="font-family: times new roman,times;" size="2">Dividend income</font></td>
<td style="width: 15px;"> </td>
<td style="width: 15px; text-align: left;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="width: 141px; text-align: right;"><font style="font-family: times new roman,times;" size="2">38</font></td>
<td style="width: 15px; text-align: left;"> </td>
<td style="width: 15px;"> </td>
<td style="width: 15px; text-align: left;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="width: 141px; text-align: right;"><font style="font-family: times new roman,times;" size="2">39</font></td>
<td style="width: 15px; text-align: left;"> </td>
<td style="width: 15px;"> </td>
<td style="width: 15px; text-align: left;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="width: 142px; text-align: right;"><font style="font-family: times new roman,times;" size="2">80</font></td>
<td style="width: 15px; text-align: left;"> </td>
<td style="width: 15px;"> </td>
<td style="width: 15px; text-align: left;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="width: 144px; text-align: right;"><font style="font-family: times new roman,times;" size="2">77</font></td>
<td style="width: 16px; text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">Interest income</font></td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">-</font></td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">-</font></td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">-</font></td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">3</font></td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">Capital loss</font></td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align:
right;"><font style="font-family: times new roman,times;" size="2">(15</font></td>
<td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">)</font></td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">-</font></td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">(15</font></td>
<td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">)</font></td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">-</font></td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td><font style="font-family: times new roman,times;" size="2">Other</font></td>
<td> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">8</font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">27</font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">17</font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">27</font></td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">Total income from securities transactions, net</font></td>
<td> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">31</font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">66</font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">82</font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">107</font></td>
<td style="text-align: left;"> </td>
</tr>
</table>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font-family: times new roman,times;" size="2"><b><i>Investment in Unconsolidated Entities:</i></b> </font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font-family: times new roman,times;" size="2"><b><i>Equity Method Investment:</i></b></font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal;
-webkit-text-stroke-width: 0px;"> </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font-family: times new roman,times;" size="2">As of October 31, 2015 and April 30, 2015, the Company’s investment in EAM Trust, on the Consolidated Condensed Balance Sheets was $58,071,000 and $58,048,000, respectively.</font></p>
<p style="font: 13.33px/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; -webkit-text-stroke-width: 0px;">  </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font-family: times new roman,times;" size="2">The value of VLI’s investment in EAM at October 31, 2015 and April 30, 2015 reflects the fair value of contributed capital of $55,805,000 at inception which included $5,820,000 of cash and liquid securities in excess of working capital requirements contributed to EAM’s capital account by VLI, plus VLI’s share of non-voting revenues and non-voting profits from EAM less distributions, made quarterly to VLI by EAM, during the period subsequent to its initial investment through the dates of the Consolidated Condensed Balance Sheets.</font></p>
<p style="font: 13.33px/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; -webkit-text-stroke-width: 0px;">  </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font-family: times new roman,times;" size="2">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.</font></p>
<p style="font: 13.33px/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; -webkit-text-stroke-width: 0px;"></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font-family: times new roman,times;" size="2">The Company monitors its Investment in EAM Trust 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 and regulatory requirements. EAM did not record any impairment losses for its assets during the fiscal years 2016 or 2015.</font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: center; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font-family: times new roman,times;" size="2">The components of EAM’s investment management operations, provided to the Company by EAM, were as follows:</font></p>
<p style="font: 13.33px/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; -webkit-text-stroke-width: 0px;"></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"></p>
<table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td> </td>
<td> </td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="6"><font style="font-family: times new roman,times;" size="2">Three Months Ended October 31,</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="6"><font style="font-family: times new roman,times;" size="2">Six Months Ended October
31,</font></td>
<td> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">($ in thousands) (unaudited)</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"><font style="font-family: times new roman,times;" size="2">2015</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"><font style="font-family: times new roman,times;" size="2">2014</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"><font style="font-family: times new roman,times;" size="2">2015</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"><font style="font-family: times new roman,times;" size="2">2014</font></td>
<td> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="width: 741.46px; text-align: left; text-indent: -8.65pt; padding-left: 8.65pt;"><font style="font-family: times new roman,times;" size="2">Investment management fees earned from the Value Line Funds, net of fee waivers</font></td>
<td style="width: 32px;"> </td>
<td style="width: 16px; text-align: left;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="width: 142px; text-align: right;"><font style="font-family: times new roman,times;" size="2">3,653</font></td>
<td style="width: 16px; text-align: left;"> </td>
<td style="width: 32px;"> </td>
<td style="width: 16px; text-align: left;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="width: 141px; text-align: right;"><font style="font-family: times new roman,times;" size="2">3,690</font></td>
<td style="width: 15px; text-align: left;"> </td>
<td style="width: 31px;"> </td>
<td style="width: 15px; text-align: left;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="width: 141px; text-align: right;"><font style="font-family: times new roman,times;" size="2">7,491</font></td>
<td style="width: 15px; text-align: left;"> </td>
<td style="width: 31px;"> </td>
<td style="width: 15px; text-align: left;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="width: 141px; text-align: right;"><font style="font-family: times new roman,times;" size="2">7,477</font></td>
<td style="width: 15px; text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; text-indent: -8.65pt; padding-left: 8.65pt;"><font style="font-family: times new roman,times;" size="2">12b-1 fees and other fees, net of fee waivers</font></td>
<td> </td>
<td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">1,442</font></td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">1,349</font></td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">2,838</font></td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">2,709</font></td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; text-indent: -8.65pt; padding-left: 8.65pt;"><font style="font-family: times new roman,times;" size="2">Other income (loss)</font></td>
<td> </td>
<td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">(18</font></td>
<td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">)</font></td>
<td> </td>
<td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">4</font></td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">(27</font></td>
<td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">)</font></td>
<td> </td>
<td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">9</font></td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; text-indent: -8.65pt; padding-left: 8.65pt;"><font style="font-family: times new roman,times;" size="2">Investment management fee waivers (1)</font></td>
<td> </td>
<td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">48</font></td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">62</font></td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"><font style="font-family: times new roman,times;"
size="2">$</font></td>
<td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">95</font></td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">90</font></td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; text-indent: -8.65pt; padding-left: 8.65pt;"><font style="font-family: times new roman,times;" size="2">12b-1 fee waivers (1)</font></td>
<td> </td>
<td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">242</font></td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">374</font></td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">613</font></td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">769</font></td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; text-indent: -8.65pt; padding-left: 8.65pt;"><font style="font-family: times new roman,times;" size="2">Value Line’s non-voting revenues interest</font></td>
<td> </td>
<td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">1,819</font></td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">1,803</font></td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">3,721</font></td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">3,636</font></td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; text-indent: -8.65pt; padding-left: 8.65pt;"><font style="font-family: times new roman,times;" size="2">EAM’s net income (2)</font></td>
<td> </td>
<td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">242</font></td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">292</font></td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">522</font></td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">670</font></td>
<td style="text-align: left;"> </td>
</tr>
</table>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font-family: times new roman,times;" size="2">(1) During fiscal 2016 investment management fee waivers primarily related to the Value Line Core Bond Fund and the 12b-1 fee waivers related to four of the Value Line Mutual Funds. During fiscal 2015 investment management fee waivers primarily related to the Value Line Core Bond Fund and the 12b-1 fee waivers related to six of the Value Line Mutual Funds.</font></p>
<p style="font: 13.33px/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; -webkit-text-stroke-width: 0px;"></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font-family: times new roman,times;" size="2">(2) Represents EAM’s net income, after giving effect to Value Line’s non-voting revenues interest, but before distributions to voting profits interest holders and to the Company in respect of its 50% non-voting profits interest. </font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"></p>
<table
style="font: 10pt/normal 'times new roman', times, serif; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom; background-color: white;">
<td> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">($ in thousands)</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"><font style="font-family: times new roman,times;" size="2">October 31,</font><br /><font style="font-family: times new roman,times;" size="2">2015</font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"><font style="font-family: times new roman,times;" size="2">April 30,</font><br /><font style="font-family: times new roman,times;" size="2">2015</font></td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: center;" colspan="2"><font style="font-family: times new roman,times;" size="2">(unaudited)</font></td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="width: 761.93px; text-align: left; padding-left: 17.3pt;"><font style="font-family: times new roman,times;" size="2">EAM’s total assets</font></td>
<td style="width: 15px;"> </td>
<td style="width: 15px; text-align: left;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="width: 188px; text-align: right;"><font style="font-family: times new roman,times;" size="2">60,193</font></td>
<td style="width: 15px; text-align: left;"> </td>
<td style="width: 15px;"> </td>
<td style="width: 15px; text-align: left;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="width: 189px; text-align: right;"><font style="font-family: times new roman,times;" size="2">60,159</font></td>
<td style="width: 16px; text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-left: 17.3pt;"><font style="font-family: times new roman,times;" size="2">EAM’s total liabilities (1)</font></td>
<td> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">(3,021</font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">)</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">(3,104</font></td>
<td style="text-align: left; padding-bottom: 1px;"><font style="font-family: times new roman,times;" size="2">)</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-left: 17.3pt;"><font style="font-family: times new roman,times;" size="2">EAM’s total equity</font></td>
<td> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">57,172</font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">57,055</font></td>
<td style="text-align: left;"> </td>
</tr>
</table>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font-family: times new roman,times;" size="2">(1) At October 31, 2015 and April 30, 2015, EAM’s total liabilities included a payable to VLI for its accrued non-voting revenues, interest and the 90% distributable share of its non-voting profits interest of $1,927,000 and $1,951,000, respectively.</font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font-family: times new roman,times;" size="2"><b>Note 3 - Variable Interest Entity</b></font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font-family: times new roman,times;" size="2">The Company retained a non-voting revenues interest and a 50% non-voting profits interest in EAM, which was formed, as a result of the Restructuring Transaction on December 23, 2010, to carry on the asset management and mutual fund distribution businesses formerly conducted by the Company. EAM is considered to be a VIE. The Company makes its determination for consolidation of EAM as a VIE 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 VIEs.</font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font-family: times new roman,times;" size="2">The Company 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></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font-family: times new roman,times;" size="2">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 non-voting revenues 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></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font-family: times new roman,times;" size="2">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 on its Consolidated Condensed Balance Sheets for its interest in EAM. </font></p>
<table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom; background-color: white;">
<td> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="9"><font style="font-family: times new roman,times;" size="2">Value Line</font></td>
<td style="text-align: left;"> </td>
</tr>
<tr
style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">($ in thousands)</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"><font style="font-family: times new roman,times;" size="2">VIE Assets</font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"><font style="font-family: times new roman,times;" size="2">Investment in</font><br /><font style="font-family: times new roman,times;" size="2">EAM Trust (1)</font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"><font style="font-family: times new roman,times;" size="2">Liabilities</font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"><font style="font-family: times new roman,times;" size="2">Maximum</font><br /><font style="font-family: times new roman,times;" size="2">Exposure to</font><br /><font style="font-family: times new roman,times;" size="2">Loss</font></td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="width: 440px;"><font style="font-family: times new roman,times;" size="2">As of October 31, 2015 (unaudited)</font></td>
<td style="width: 15px;"> </td>
<td style="width: 15px; text-align: left;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="width: 157px; text-align: right;"><font style="font-family: times new roman,times;" size="2">60,193</font></td>
<td style="width: 15px; text-align: left;"> </td>
<td style="width: 15px;"> </td>
<td style="width: 15px; text-align: left;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="width: 157px; text-align: right;"><font style="font-family: times new roman,times;" size="2">58,071</font></td>
<td style="width: 15px; text-align: left;"> </td>
<td style="width: 15px;"> </td>
<td style="width: 15px; text-align: left;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="width: 158px; text-align: right;"><font style="font-family: times new roman,times;" size="2">-</font></td>
<td style="width: 15px; text-align: left;"> </td>
<td style="width: 15px;"> </td>
<td style="width: 15px; text-align: left;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="width: 160px; text-align: right;"><font style="font-family: times new roman,times;" size="2">58,071</font></td>
<td style="width: 16px; text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td><font style="font-family: times new roman,times;" size="2">As of April 30, 2015</font></td>
<td> </td>
<td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">60,159</font></td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">58,048</font></td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">-</font></td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">58,048</font></td>
<td style="text-align: left;"> </td>
</tr>
</table>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font-family: times new roman,times;" size="2">(1) Reported within Long Term Assets on the Consolidated Condensed Balance Sheets.</font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font-family: times new roman,times;" size="2"><b>Note 4 - Supplementary Cash Flow Information:</b></font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"></p>
<table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="width: 878px;"> </td>
<td style="width: 26px;"> </td>
<td style="width: 13px;"> </td>
<td style="width: 137px; text-align: right;"> </td>
<td style="width: 25px;"> </td>
<td style="width: 12px;"> </td>
<td style="width: 137px; text-align: right;"> </td>
<td style="width: 25px;"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td> </td>
<td> </td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="5"><font style="font-family: times new roman,times;" size="2">Six Months Ended October 31,</font></td>
<td> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">($ in thousands)</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"><font style="font-family: times new roman,times;" size="2">2015</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"><font style="font-family: times new roman,times;" size="2">2014</font></td>
<td> </td>
</tr>
<tr style="vertical-align: bottom;">
<td><font style="font-family: times new roman,times;" size="2">State and local income tax payments</font></td>
<td> </td>
<td><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">153</font></td>
<td> </td>
<td><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">116</font></td>
<td> </td>
</tr>
<tr style="vertical-align: bottom;">
<td><font style="font-family: times new roman,times;" size="2">Federal income tax payments to the Parent</font></td>
<td> </td>
<td><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">1,990</font></td>
<td> </td>
<td><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">1,850</font></td>
<td> </td>
</tr>
</table>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font-family: times new roman,times;" size="2"><b>Note 5 - Employees’ Profit Sharing and Savings Plan:</b></font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font-family: times new roman,times;" size="2">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. For the six months ended October 31, 2015 and October 31, 2014, the estimated profit sharing plan contribution, which is included as an expense in salaries and employee benefits in the Consolidated Condensed Statements of Income, was $200,000 both years.</font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font-family: times new roman,times;"><b>Note 6 - Comprehensive Income:</b></font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font-family: times new roman,times;">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.</font></p>
<p style="font: 13.33px/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; -webkit-text-stroke-width: 0px;">  </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font-family: times new roman,times;">Beginning in fiscal 2013, the Company adopted the provisions of Accounting Standards Update 2011-05 to reflect comprehensive income in two statements which include the components of net income and total net income in the first statement, immediately followed by a financial statement that presents the components of other comprehensive income, a total for other comprehensive income and a total for comprehensive income.</font></p>
<p style="font: 13.33px/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; -webkit-text-stroke-width: 0px;">  </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font-family: times new roman,times;">As of October 31, 2015 and October 31, 2014, the Company held equity securities consisting primarily of ETFs with high relative dividend yields that are classified as securities 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.</font></p>
<p style="font: 13.33px/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; -webkit-text-stroke-width: 0px;">  </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font-family: times new roman,times;">The components of comprehensive income included in the Consolidated Condensed Statements of Income and Changes in Shareholders’ Equity for the six months ended October 31, 2015 are as follows: </font></p>
<table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td> </td>
<td> </td>
<td style="text-align: center;"> </td>
<td style="text-align: center;"> </td>
<td> </td>
<td> </td>
<td style="text-align: center;"> </td>
<td style="text-align: center;"> </td>
<td> </td>
<td> </td>
<td style="text-align: center;"> </td>
<td style="text-align: center;"> </td>
<td> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman,times;">($ in thousands)</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"><font style="font-family: times new roman,times;">Amount Before</font><br /><font style="font-family: times new roman,times;">Tax</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"><font style="font-family: times new roman,times;">Tax Benefit</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"><font style="font-family: times new roman,times;">Amount Net of</font><br /><font style="font-family: times new roman,times;">Tax</font></td>
<td> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="width: 597px; text-align: left; padding-left: 0.75pt;">
<p style="margin: 0pt 0px;"><font style="font-family: times new roman,times;">Change in unrealized gains on securities</font></p>
<p style="margin: 0pt 0px;"></p>
</td>
<td style="width: 15px;"> </td>
<td style="width: 15px; text-align: left;"><font style="font-family: times new roman,times;">$</font></td>
<td style="width: 172px; text-align: right;"><font style="font-family: times new
roman,times;">(55</font></td>
<td style="width: 15px; text-align: left;"><font style="font-family: times new roman,times;">)</font></td>
<td style="width: 15px;"> </td>
<td style="width: 15px; text-align: left;"><font style="font-family: times new roman,times;">$</font></td>
<td style="width: 173px; text-align: right;"><font style="font-family: times new roman,times;">19</font></td>
<td style="width: 15px; text-align: left;"> </td>
<td style="width: 15px;"> </td>
<td style="width: 15px; text-align: left;"><font style="font-family: times new roman,times;">$</font></td>
<td style="width: 174px; text-align: right;"><font style="font-family: times new roman,times;">(36</font></td>
<td style="width: 16px; text-align: left;"><font style="font-family: times new roman,times;">)</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="padding-bottom: 2px; padding-left: 0.75pt;">
<p style="margin: 0pt 0px;"><font style="font-family: times new roman,times;">Add: Losses realized in net income </font></p>
</td>
<td> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman,times;">$</font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman,times;">15</font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman,times;">$</font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman,times;">(5</font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman,times;">)</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman,times;">$</font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman,times;">10</font></td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="padding-bottom: 2.5pt; padding-left: 0.75pt;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;">$</font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;">(40</font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;">)</font></td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;">$</font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;">14</font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;">$</font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;">(26</font></td>
<td style="text-align: left; padding-bottom: 2.5pt;"><font style="font-family: times new roman,times;">)</font></td>
</tr>
</table>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font-family: times new roman,times;">The components of comprehensive income included in the Consolidated Condensed Statements of Income and Changes in Shareholders’ Equity for the six months ended October 31, 2014 are as follows:</font></p>
<p style="font: 13.33px/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; -webkit-text-stroke-width: 0px;"></p>
<table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td> </td>
<td> </td>
<td style="text-align: center;" colspan="2"> </td>
<td> </td>
<td> </td>
<td style="text-align: center;" colspan="2"> </td>
<td> </td>
<td> </td>
<td style="text-align: center;" colspan="2"> </td>
<td> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman,times;">($ in thousands)</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"><font style="font-family: times new roman,times;">Amount Before</font><br /><font style="font-family: times new roman,times;">Tax</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style:
solid;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"><font style="font-family: times new roman,times;">Tax Benefit</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"><font style="font-family: times new roman,times;">Amount Net of</font><br /><font style="font-family: times new roman,times;">Tax</font></td>
<td> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="width: 597px; text-align: left; padding-left: 0.75pt;"><font style="font-family: times new roman,times;">Change in unrealized gains on securities</font></td>
<td style="width: 15px;"> </td>
<td style="width: 15px; text-align: left;"><font style="font-family: times new roman,times;">$</font></td>
<td style="width: 172px; text-align: right;"><font style="font-family: times new roman,times;">(27</font></td>
<td style="width: 15px; text-align: left;"><font style="font-family: times new roman,times;">)</font></td>
<td style="width: 15px;"> </td>
<td style="width: 15px; text-align: left;"><font style="font-family: times new roman,times;">$</font></td>
<td style="width: 173px; text-align: right;"><font style="font-family: times new roman,times;">10</font></td>
<td style="width: 15px; text-align: left;"> </td>
<td style="width: 15px;"> </td>
<td style="width: 15px; text-align: left;"><font style="font-family: times new roman,times;">$</font></td>
<td style="width: 174px; text-align: right;"><font style="font-family: times new roman,times;">(17</font></td>
<td style="width: 16px; text-align: left;"><font style="font-family: times new roman,times;">)</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="padding-bottom: 2px; padding-left: 0.75pt;"> </td>
<td> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="padding-bottom: 4px; padding-left: 0.75pt;"> </td>
<td> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;">$</font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;">(27</font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;">)</font></td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;">$</font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;">10</font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;">$</font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;">(17</font></td>
<td style="text-align: left; padding-bottom: 4px;"><font style="font-family: times new roman,times;">)</font></td>
</tr>
</table>
<p style="font: 10pt/normal 'times new roman', times, serif; color: #000000; text-transform: none; text-indent: 0in; letter-spacing: normal; margin-top: 0px; margin-bottom: 0pt; margin-left: 0in; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font-family: times new roman,times;" size="2"><b>Note 7 - Related Party Transactions:</b></font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font-family: times new roman,times;" size="2"><b><i>Investment Management (overview):</i></b></font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font-family: times new roman,times;" size="2">The Company has a substantial non-voting revenues and non-voting profits interests in EAM, the asset manager to the Value Line Mutual Funds. Accordingly, the Company does not report this operation as a separate business segment, although it maintains a significant interest in the cash flows generated by this business and will receive ongoing payments in respect of its non-voting revenues and non-voting profits interests.</font></p>
<p style="font: 13.33px/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font-family: times new roman,times;" size="2">Total assets in the Value Line Funds managed and/or distributed by EAM at October 31, 2015, were $2.29 billion, 2.1% below total assets of $2.34 billion in the Value Line Funds managed and/or distributed by EAM at October 31, 2014.</font></p>
<div style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </div>
<div style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </div>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">The Company’s non-voting revenues and non-voting profits interests in EAM entitle it to receive quarterly distributions in a range of 41% to 55% of EAM’s revenues (excluding distribution revenues) from EAM’s mutual fund business and not less than 90% of the Company’s 50% interest in the residual profits of EAM which are payable each fiscal quarter under the provisions of the EAM Trust Agreement. Value Line’s percent share of EAM’s revenues calculated each fiscal quarter was 50.05% and 50.16% during the first and second quarters of fiscal 2016, respectively, and 49.18% and 49.63% during the first and second quarters of fiscal 2015, respectively. The distributable amounts earned through the balance sheet date, which is included in the Investment in EAM Trust on the Consolidated Condensed Balance Sheets, and not yet paid, were $1,927,000 and $1,951,000 at October 31, 2015 and April 30, 2015, respectively.</p>
<p style="font: 13.33px/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; -webkit-text-stroke-width: 0px;">  </p>
<p style="font: 10pt/normal 'times new roman', times, serif; color: #000000; text-transform: none; text-indent: 0in; letter-spacing: normal; margin-top: 0px; margin-bottom: 0pt; margin-left: 0in; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font-family: times new roman,times;" size="2"><b><i>EAM Trust - VLI’s non-voting revenues and non-voting profits interests:</i></b></font></p>
<p style="font: 13.33px/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; -webkit-text-stroke-width: 0px;">  </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font-family: times new roman,times;" size="2">The Company holds 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. The Company recorded income from its non-voting revenues interest and its non-voting profits interest in EAM as follows:  </font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"></p>
<p style="font: 10pt/normal 'times new roman',;"> </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"></p>
<table style="font: 10pt/normal arial, helvetica, sans-serif; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="6"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">Three Months Ended October 31,</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="6"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">Six Months Ended October 31,</font></td>
<td><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">($ in thousands)</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">2015</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">2014</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">2015</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">2014</font></td>
<td><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="width: 753px; text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">Non-voting revenues interest in EAM</font></td>
<td style="width: 32px;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="width: 16px; text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">$</font></td>
<td style="width: 142px; text-align: right;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">1,819</font></td>
<td style="width: 16px; text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="width: 32px;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="width: 16px; text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">$</font></td>
<td style="width: 141px; text-align: right;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">1,803</font></td>
<td style="width: 15px; text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="width: 31px;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="width: 15px; text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">$</font></td>
<td style="width: 141px; text-align: right;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">3,721</font></td>
<td style="width: 15px; text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="width: 31px;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="width: 15px; text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">$</font></td>
<td style="width: 141px; text-align: right;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">3,636</font></td>
<td style="width: 15px; text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">Non-voting profits interest in EAM</font></td>
<td><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">121</font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">146</font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">261</font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">335</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">1,940</font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">1,949</font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">3,982</font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">3,971</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
</tr>
</table>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font-family: times new roman,times;" size="2"><b><i>Transactions with Parent:</i></b></font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"><b><i> </i></b></font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"></p>
<p style="font: 10pt/normal arial, helvetica, sans-serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">During the six months ended October 31, 2015 and October 31, 2014, the Company was reimbursed $65,000 and $71,000, respectively, for payments it made on behalf of and for services the Company provided to the Parent. There were no receivables from affiliates including receivables from the Parent on the Consolidated Condensed Balance Sheets at October 31, 2015 and April 30, 2015. </font></p>
<p style="font: 10pt/normal arial, helvetica, sans-serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></p>
<p style="font: 10pt/normal arial, helvetica, sans-serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">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 federal tax payments of $1,990,000 and $1,850,000 to the Parent during the six months ended October 31, 2015 and October 31, 2014, respectively. </font></p>
<p style="font: 10pt/normal arial, helvetica, sans-serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></p>
<p style="font: 13.33px/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; -webkit-text-stroke-width: 0px;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">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. As of October 31, 2015, the Parent owned 88.35% of the outstanding shares of common stock of the Company. </font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font-family: times new roman,times;" size="2"><b>Note 8 - Federal, State and Local Income Taxes:</b></font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font-family: times new roman,times;" size="2">In accordance with the requirements of the Income Tax Topic of the FASB’s ASC, the Company’s provision for income taxes includes the following:</font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"></p>
<table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="6" nowrap="nowrap"><font style="font-family: times new roman,times;" size="2">Three Months Ended October 31,</font></td>
<td style="padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="6"><font style="font-family: times new roman,times;" size="2">Six Months Ended October 31,</font></td>
<td style="padding-bottom: 1pt;"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">($ in thousands)</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"><font style="font-family: times new roman,times;" size="2">2015</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"><font style="font-family: times new roman,times;" size="2">2014</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"><font style="font-family: times new roman,times;" size="2">2015</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"><font style="font-family: times new roman,times;" size="2">2014</font></td>
<td> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">Current tax expense:</font></td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="width: 653.93px; text-indent: -8.65pt; padding-left: 17.3pt;"><font style="font-family: times new roman,times;" size="2">Federal</font></td>
<td style="width: 29px;"> </td>
<td style="width: 15px; text-align: left;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="width: 127px; text-align: right;"><font style="font-family: times new roman,times;" size="2">986</font></td>
<td style="width: 15px; text-align: left;"> </td>
<td style="width: 29px;"> </td>
<td style="width: 14px; text-align: left;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="width: 126px; text-align: right;"><font style="font-family: times new roman,times;" size="2">1,083</font></td>
<td style="width: 14px; text-align: left;"> </td>
<td style="width: 28px;"> </td>
<td style="width: 14px; text-align: left;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="width: 126px; text-align: right;"><font style="font-family: times new roman,times;" size="2">2,010</font></td>
<td style="width: 14px; text-align: left;"> </td>
<td style="width: 28px;"> </td>
<td style="width: 14px; text-align: left;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="width: 126px; text-align: right;"><font style="font-family: times new roman,times;" size="2">1,952</font></td>
<td style="width: 14px; text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt;"><font style="font-family: times new roman,times;"
size="2">State and local</font></td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">55</font></td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">62</font></td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">127</font></td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">152</font></td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">Current tax expense</font></td>
<td> </td>
<td style="text-align: left; border-top-color: black; border-bottom-color: black; border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-top-color: black; border-bottom-color: black; border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">1,041</font></td>
<td style="text-align: left; border-top-color: black; border-bottom-color: black; border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid;"> </td>
<td style="border-top-color: black; border-bottom-color: black; border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid;"> </td>
<td style="text-align: left; border-top-color: black; border-bottom-color: black; border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-top-color: black; border-bottom-color: black; border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">1,145</font></td>
<td style="text-align: left; border-top-color: black; border-bottom-color: black; border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid;"> </td>
<td style="border-top-color: black; border-bottom-color: black; border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid;"> </td>
<td style="text-align: left; border-top-color: black; border-bottom-color: black; border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-top-color: black; border-bottom-color: black; border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">2,137</font></td>
<td style="text-align: left; border-top-color: black; border-bottom-color: black; border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid;"> </td>
<td style="border-top-color: black; border-bottom-color: black; border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid;"> </td>
<td style="text-align: left; border-top-color: black; border-bottom-color: black; border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-top-color: black; border-bottom-color: black; border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">2,104</font></td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">Deferred tax expense (benefit):</font></td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-indent: -8.65pt; padding-left: 17.3pt;"><font style="font-family: times new roman,times;" size="2">Federal</font></td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">(166</font></td>
<td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">)</font></td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">(106</font></td>
<td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">)</font></td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">(178</font></td>
<td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">)</font></td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">-</font></td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt;"><font style="font-family: times new roman,times;" size="2">State and local</font></td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">(70</font></td>
<td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">)</font></td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">40</font></td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">(221</font></td>
<td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">)</font></td>
<td> </td>
<td style="text-align: left;"> </td>
<td
style="text-align: right;"><font style="font-family: times new roman,times;" size="2">64</font></td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">Deferred tax expense (benefit):</font></td>
<td> </td>
<td style="text-align: left; border-top-color: black; border-bottom-color: black; border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-top-color: black; border-bottom-color: black; border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">(236</font></td>
<td style="text-align: left; border-top-color: black; border-bottom-color: black; border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">)</font></td>
<td style="border-top-color: black; border-bottom-color: black; border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid;"> </td>
<td style="text-align: left; border-top-color: black; border-bottom-color: black; border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-top-color: black; border-bottom-color: black; border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">(66</font></td>
<td style="text-align: left; border-top-color: black; border-bottom-color: black; border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">)</font></td>
<td style="border-top-color: black; border-bottom-color: black; border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid;"> </td>
<td style="text-align: left; border-top-color: black; border-bottom-color: black; border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-top-color: black; border-bottom-color: black; border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">(399</font></td>
<td style="text-align: left; border-top-color: black; border-bottom-color: black; border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">)</font></td>
<td style="border-top-color: black; border-bottom-color: black; border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid;"> </td>
<td style="text-align: left; border-top-color: black; border-bottom-color: black; border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-top-color: black; border-bottom-color: black; border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">64</font></td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">Income tax provision</font></td>
<td> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">805</font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">1,079</font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">1,738</font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">2,168</font></td>
<td style="text-align: left;"> </td>
</tr>
</table>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font-family: times new roman,times;" size="2">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:<font style="font-size: 10pt;"> </font></font></p>
<p style="font: 10pt/normal 'times new
roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"></p>
<table style="font: 10pt/normal arial, helvetica, sans-serif; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td colspan="2"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td colspan="2"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">($ in thousands)</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">October 31,<br />2015</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">April 30,<br />2015</font></td>
<td><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">Federal tax benefit (liability):</font></td>
<td><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="width: 904.93px; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">Unrealized gains on securities available-for-sale</font></td>
<td style="width: 26px;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="width: 13px; text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">$</font></td>
<td style="width: 113px; text-align: right;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">(43</font></td>
<td style="width: 12px; text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">)</font></td>
<td style="width: 25px;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="width: 12px; text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">$</font></td>
<td style="width: 112px; text-align: right;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">(57</font></td>
<td style="width: 12px; text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">)</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">Operating lease deferred obligation</font></td>
<td><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">94</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;"
size="2"> </font></td>
<td><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">70</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">Deferred professional fees</font></td>
<td><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">76</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">34</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">Deferred charges</font></td>
<td><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">199</font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">263</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">Total federal tax benefit</font></td>
<td><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">326</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">310</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">State and local
tax benefits:</font></td>
<td><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-indent: -8.65pt; padding-left: 17.3pt;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">Other</font></td>
<td><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">34</font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">46</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">Total state and local tax benefits</font></td>
<td><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">34</font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">46</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">Deferred tax asset, short term</font></td>
<td><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">360</font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">356</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
</tr>
<tr style="vertical-align:
bottom;">
<td><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">($ in thousands)</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">October 31,<br />2015</font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">April 30,<br />2015</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">Federal tax liability (benefit):</font></td>
<td><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">Deferred gain on deconsolidation of EAM</font></td>
<td><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">17,711</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">17,679</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">Deferred non-cash post-employment compensation</font></td>
<td><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">(619</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">)</font></td>
<td><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times
new roman,times;" size="2"> </font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">(619</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">)</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">Depreciation and amortization</font></td>
<td><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">2,342</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">2,435</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-indent: -8.65pt; padding-left: 17.3pt;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">Other</font></td>
<td><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">460</font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">401</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">Total federal tax liability</font></td>
<td><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">19,894</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">19,896</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">State and local tax liabilities (benefits):</font></td>
<td><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new
roman,times;" size="2"> </font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">Deferred gain on deconsolidation of EAM</font></td>
<td><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">1,735</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">1,970</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">Deferred non-cash post-employment compensation</font></td>
<td><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">(61</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">)</font></td>
<td><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">(69</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">)</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">Depreciation and amortization</font></td>
<td><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">229</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">271</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">Deferred professional fees</font></td>
<td><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">(7</font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">)</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px;
border-bottom-style: solid;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">(4</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">)</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">Total state and local tax liabilities</font></td>
<td><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">1,896</font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">2,168</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">Deferred tax liability, long term</font></td>
<td><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">21,790</font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">22,064</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
</tr>
</table>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal; ; font-family: times new roman,times;" size="2"> </font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"></p>
<p style="font: 10pt/normal arial, helvetica, sans-serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">At the end of each interim reporting period, the Company estimates the effective income tax rate to apply for the full fiscal year. The Company uses the effective income tax rate determined to provide for income taxes on a year-to-date basis and reflects the tax effect of any tax law changes and certain other discrete events in the period in which they occur.</font></p>
<p style="font: 10pt/normal arial, helvetica, sans-serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></p>
<p style="font: 13.33px/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; -webkit-text-stroke-width: 0px;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new
roman,times;" size="2">The overall effective income tax rates, as a percentage of pre-tax ordinary income for the six months ended October 31, 2015 and October 31, 2014 were 29.71% and 35.05%, respectively. The Company’s annual effective tax rate will change due to a number of factors including but not limited to an increase or decrease in the ratio of items that do not have tax consequences to pre-tax income, the Company’s geographic profit mix between tax jurisdictions, new tax laws, new interpretations of existing tax laws and rulings and settlements with tax authorities. The fluctuation in the effective income tax rate during fiscal 2016 is primarily attributable to the affect from the scheduled reduction in the allocation factors on the state and local current and deferred tax liability (primarily associated with the gain on deconsolidation of EAM), dividend exclusion and an increase in the domestic production tax credits. </font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font-family: times new roman,times;" size="2">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></p>
<p style="font: 13.33px/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; -webkit-text-stroke-width: 0px;"></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"></p>
<table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td> </td>
<td> </td>
<td style="text-align: right;"> </td>
<td style="text-align: right;"> </td>
<td> </td>
<td> </td>
<td style="text-align: right;"> </td>
<td style="text-align: right;"> </td>
<td> </td>
</tr>
<tr style="vertical-align: bottom;">
<td> </td>
<td> </td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="6" nowrap="nowrap"><font style="font-family: times new roman,times;" size="2">Six Months Ended October 31,</font></td>
<td> </td>
</tr>
<tr style="vertical-align: bottom;">
<td> </td>
<td> </td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"><font style="font-family: times new roman,times;" size="2">2015</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"><font style="font-family: times new roman,times;" size="2">2014</font></td>
<td> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="width: 953px; text-align: left;"><font style="font-family: times new roman,times;" size="2">U.S. statutory federal rate</font></td>
<td style="width: 13px;"> </td>
<td style="width: 13px; text-align: left;"> </td>
<td style="width: 113px; text-align: right;"><font style="font-family: times new roman,times;" size="2">35.00</font></td>
<td style="width: 13px; text-align: left;"><font style="font-family: times new roman,times;" size="2">%</font></td>
<td style="width: 12px;"> </td>
<td style="width: 12px; text-align: left;"> </td>
<td style="width: 112px; text-align: right;"><font style="font-family: times new roman,times;" size="2">35.00</font></td>
<td style="width: 12px; text-align: left;"><font style="font-family: times new roman,times;" size="2">%</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">Increase (decrease) in tax rate from:</font></td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt;"><font style="font-family: times new roman,times;" size="2">State and local income taxes, net of federal income tax benefit</font></td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">-2.48</font></td>
<td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">%</font></td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">2.27</font></td>
<td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">%</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt;"><font style="font-family: times new roman,times;" size="2">Effect of dividends received deductions</font></td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">-0.32</font></td>
<td style="text-align: left;"><font style="font-family: times new roman,times;"
size="2">%</font></td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">-0.29</font></td>
<td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">%</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt;"><font style="font-family: times new roman,times;" size="2">Domestic production tax credit</font></td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">-0.62</font></td>
<td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">%</font></td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">-0.65</font></td>
<td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">%</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; text-indent: -8.65pt; padding-bottom: 2px; padding-left: 17.3pt;"><font style="font-family: times new roman,times;" size="2">Other, net</font></td>
<td> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">-1.87</font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">%</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">-1.28</font></td>
<td style="text-align: left; padding-bottom: 1pt;"><font style="font-family: times new roman,times;" size="2">%</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-bottom: 2.5pt;"><font style="font-family: times new roman,times;" size="2">Effective income tax rate</font></td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="text-align: left; padding-bottom: 2.5pt; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">29.71</font></td>
<td style="text-align: left; padding-bottom: 0pt; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">%</font></td>
<td style="padding-bottom: 2.5pt; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"> </td>
<td style="text-align: left; padding-bottom: 2.5pt; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">35.05</font></td>
<td style="text-align: left; padding-bottom: 2.5pt;"><font style="font-family: times new roman,times;" size="2">%</font></td>
</tr>
</table>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font-family: times new roman,times;" size="2"><b> </b></font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font-family: times new roman,times;" size="2">The Company believes that, as of October 31, 2015, there were no material uncertain tax positions that would require disclosure under GAAP. </font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font-family: times new roman,times;" size="2">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.</font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font-family: times new roman,times;" size="2">The Company’s federal income tax returns (included in the Parent’s consolidated returns) and state and city tax returns for fiscal years 2014, 2013, and 2012, are subject to examination by the tax authorities, generally for six years after they were filed with the tax authorities. The Company’s tax returns for the fiscal years ended April 30, 2013 and 2012 are being examined by the Internal Revenue Service (IRS) and by New York City (NYC). The Company does not expect the audit examinations to have a material effect on its financial statements.</font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font-family: times new roman,times;" size="2"><b>Note 9 - Property and Equipment:</b></font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font-family: times new roman,times;" size="2">Property and equipment are carried at cost. Depreciation and amortization are provided using the straight-line method over the estimated useful lives of the assets, or in the case of leasehold improvements, over the remaining terms of the leases. For income tax purposes, depreciation of furniture and equipment is computed using accelerated methods and buildings and leasehold improvements are depreciated over prescribed extended tax lives. Property and equipment, net, on the Consolidated Condensed Balance Sheets was comprised of the following:</font></p>
<p style="font: 13.33px/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; -webkit-text-stroke-width: 0px;"></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"></p>
<table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td> </td>
<td> </td>
<td style="text-align: right;" colspan="2"> </td>
<td> </td>
<td> </td>
<td style="text-align: right;" colspan="2"> </td>
<td> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-size: 10pt; ; font-family: times new roman,times;" size="2">($ in thousands)</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"><font style="font-family: times new roman,times;" size="2">October 31,</font><br /><font style="font-family: times new roman,times;" size="2">2015</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"><font style="font-family: times new roman,times;" size="2">April 30,</font><br /><font style="font-family: times new roman,times;" size="2">2015</font></td>
<td> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="width: 953px;"><font style="font-family: times new roman,times;" size="2">Land</font></td>
<td style="width: 13px;"> </td>
<td style="width: 13px; text-align: left;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="width: 113px; text-align: right;"><font style="font-family: times new roman,times;" size="2">726</font></td>
<td style="width: 13px; text-align: left;"> </td>
<td style="width: 12px;"> </td>
<td style="width: 12px; text-align: left;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="width: 112px; text-align: right;"><font style="font-family: times new roman,times;" size="2">726</font></td>
<td style="width: 12px; text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">Building and leasehold improvements</font></td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">5,037</font></td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">5,037</font></td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-bottom: 2px;"><font style="font-family: times new roman,times;" size="2">Furniture and equipment</font></td>
<td> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">4,085</font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">4,084</font></td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">9,848</font></td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">9,847</font></td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-bottom: 2px;"><font
style="font-family: times new roman,times;" size="2">Accumulated depreciation and amortization</font></td>
<td> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">(6,299</font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">)</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">(6,157</font></td>
<td style="text-align: left; padding-bottom: 2px;"><font style="font-family: times new roman,times;" size="2">)</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-bottom: 4px;"><font style="font-family: times new roman,times;" size="2">Total property and equipment, net</font></td>
<td> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">3,549</font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">3,690</font></td>
<td style="text-align: left;"> </td>
</tr>
</table>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px;"><b>Note 10 - Accounting for the Costs of Computer Software Developed for Internal Use:</b></p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px; text-indent: 0.5in;"> </p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px; text-align: justify;">The Company has adopted the provisions of the Statement of Position 98-1 (SOP 98-1), “Accounting for the Costs of Computer Software Developed for Internal Use”. SOP 98-1 requires companies to capitalize as long-lived assets many of the costs associated with developing or obtaining software for internal use and amortize those costs over the software’s estimated useful life in a systematic and rational manner.</p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px;">  </p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px; text-align: justify;">The Company capitalized $931,000 and $1,148,000 related to the development of software for internal use for the six months ended October 31, 2015 and 2014, respectively. Capitalized software includes $675,000 and $710,000 of internal costs to develop software and $256,000 and $438,000 of third party programmers’ costs for the six months ended October 31, 2015, and October 31, 2014, respectively. Such costs are capitalized and amortized over the expected useful life of the asset which is 5 years. Total amortization expenses for the six months ended October 31, 2015 and October 31, 2014, were $1,289,000 and $1,093,000, respectively.</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font-family: times new roman,times;" size="2"><b>Note 11 - Treasury Stock and Repurchase Program:</b></font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font-family: times new roman,times;" size="2">On September 19, 2012, the Company’s Board of Directors approved a share repurchase program authorizing the repurchase of shares of the Company’s common stock up to an aggregate purchase price of $3,000,000. The repurchases may be made from time to time on the open market at prevailing market prices, in negotiated transactions off the market, in block purchases or otherwise. The repurchase program may be suspended or discontinued at any time at the Company’s discretion and has no set expiration date.</font></p>
<p style="font: 13.33px/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; -webkit-text-stroke-width: 0px;">  </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font-family: times new roman,times;" size="2">Treasury stock, at cost, consists of the following:</font></p>
<table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="font-weight: bold;"> </td>
<td style="font-weight: bold;"> </td>
<td style="text-align: center; font-weight: bold;"> </td>
<td style="text-align: center; font-weight: bold;"> </td>
<td style="font-weight: bold;"> </td>
<td style="font-weight: bold;"> </td>
<td style="text-align: center; font-weight: bold;"> </td>
<td style="text-align: center; font-weight: bold;"> </td>
<td style="font-weight: bold;"> </td>
<td style="font-weight: bold;"> </td>
<td style="text-align: center; font-weight: bold;"> </td>
<td style="text-align: center; font-weight: bold;"> </td>
<td style="font-weight: bold;"> </td>
<td style="font-weight: bold;"> </td>
<td style="font-weight: bold;"> </td>
<td style="font-weight: bold;"> </td>
<td style="font-weight: bold;"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-weight: bold; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">(in thousands except for shares and cost per share)</font></td>
<td style="font-weight: bold; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"><font style="font-family: times new roman,times;" size="2">Shares</font></td>
<td style="font-weight: bold; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="font-weight: bold; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"><font style="font-family: times new roman,times;" size="2">Total Average Cost Assigned</font></td>
<td style="font-weight: bold; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="font-weight: bold; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"><font style="font-family: times new roman,times;" size="2">Average Cost per Share</font></td>
<td style="font-weight: bold; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="font-weight: bold; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: left; font-weight: bold; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2" nowrap="nowrap"><font style="font-family: times new roman,times;" size="2">Aggregate Purchase Price</font><br /><font style="font-family: times new roman,times;" size="2">Remaining Under the</font><br /><font style="font-family: times new roman,times;" size="2">Program</font></td>
<td style="font-weight: bold;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="width: 668px; padding-left: 0.75pt;"><font style="font-family: times new roman,times;" size="2">Balance as of April 30, 2015 (1)(2)</font></td>
<td style="width: 16px;"> </td>
<td style="width: 16px; text-align: left;"> </td>
<td style="width: 151px; text-align: right;"><font style="font-family: times new roman,times;" size="2">190,504</font></td>
<td style="width: 16px; text-align: left;"> </td>
<td style="width: 16px;"> </td>
<td style="width: 16px; text-align: left;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="width: 151px; text-align: right;"><font style="font-family: times new roman,times;" size="2">2,244</font></td>
<td style="width: 16px; text-align: left;"> </td>
<td style="width: 16px;"> </td>
<td style="width: 16px; text-align: left;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="width: 151px; text-align: right;"><font style="font-family: times new roman,times;" size="2">11.78</font></td>
<td style="width: 16px; text-align: left;"> </td>
<td style="width: 16px;"> </td>
<td style="width: 16px; text-align: left;"><font
style="font-family: times new roman,times;" size="2">$</font></td>
<td style="width: 252px; text-align: right;"><font style="font-family: times new roman,times;" size="2">2,146</font></td>
<td style="width: 17px; text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-left: 0.75pt;"><font style="font-family: times new roman,times;" size="2">Purchases effected in open market during the quarters ended:</font></td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-indent: -8.65pt; padding-left: 17.3pt;"><font style="font-family: times new roman,times;" size="2">July 31, 2015 (2)</font></td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">12,237</font></td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">166</font></td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">13.58</font></td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">1,980</font></td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-indent: -8.65pt; padding-bottom: 2px; padding-left: 17.3pt;"><font style="font-family: times new roman,times;" size="2">October 31, 2015 (2)</font></td>
<td> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">25,098</font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">382</font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">15.23</font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">1,598</font></td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="padding-bottom: 4px; padding-left: 0.75pt;"><font style="font-family: times new roman,times;" size="2">Balance as of October 31, 2015</font></td>
<td> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">227,839</font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">2,792</font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">12.25</font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px;
border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">1,598</font></td>
<td style="text-align: left;"> </td>
</tr>
</table>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: left; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font-family: times new roman,times;" size="2">(1) Includes 85,219 shares with a total average cost of $1,036,000 that were acquired during the former repurchase program, which was authorized in January 2011 and expired in January 2012; 18,400 shares were acquired prior to the repurchase program authorized in January 2011. </font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font-family: times new roman,times;" size="2">(2) Were acquired during the $3 million repurchase program authorized in September 2012.</font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font-family: times new roman,times;" size="2"><b>Note 12 - Lease Commitments:</b></font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font-family: times new roman,times;" size="2">On February 7, 2013, the Company and Citibank, N.A. (the “Sublandlord”) entered into a sublease agreement, pursuant to which Value Line has leased approximately 44,493 square feet of office space located on the ninth floor at 485 Lexington Ave., New York, NY (“Building” or “Premises”) beginning on July 1, 2013 and ending on February 27, 2017 (“Sublease”). On August 16, 2013, the Company moved to the Building which became its new corporate office facility. Base rent under the Sublease is $1,468,269 per annum, subject to customary concessions in the Company’s favor and pass-through of certain increases in operating costs and real estate taxes. The Company provided a security deposit in cash in the amount of $489,423, which is to be partially returned over the course of the sublease term with the remainder returnable at the end of the lease. In March 2015 the Company received from sublandlord $122,355 that represented a partial return of the security deposit. The Company is required to pay for certain operating expenses associated with the Premises as well as utilities supplied to the Premises. The Sublease terms have provided for a significant decrease in the Company’s annual rental expenses as compared to the space previously occupied. The Company recorded a deferred charge on its Consolidated Condensed Balance Sheets to reflect the excess of annual rental expense over cash payments since inception of the lease due to free rent for the first six months of the sublease.</font></p>
<p style="font: 13.33px/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; -webkit-text-stroke-width: 0px;">  </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font-family: times new roman,times;" size="2">The total amount of the base rent payments is being charged to expense on the straight-line method over the term of the lease.</font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font-family: times new roman,times;" size="2">Future minimum payments, exclusive of potential increases in real estate taxes and operating cost escalations, under operating leases for office space, with remaining terms of one year or more, are as follows: </font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"></p>
<table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="width: 125px;"> </td>
<td style="width: 109px;"> </td>
<td style="width: 315px;"> </td>
<td style="width: 15px;"> </td>
<td style="width: 15px;"> </td>
<td style="width: 189px; text-align: right;"> </td>
<td style="width: 15px;"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"><font style="font-family: times new roman,times;" size="2">Fiscal Years Ended April 30,</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"><font style="font-family: times new roman,times;" size="2">Sublease</font></td>
<td> </td>
</tr>
<tr style="vertical-align: bottom;">
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"><font style="font-family: times new roman,times;" size="2">($ in thousands)</font></td>
<td></td>
</tr>
<tr style="vertical-align: bottom;">
<td> </td>
<td> </td>
<td><font style="font-family: times new roman,times;" size="2">2016</font></td>
<td> </td>
<td><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">1,468</font></td>
<td> </td>
</tr>
<tr style="vertical-align: bottom;">
<td> </td>
<td> </td>
<td><font style="font-family: times new roman,times;" size="2">2017</font></td>
<td> </td>
<td> </td>
<td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">1,224</font></td>
<td> </td>
</tr>
<tr style="vertical-align: bottom;">
<td> </td>
<td> </td>
<td><font style="font-family: times new roman,times;" size="2">2018 and thereafter</font></td>
<td> </td>
<td> </td>
<td style="text-align: right;"><font style="font-family: times new roman,times;"
size="2">-</font></td>
<td> </td>
</tr>
<tr style="vertical-align: bottom;">
<td> </td>
<td colspan="2"> </td>
<td> </td>
<td style="border-top-color: black; border-bottom-color: black; border-top-width: 2px; border-bottom-width: 4px; border-top-style: solid; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right; border-top-color: black; border-bottom-color: black; border-top-width: 2px; border-bottom-width: 4px; border-top-style: solid; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">2,692</font></td>
<td> </td>
</tr>
</table>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font-family: times new roman,times;" size="2">For the six months ended October 31, 2015 and 2014, rental expenses were $634,000 both years.</font></p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px;"><b>Use of Estimates:</b></p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px; text-indent: 0.5in;"> </p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px; text-align: justify;">The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results may differ from those estimates.</p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px;"><b>Principles of Consolidation:</b></p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px; text-indent: 0.5in;"> </p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px; text-align: justify;">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 identify 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 VIE and the Company has determined it is not the primary beneficiary of a VIE (see Note 3).</p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px; text-align: justify; text-indent: 0.5in;"> </p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px; text-align: justify;">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 deconsolidation of the investment management related affiliates (the “Restructuring Transaction”) 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 significant non-voting profits interest in the new entity, EULAV Asset Management, a Delaware statutory trust (“EAM” or “EAM Trust”). 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 Statements of Income.</p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px;"><b>Revenue Recognition:</b></p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px; text-indent: 0.5in;"> </p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px; text-align: justify;">Depending upon the product, subscriptions to Value Line periodicals and related publications are available in print or digitally, via internet access. The length of a subscription varies by product and offer received by the subscriber. Generally, subscriptions are offered as annual subscriptions. Subscription revenues, net of discounts, are recognized ratably on a straight line basis when the product is served to the client over the life of the subscription. Accordingly, the amount of subscription fees to be earned by fulfilling subscriptions after the date of the balance sheets are shown as unearned revenue within current and long term liabilities.</p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px; text-align: justify; text-indent: 0.5in;"> </p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px; text-align: justify;">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 (“ETFs”). 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.</p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px; text-align: justify;"><b>Investment in Unconsolidated Entities:</b></p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px; text-indent: 0.5in;"> </p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px; text-align: justify;">The Company accounts for its investment in its unconsolidated entity, 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 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.</p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px; text-align: justify; text-indent: 0.5in;"> </p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px; text-align: justify;">The Company’s “interests” in EAM, the investment adviser to and the sole member of the distributor of the Value Line Funds, consist of a “non-voting revenues interest” and a “non-voting profits interest” in EAM as defined in the EAM Trust Agreement. The non-voting revenues interest entitles the Company to receive a range of 41% to 55%, based on the amount of EAM’s adjusted gross revenues, excluding ES’s distribution revenues (“Revenues Interest”). The non-voting profits interest entitles the Company to receive 50% of EAM’s profits, subject to certain limited adjustments as defined in the EAM Trust Agreement (“Profits Interest”). 100% of the Revenues Interest and not less than 90% of the Profits Interest are to be distributed each quarter to all interest holders of EAM, including Value Line. Subsequent to the Restructuring Date, 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, the Company has a contractual right to receive its share of EAM’s revenues and profits.</p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px;"><font style="font-family: times new roman,times;" size="2"><b>Valuation of Securities:</b></font></p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px; text-indent: 0.5in;"> </p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px; text-align: justify;"><font style="font-family: times new roman,times;" size="2">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 equity securities including Exchange traded funds (“ETFs”), and deposits in savings accounts at large commercial banks and are valued in accordance with the requirements of the Fair Value Measurements Topic of the FASB’s ASC 820. The securities classified as available-for-sale reflected in the Consolidated Condensed Balance Sheets are valued at market and unrealized gains and losses, 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 as of the trade date and are determined on the identified cost method.</font></p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px;">  </p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px; text-align: justify;"><font style="font-family: times new roman,times;" size="2">The Company classifies its securities available-for-sale as current assets to properly reflect its liquidity and to recognize the fact that it has liquid assets available-for-sale should the need arise.</font></p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px; text-align: justify; text-indent: 0.5in;"> </p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px; text-align: justify;"><font style="font-family: times new roman,times;" size="2">Market valuations of securities listed on a securities exchange and ETF shares are based on the closing sales prices on the last business day of each month. The market values of fixed maturity U.S. Government debt securities are determined utilizing publicly quoted market prices. Cash equivalents consist of investments in money market funds that invest primarily in U.S. Government securities valued in accordance with rule 2a-7 under the 1940 Act.</font></p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px;"></p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px; text-align: justify; text-indent: 0.5in;"> </p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px; text-align: justify;"><font style="font-family: times new roman,times;" size="2">The Fair Value Measurements Topic of FASB’s ASC 820 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.</font></p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px; text-align: justify;"> </p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px; text-align: justify;"><font style="font-family: times new roman,times;" size="2">The three-tier hierarchy of inputs is summarized in the three broad levels listed below.</font></p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px; text-align: justify;"><font style="font-family: times new roman,times;" size="2">Level 1 – quoted prices in active markets for identical investments</font></p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px; text-align: justify;"><font style="font-family: times new roman,times;" size="2">Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)</font></p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px; text-align: justify;"><font style="font-family: times new roman,times;" size="2">Level 3 – significant unobservable inputs (including the Company’s own assumptions in determining the fair value of investments)</font></p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px; text-align: justify; text-indent: 0.5in;"> </p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px; text-align: justify;"><font style="font-family: times new roman,times;" size="2">The following summarizes the levels of fair value measurements of the Company’s investments:</font></p>
<table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="width: 487px;"> </td>
<td style="width: 15px;"> </td>
<td style="width: 15px;"> </td>
<td style="width: 157px; text-align: right;"> </td>
<td style="width: 15px;"> </td>
<td style="width: 15px;"> </td>
<td style="width: 157px; text-align: right;"> </td>
<td style="width: 15px;"> </td>
<td style="width: 15px;"> </td>
<td style="width: 158px; text-align: right;"> </td>
<td style="width: 15px;"> </td>
<td style="width: 15px;"> </td>
<td style="width: 158px; text-align: right;"> </td>
<td style="width: 16px;"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td> </td>
<td> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; text-align: center;" colspan="11"><font style="font-family: times new roman,times;" size="2">As of October 31, 2015</font></td>
<td> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">($ in thousands)</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; text-align: center;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; text-align: center;" colspan="2"><font style="font-family: times new roman,times;" size="2">Level 1</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; text-align: center;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; text-align: center;" colspan="2"><font style="font-family: times new roman,times;" size="2">Level 2</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; text-align: center;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; text-align: center;" colspan="2"><font style="font-family: times new roman,times;" size="2">Level 3</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; text-align: center;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; text-align: center;" colspan="2"><font style="font-family: times new roman,times;" size="2">Total</font></td>
<td style="text-align: center;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td><font style="font-family: times new roman,times;" size="2">Cash equivalents</font></td>
<td> </td>
<td><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">11,179</font></td>
<td> </td>
<td><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">-</font></td>
<td> </td>
<td><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">-</font></td>
<td> </td>
<td><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">11,179</font></td>
<td> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td><font style="font-family: times new roman,times;" size="2">Securities available-for-sale</font></td>
<td> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; text-align: right;"><font style="font-family: times new roman,times;" size="2">2,503</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; text-align: right;"><font style="font-family: times new roman,times;" size="2">-</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; text-align: right;"><font style="font-family: times new roman,times;" size="2">-</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; text-align: right;"><font style="font-family: times new roman,times;" size="2">2,503</font></td>
<td> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td> </td>
<td> </td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double; text-align: right;"><font style="font-family: times new roman,times;" size="2">13,682</font></td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double; text-align: right;"><font style="font-family: times new roman,times;" size="2">-</font></td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double; text-align: right;"><font style="font-family: times new roman,times;" size="2">-</font></td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double; text-align: right;"><font style="font-family: times new roman,times;" size="2">13,682</font></td>
<td> </td>
</tr>
</table>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px; text-align: justify;"> </p>
<table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td> </td>
<td> </td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="14"><font style="font-family: times new roman,times;" size="2">As of April 30, 2015</font></td>
<td style="text-align: center;"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">($ in thousands)</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; text-align: center;" colspan="2"><font style="font-family: times new roman,times;" size="2">Level 1</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; text-align: center;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; text-align: center;" colspan="2"><font style="font-family: times new roman,times;" size="2">Level 2</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; text-align: center;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; text-align: center;" colspan="2"><font style="font-family: times new roman,times;" size="2">Level 3</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; text-align: center;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; text-align: center;" colspan="2"><font style="font-family: times new roman,times;" size="2">Total</font></td>
<td style="text-align: center;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="width: 439px; text-align: left; padding-left: 0.75pt;"><font style="font-family: times new roman,times;" size="2">Cash equivalents</font></td>
<td style="width: 15px;"> </td>
<td style="width: 15px; text-align: left;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="width: 157px; text-align: right;"><font style="font-family: times new roman,times;" size="2">5,272</font></td>
<td style="width: 15px; text-align: left;"> </td>
<td style="width: 15px;"> </td>
<td style="width: 15px; text-align: left;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="width: 157px; text-align: right;"><font style="font-family: times new roman,times;" size="2">-</font></td>
<td style="width: 15px; text-align: left;"> </td>
<td style="width: 15px;"> </td>
<td style="width: 15px; text-align: left;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="width: 158px; text-align: right;"><font style="font-family: times new roman,times;" size="2">-</font></td>
<td style="width: 15px; text-align: left;"> </td>
<td style="width: 15px;"> </td>
<td style="width: 15px; text-align: left;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="width: 160px; text-align: right;"><font style="font-family: times new roman,times;" size="2">5,272</font></td>
<td style="width: 16px; text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="padding-left: 0.75pt;"><font style="font-family: times new roman,times;" size="2">Securities available-for-sale</font></td>
<td> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; text-align: left;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; text-align: right;"><font style="font-family: times new roman,times;" size="2">9,632</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; text-align: left;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; text-align: left;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; text-align: right;"><font style="font-family: times new roman,times;" size="2">-</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; text-align: left;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; text-align: left;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; text-align: right;"><font style="font-family: times new roman,times;" size="2">-</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; text-align: left;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; text-align: left;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; text-align: right;"><font style="font-family: times new roman,times;" size="2">9,632</font></td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="padding-left: 0.75pt;"> </td>
<td> </td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double; text-align: left;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double; text-align: right;"><font style="font-family: times new roman,times;" size="2">14,904</font></td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double; text-align: left;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double; text-align: left;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double; text-align: right;"><font style="font-family: times new roman,times;" size="2">-</font></td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double; text-align: left;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double; text-align: left;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double; text-align: right;"><font style="font-family: times new roman,times;" size="2">-</font></td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double; text-align: left;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double; text-align: left;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double; text-align: right;"><font style="font-family: times new roman,times;" size="2">14,904</font></td>
<td style="text-align: left;"> </td>
</tr>
</table>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px; text-indent: 0.5in;"> </p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px; text-align: justify;"><font style="font-family: times new roman,times;" size="2">The Company had no other financial instruments such as futures, forwards and swap contracts. For the periods ended October 31, 2015 and April 30, 2015, there were no Level 2 nor Level 3 investments. The Company does not have any liabilities subject to fair value measurement.</font></p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px;"><b>Advertising expenses:</b></p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px; text-indent: 0.5in;"> </p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px;">The Company expenses advertising costs as incurred.</p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px;"><b>Income Taxes:</b></p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px; text-indent: 0.5in;"> </p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px; text-align: justify;">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.</p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px; text-align: justify; text-indent: 0.5in;"> </p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px; text-align: justify;">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 October 31, 2015, 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.</p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px;"><b>Earnings per share:</b></p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px; text-indent: 0.5in;"> </p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px; text-align: justify;">Earnings per share are based on the weighted average number of shares of common stock and common stock equivalents outstanding during each period. Any shares that are reacquired during the period are weighted for the portion of the period that they are outstanding. The Company does not have any potentially dilutive common shares from outstanding stock options, warrants, restricted stock, or restricted stock units.</p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px;"><b>Cash and Cash Equivalents:</b></p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px; text-indent: 0.5in;"> </p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px; text-align: justify;">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 October 31, 2015 and April 30, 2015, cash equivalents included $11,179,000 and $5,272,000, respectively, for amounts invested in savings accounts at commercial banks and investments in money market mutual funds that invest in short term U.S. government securities.</p>
<table style="widows: 1; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; letter-spacing: normal; word-spacing: 0px; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td> </td>
<td> </td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="11"><font style="font-family: times new roman,times;" size="2">As of October 31, 2015</font></td>
<td> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">($ in thousands)</font></td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"><font style="font-family: times new roman,times;" size="2">Level 1</font></td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"><font style="font-family: times new roman,times;" size="2">Level 2</font></td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"><font style="font-family: times new roman,times;" size="2">Level 3</font></td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"><font style="font-family: times new roman,times;" size="2">Total</font></td>
<td style="text-align: center;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td><font style="font-family: times new roman,times;" size="2">Cash equivalents</font></td>
<td> </td>
<td><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">11,179</font></td>
<td> </td>
<td><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">-</font></td>
<td> </td>
<td><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">-</font></td>
<td> </td>
<td><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">11,179</font></td>
<td> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td><font style="font-family: times new roman,times;" size="2">Securities available-for-sale</font></td>
<td> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">2,503</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">-</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">-</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">2,503</font></td>
<td> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td> </td>
<td> </td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">13,682</font></td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">-</font></td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">-</font></td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">13,682</font></td>
<td> </td>
</tr>
</table>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<table style="widows: 1; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; letter-spacing: normal; word-spacing: 0px; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td> </td>
<td> </td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="14"><font style="font-family: times new roman,times;" size="2">As of April 30, 2015</font></td>
<td style="text-align: center;"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">($ in thousands)</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"><font style="font-family: times new roman,times;" size="2">Level 1</font></td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"><font style="font-family: times new roman,times;" size="2">Level 2</font></td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"><font style="font-family: times new roman,times;" size="2">Level 3</font></td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"><font style="font-family: times new roman,times;" size="2">Total</font></td>
<td style="text-align: center;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="width: 439px; text-align: left; padding-left: 0.75pt;"><font style="font-family: times new roman,times;" size="2">Cash equivalents</font></td>
<td style="width: 15px;"> </td>
<td style="width: 15px; text-align: left;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="width: 157px; text-align: right;"><font style="font-family: times new roman,times;" size="2">5,272</font></td>
<td style="width: 15px; text-align: left;"> </td>
<td style="width: 15px;"> </td>
<td style="width: 15px; text-align: left;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="width: 157px; text-align: right;"><font style="font-family: times new roman,times;" size="2">-</font></td>
<td style="width: 15px; text-align: left;"> </td>
<td style="width: 15px;"> </td>
<td style="width: 15px; text-align: left;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="width: 158px; text-align: right;"><font style="font-family: times new roman,times;" size="2">-</font></td>
<td style="width: 15px; text-align: left;"> </td>
<td style="width: 15px;"> </td>
<td style="width: 15px; text-align: left;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="width: 160px; text-align: right;"><font style="font-family: times new roman,times;" size="2">5,272</font></td>
<td style="width: 16px; text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="padding-left: 0.75pt;"><font style="font-family: times new roman,times;" size="2">Securities available-for-sale</font></td>
<td> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">9,632</font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">-</font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">-</font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">9,632</font></td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="padding-left: 0.75pt;"> </td>
<td> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">14,904</font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">-</font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">-</font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">14,904</font></td>
<td style="text-align: left;"> </td>
</tr>
</table>
<table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="width: 504px;"> </td>
<td style="width: 15px;"> </td>
<td style="width: 15px; text-align: center;"> </td>
<td style="width: 141px; text-align: center;"> </td>
<td style="width: 15px;"> </td>
<td style="width: 15px;"> </td>
<td style="width: 15px; text-align: center;"> </td>
<td style="width: 141px; text-align: center;"> </td>
<td style="width: 15px;"> </td>
<td style="width: 15px;"> </td>
<td style="width: 15px; text-align: center;"> </td>
<td style="width: 142px; text-align: center;"> </td>
<td style="width: 15px;"> </td>
<td style="width: 15px;"> </td>
<td style="width: 15px; text-align: center;"> </td>
<td style="width: 144px; text-align: center;"> </td>
<td style="width: 16px;"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">($ in thousands)</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"><font style="font-family: times new roman,times;" size="2">Cost</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"><font style="font-family: times new roman,times;" size="2">Gross Unrealized</font><br /><font style="font-family: times new roman,times;" size="2">Gains</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"><font style="font-family: times new roman,times;" size="2">Gross</font><br /><font style="font-family: times new roman,times;" size="2">Unrealized</font><br /><font style="font-family: times new roman,times;" size="2">Losses</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"><font style="font-family: times new roman,times;" size="2">Fair Value</font></td>
<td> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-left: 0.75pt;"><font style="font-family: times new roman,times;" size="2">ETFs - equities</font></td>
<td> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">2,381</font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">125</font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">(3</font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">)</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">2,503</font></td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="padding-left: 0.75pt;"> </td>
<td> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">2,381</font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">125</font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;"
size="2">$</font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">(3</font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">)</font></td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">2,503</font></td>
<td style="text-align: left;"> </td>
</tr>
</table>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">($ in thousands)</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"><font style="font-family: times new roman,times;" size="2">Cost</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"><font style="font-family: times new roman,times;" size="2">Gross Unrealized</font><br /><font style="font-family: times new roman,times;" size="2">Gains</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"><font style="font-family: times new roman,times;" size="2">Gross</font><br /><font style="font-family: times new roman,times;" size="2">Unrealized</font><br /><font style="font-family: times new roman,times;" size="2">Losses</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"><font style="font-family: times new roman,times;" size="2">Fair Value</font></td>
<td> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="width: 503px; text-align: left; padding-left: 0.75pt;"><font style="font-family: times new roman,times;" size="2">Common stocks</font></td>
<td style="width: 15px;"> </td>
<td style="width: 15px; text-align: left;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="width: 141px; text-align: right;"><font style="font-family: times new roman,times;" size="2">101</font></td>
<td style="width: 15px; text-align: left;"> </td>
<td style="width: 15px;"> </td>
<td style="width: 15px; text-align: left;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="width: 141px; text-align: right;"><font style="font-family: times new roman,times;" size="2">74</font></td>
<td style="width: 15px; text-align: left;"> </td>
<td style="width: 15px;"> </td>
<td style="width: 15px; text-align: left;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="width: 142px; text-align: right;"><font style="font-family: times new roman,times;" size="2">-</font></td>
<td style="width: 15px; text-align: left;"> </td>
<td style="width: 15px;"> </td>
<td style="width: 15px; text-align: left;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="width: 144px; text-align: right;"><font style="font-family: times new roman,times;" size="2">175</font></td>
<td style="width: 16px; text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-left: 0.75pt;"><font style="font-family: times new roman,times;" size="2">ETFs - equities</font></td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">3,903</font></td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">1,508</font></td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">-</font></td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">5,411</font></td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-left: 0.75pt;"><font style="font-family: times new roman,times;" size="2">Inverse ETFs - equities</font></td>
<td> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">5,466</font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width:
2px; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">-</font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">(1,420</font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">)</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">4,046</font></td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="padding-left: 0.75pt;"> </td>
<td> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">9,470</font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">1,582</font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">(1,420</font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">)</font></td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">9,632</font></td>
<td style="text-align: left;"> </td>
</tr>
</table>
<table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td> </td>
<td> </td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="6" nowrap="nowrap"><font style="font-family: times new roman,times;" size="2">Three Months Ended October 31,</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="6" nowrap="nowrap"><font style="font-family: times new roman,times;" size="2">Six Months Ended October 31,</font></td>
<td> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">($ in thousands)</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"><font style="font-family: times new roman,times;" size="2">2015</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"><font style="font-family: times new roman,times;" size="2">2014</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"><font style="font-family: times new roman,times;" size="2">2015</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"><font style="font-family: times new roman,times;" size="2">2014</font></td>
<td> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="width: 504px; text-align: left;"><font style="font-family: times new roman,times;" size="2">Dividend income</font></td>
<td style="width: 15px;"> </td>
<td style="width: 15px; text-align: left;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="width: 141px; text-align: right;"><font style="font-family: times new roman,times;" size="2">38</font></td>
<td style="width: 15px; text-align: left;"> </td>
<td style="width: 15px;"> </td>
<td style="width: 15px; text-align: left;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="width: 141px; text-align: right;"><font style="font-family: times new roman,times;" size="2">39</font></td>
<td style="width: 15px; text-align: left;"> </td>
<td style="width: 15px;"> </td>
<td style="width: 15px; text-align: left;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="width: 142px; text-align: right;"><font style="font-family: times new roman,times;" size="2">80</font></td>
<td style="width: 15px; text-align: left;"> </td>
<td style="width: 15px;"> </td>
<td style="width: 15px; text-align: left;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="width: 144px; text-align: right;"><font style="font-family: times new roman,times;" size="2">77</font></td>
<td style="width: 16px; text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">Interest income</font></td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">-</font></td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">-</font></td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">-</font></td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">3</font></td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">Capital loss</font></td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">(15</font></td>
<td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">)</font></td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">-</font></td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">(15</font></td>
<td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">)</font></td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">-</font></td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td><font style="font-family: times new roman,times;" size="2">Other</font></td>
<td> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">8</font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px;
border-bottom-style: solid;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">27</font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">17</font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">27</font></td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">Total income from securities transactions, net</font></td>
<td> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">31</font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">66</font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">82</font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">107</font></td>
<td style="text-align: left;"> </td>
</tr>
</table>
<table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td> </td>
<td> </td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="6"><font style="font-family: times new roman,times;" size="2">Three Months Ended October 31,</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="6"><font style="font-family: times new roman,times;" size="2">Six Months Ended October 31,</font></td>
<td> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">($ in thousands) (unaudited)</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"><font style="font-family: times new roman,times;" size="2">2015</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"><font style="font-family: times new roman,times;" size="2">2014</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"><font style="font-family: times new roman,times;" size="2">2015</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"><font style="font-family: times new roman,times;" size="2">2014</font></td>
<td> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="width: 741.46px; text-align: left; text-indent: -8.65pt; padding-left: 8.65pt;"><font style="font-family: times new roman,times;" size="2">Investment management fees earned from the Value Line Funds, net of fee waivers</font></td>
<td style="width: 32px;"> </td>
<td style="width: 16px; text-align: left;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="width: 142px; text-align: right;"><font style="font-family: times new roman,times;" size="2">3,653</font></td>
<td style="width: 16px; text-align: left;"> </td>
<td style="width: 32px;"> </td>
<td style="width: 16px; text-align: left;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="width: 141px; text-align: right;"><font style="font-family: times new roman,times;" size="2">3,690</font></td>
<td style="width: 15px; text-align: left;"> </td>
<td style="width: 31px;"> </td>
<td style="width: 15px; text-align: left;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="width: 141px; text-align: right;"><font style="font-family: times new roman,times;" size="2">7,491</font></td>
<td style="width: 15px; text-align: left;"> </td>
<td style="width: 31px;"> </td>
<td style="width: 15px; text-align: left;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="width: 141px; text-align: right;"><font style="font-family: times new roman,times;" size="2">7,477</font></td>
<td style="width: 15px; text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; text-indent: -8.65pt; padding-left: 8.65pt;"><font style="font-family: times new roman,times;" size="2">12b-1 fees and other fees, net of fee waivers</font></td>
<td> </td>
<td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">1,442</font></td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">1,349</font></td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">2,838</font></td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">2,709</font></td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; text-indent: -8.65pt; padding-left: 8.65pt;"><font style="font-family: times new roman,times;" size="2">Other income (loss)</font></td>
<td> </td>
<td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">(18</font></td>
<td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">)</font></td>
<td> </td>
<td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">4</font></td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">(27</font></td>
<td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">)</font></td>
<td> </td>
<td style="text-align: left;"><font style="font-family: times
new roman,times;" size="2">$</font></td>
<td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">9</font></td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; text-indent: -8.65pt; padding-left: 8.65pt;"><font style="font-family: times new roman,times;" size="2">Investment management fee waivers (1)</font></td>
<td> </td>
<td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">48</font></td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">62</font></td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">95</font></td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">90</font></td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; text-indent: -8.65pt; padding-left: 8.65pt;"><font style="font-family: times new roman,times;" size="2">12b-1 fee waivers (1)</font></td>
<td> </td>
<td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">242</font></td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">374</font></td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">613</font></td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">769</font></td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; text-indent: -8.65pt; padding-left: 8.65pt;"><font style="font-family: times new roman,times;" size="2">Value Line’s non-voting revenues interest</font></td>
<td> </td>
<td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">1,819</font></td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">1,803</font></td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">3,721</font></td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">3,636</font></td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; text-indent: -8.65pt; padding-left: 8.65pt;"><font style="font-family: times new roman,times;" size="2">EAM’s net income (2)</font></td>
<td> </td>
<td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">242</font></td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">292</font></td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">522</font></td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">670</font></td>
<td style="text-align: left;"> </td>
</tr>
</table>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font-family: times new roman,times;" size="2">(1) During fiscal 2016 investment management fee waivers primarily related to the Value Line Core Bond Fund and the 12b-1 fee waivers related to four of the Value Line Mutual Funds. During fiscal 2015 investment management fee waivers primarily related to the Value Line Core Bond Fund and the 12b-1 fee waivers related to six of the Value Line Mutual Funds.</font></p>
<p style="font: 13.33px/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font-family: times new roman,times;" size="2">(2) Represents EAM’s net income,
after giving effect to Value Line’s non-voting revenues interest, but before distributions to voting profits interest holders and to the Company in respect of its 50% non-voting profits interest.</font></p>
<table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">($ in thousands)</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"><font style="font-family: times new roman,times;" size="2">October 31,</font><br /><font style="font-family: times new roman,times;" size="2">2015</font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"><font style="font-family: times new roman,times;" size="2">April 30,</font><br /><font style="font-family: times new roman,times;" size="2">2015</font></td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: center;" colspan="2"><font style="font-family: times new roman,times;" size="2">(unaudited)</font></td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="width: 761.93px; text-align: left; padding-left: 17.3pt;"><font style="font-family: times new roman,times;" size="2">EAM’s total assets</font></td>
<td style="width: 15px;"> </td>
<td style="width: 15px; text-align: left;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="width: 188px; text-align: right;"><font style="font-family: times new roman,times;" size="2">60,193</font></td>
<td style="width: 15px; text-align: left;"> </td>
<td style="width: 15px;"> </td>
<td style="width: 15px; text-align: left;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="width: 189px; text-align: right;"><font style="font-family: times new roman,times;" size="2">60,159</font></td>
<td style="width: 16px; text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-left: 17.3pt;"><font style="font-family: times new roman,times;" size="2">EAM’s total liabilities (1)</font></td>
<td> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">(3,021</font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">)</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">(3,104</font></td>
<td style="text-align: left; padding-bottom: 1px;"><font style="font-family: times new roman,times;" size="2">)</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-left: 17.3pt;"><font style="font-family: times new roman,times;" size="2">EAM’s total equity</font></td>
<td> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">57,172</font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">57,055</font></td>
<td style="text-align: left;"> </td>
</tr>
</table>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font-family: times new roman,times;" size="2">(1) At October 31, 2015 and April 30, 2015, EAM’s total liabilities included a payable to VLI for its accrued non-voting revenues, interest and the 90% distributable share of its non-voting profits interest of $1,927,000 and $1,951,000, respectively.</font></p>
<table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom; background-color: white;">
<td> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="9"><font style="font-family: times new roman,times;" size="2">Value Line</font></td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">($ in thousands)</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"><font style="font-family: times new roman,times;" size="2">VIE Assets</font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"><font style="font-family: times new roman,times;" size="2">Investment in</font><br /><font style="font-family: times new roman,times;" size="2">EAM Trust (1)</font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"><font style="font-family: times new roman,times;" size="2">Liabilities</font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"><font style="font-family: times new roman,times;" size="2">Maximum</font><br /><font style="font-family: times new roman,times;" size="2">Exposure to</font><br /><font style="font-family: times new roman,times;" size="2">Loss</font></td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="width: 440px;"><font style="font-family: times new roman,times;" size="2">As of October 31, 2015 (unaudited)</font></td>
<td style="width: 15px;"> </td>
<td style="width: 15px; text-align: left;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="width: 157px; text-align: right;"><font style="font-family: times new roman,times;" size="2">60,193</font></td>
<td style="width: 15px; text-align: left;"> </td>
<td style="width: 15px;"> </td>
<td style="width: 15px; text-align: left;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="width: 157px; text-align: right;"><font style="font-family: times new roman,times;" size="2">58,071</font></td>
<td style="width: 15px; text-align: left;"> </td>
<td style="width: 15px;"> </td>
<td style="width: 15px; text-align: left;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="width: 158px; text-align: right;"><font style="font-family: times new roman,times;" size="2">-</font></td>
<td style="width: 15px; text-align: left;"> </td>
<td style="width: 15px;"> </td>
<td style="width: 15px; text-align: left;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="width: 160px; text-align: right;"><font style="font-family: times new roman,times;" size="2">58,071</font></td>
<td style="width: 16px; text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td><font style="font-family: times new roman,times;" size="2">As of April 30, 2015</font></td>
<td> </td>
<td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">60,159</font></td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">58,048</font></td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">-</font></td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">58,048</font></td>
<td style="text-align: left;"> </td>
</tr>
</table>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font-family: times new roman,times;" size="2">(1) Reported within Long Term Assets on the Consolidated Condensed Balance Sheets.</font></p>
<table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="width: 878px;"> </td>
<td style="width: 26px;"> </td>
<td style="width: 13px;"> </td>
<td style="width: 137px; text-align: right;"> </td>
<td style="width: 25px;"> </td>
<td style="width: 12px;"> </td>
<td style="width: 137px; text-align: right;"> </td>
<td style="width: 25px;"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td> </td>
<td> </td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="5"><font style="font-family: times new roman,times;">Six Months Ended October 31,</font></td>
<td> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman,times;">($ in thousands)</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"><font style="font-family: times new roman,times;">2015</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"><font style="font-family: times new roman,times;">2014</font></td>
<td> </td>
</tr>
<tr style="vertical-align: bottom;">
<td><font style="font-family: times new roman,times;">State and local income tax payments</font></td>
<td> </td>
<td><font style="font-family: times new roman,times;">$</font></td>
<td style="text-align: right;"><font style="font-family: times new roman,times;">153</font></td>
<td> </td>
<td><font style="font-family: times new roman,times;">$</font></td>
<td style="text-align: right;"><font style="font-family: times new roman,times;">116</font></td>
<td> </td>
</tr>
<tr style="vertical-align: bottom;">
<td><font style="font-family: times new roman,times;">Federal income tax payments to the Parent</font></td>
<td> </td>
<td><font style="font-family: times new roman,times;">$</font></td>
<td style="text-align: right;"><font style="font-family: times new roman,times;">1,990</font></td>
<td> </td>
<td><font style="font-family: times new roman,times;">$</font></td>
<td style="text-align: right;"><font style="font-family: times new roman,times;">1,850</font></td>
<td> </td>
</tr>
</table>
<table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman,times;">($ in thousands)</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"><font style="font-family: times new roman,times;">Amount Before</font><br /><font style="font-family: times new roman,times;">Tax</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"><font style="font-family: times new roman,times;">Tax Benefit</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"><font style="font-family: times new roman,times;">Amount Net of</font><br /><font style="font-family: times new roman,times;">Tax</font></td>
<td> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="width: 597px; text-align: left; padding-left: 0.75pt;">
<p style="margin: 0pt 0px;"><font style="font-family: times new roman,times;">Change in unrealized gains on securities</font></p>
<p style="margin: 0pt 0px;"></p>
</td>
<td style="width: 15px;"> </td>
<td style="width: 15px; text-align: left;"><font style="font-family: times new roman,times;">$</font></td>
<td style="width: 172px; text-align: right;"><font style="font-family: times new roman,times;">(55</font></td>
<td style="width: 15px; text-align: left;"><font style="font-family: times new roman,times;">)</font></td>
<td style="width: 15px;"> </td>
<td style="width: 15px; text-align: left;"><font style="font-family: times new roman,times;">$</font></td>
<td style="width: 173px; text-align: right;"><font style="font-family: times new roman,times;">19</font></td>
<td style="width: 15px; text-align: left;"> </td>
<td style="width: 15px;"> </td>
<td style="width: 15px; text-align: left;"><font style="font-family: times new roman,times;">$</font></td>
<td style="width: 174px; text-align: right;"><font style="font-family: times new roman,times;">(36</font></td>
<td style="width: 16px; text-align: left;"><font style="font-family: times new roman,times;">)</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="padding-bottom: 2px; padding-left: 0.75pt;">
<p style="margin: 0pt 0px;"><font style="font-family: times new roman,times;">Add: Losses realized in net income </font></p>
</td>
<td> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman,times;">$</font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman,times;">15</font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman,times;">$</font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman,times;">(5</font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman,times;">)</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman,times;">$</font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman,times;">10</font></td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="padding-bottom: 2.5pt; padding-left: 0.75pt;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;">$</font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;">(40</font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;">)</font></td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;">$</font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;">14</font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;">$</font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;">(26</font></td>
<td style="text-align: left; padding-bottom: 2.5pt;"><font style="font-family: times new roman,times;">)</font></td>
</tr>
</table>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman,times;">($ in thousands)</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"><font style="font-family: times new roman,times;">Amount Before</font><br /><font style="font-family: times new roman,times;">Tax</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"><font style="font-family: times new roman,times;">Tax Benefit</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"><font style="font-family: times new roman,times;">Amount Net of</font><br /><font style="font-family: times new roman,times;">Tax</font></td>
<td> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="width: 597px; text-align: left; padding-left: 0.75pt;"><font style="font-family: times new roman,times;">Change in unrealized gains on securities</font></td>
<td style="width: 15px;"> </td>
<td style="width: 15px; text-align: left;"><font style="font-family: times new roman,times;">$</font></td>
<td style="width: 172px; text-align: right;"><font style="font-family: times new roman,times;">(27</font></td>
<td style="width: 15px; text-align: left;"><font style="font-family: times new roman,times;">)</font></td>
<td style="width: 15px;"> </td>
<td style="width: 15px; text-align: left;"><font style="font-family: times new roman,times;">$</font></td>
<td style="width: 173px; text-align: right;"><font style="font-family: times new roman,times;">10</font></td>
<td style="width: 15px; text-align: left;"> </td>
<td style="width: 15px;"> </td>
<td style="width: 15px; text-align: left;"><font style="font-family: times new roman,times;">$</font></td>
<td style="width: 174px; text-align: right;"><font style="font-family: times new roman,times;">(17</font></td>
<td style="width: 16px; text-align: left;"><font style="font-family: times new roman,times;">)</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="padding-bottom: 2px; padding-left: 0.75pt;"> </td>
<td> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="padding-bottom: 4px; padding-left: 0.75pt;"> </td>
<td> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;">$</font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;">(27</font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;">)</font></td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;">$</font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;">10</font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new;">$</font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;">(17</font></td>
<td style="text-align: left; padding-bottom: 4px;"><font style="font-family: times new roman,times;">)</font></td>
</tr>
</table>
<table style="font: 10pt/normal arial, helvetica, sans-serif; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;"> </font></td>
<td><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;"> </font></td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="6"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">Three Months Ended October 31,</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="6"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">Six Months Ended October 31,</font></td>
<td><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">($ in thousands)</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">2015</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">2014</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">2015</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">2014</font></td>
<td><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="width: 753px; text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">Non-voting revenues interest in EAM</font></td>
<td style="width: 32px;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="width: 16px; text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">$</font></td>
<td style="width: 142px; text-align: right;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">1,819</font></td>
<td style="width: 16px; text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="width: 32px;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="width: 16px; text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">$</font></td>
<td style="width: 141px; text-align: right;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">1,803</font></td>
<td style="width: 15px; text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="width: 31px;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="width: 15px; text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">$</font></td>
<td style="width: 141px; text-align: right;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">3,721</font></td>
<td style="width: 15px; text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="width: 31px;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;"
size="2"> </font></td>
<td style="width: 15px; text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">$</font></td>
<td style="width: 141px; text-align: right;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">3,636</font></td>
<td style="width: 15px; text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">Non-voting profits interest in EAM</font></td>
<td><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">121</font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">146</font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">261</font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">335</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">1,940</font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">1,949</font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">3,982</font></td>
<td style="text-align: left;
border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">3,971</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
</tr>
</table>
<table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="6" nowrap="nowrap"><font style="font-family: times new roman,times;" size="2">Three Months Ended October 31,</font></td>
<td style="padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="6"><font style="font-family: times new roman,times;" size="2">Six Months Ended October 31,</font></td>
<td style="padding-bottom: 1pt;"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">($ in thousands)</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"><font style="font-family: times new roman,times;" size="2">2015</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"><font style="font-family: times new roman,times;" size="2">2014</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"><font style="font-family: times new roman,times;" size="2">2015</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"><font style="font-family: times new roman,times;" size="2">2014</font></td>
<td> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">Current tax expense:</font></td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="width: 653.93px; text-indent: -8.65pt; padding-left: 17.3pt;"><font style="font-family: times new roman,times;" size="2">Federal</font></td>
<td style="width: 29px;"> </td>
<td style="width: 15px; text-align: left;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="width: 127px; text-align: right;"><font style="font-family: times new roman,times;" size="2">986</font></td>
<td style="width: 15px; text-align: left;"> </td>
<td style="width: 29px;"> </td>
<td style="width: 14px; text-align: left;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="width: 126px; text-align: right;"><font style="font-family: times new roman,times;" size="2">1,083</font></td>
<td style="width: 14px; text-align: left;"> </td>
<td style="width: 28px;"> </td>
<td style="width: 14px; text-align: left;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="width: 126px; text-align: right;"><font style="font-family: times new roman,times;" size="2">2,010</font></td>
<td style="width: 14px; text-align: left;"> </td>
<td style="width: 28px;"> </td>
<td style="width: 14px; text-align: left;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="width: 126px; text-align: right;"><font style="font-family: times new roman,times;" size="2">1,952</font></td>
<td style="width: 14px; text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt;"><font style="font-family: times new roman,times;" size="2">State and local</font></td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">55</font></td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">62</font></td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">127</font></td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">152</font></td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">Current tax expense</font></td>
<td> </td>
<td style="text-align: left; border-top-color: black; border-bottom-color: black; border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-top-color: black; border-bottom-color: black; border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">1,041</font></td>
<td style="text-align: left; border-top-color: black; border-bottom-color: black; border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid;"> </td>
<td style="border-top-color: black; border-bottom-color: black;
border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid;"> </td>
<td style="text-align: left; border-top-color: black; border-bottom-color: black; border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-top-color: black; border-bottom-color: black; border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">1,145</font></td>
<td style="text-align: left; border-top-color: black; border-bottom-color: black; border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid;"> </td>
<td style="border-top-color: black; border-bottom-color: black; border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid;"> </td>
<td style="text-align: left; border-top-color: black; border-bottom-color: black; border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-top-color: black; border-bottom-color: black; border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">2,137</font></td>
<td style="text-align: left; border-top-color: black; border-bottom-color: black; border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid;"> </td>
<td style="border-top-color: black; border-bottom-color: black; border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid;"> </td>
<td style="text-align: left; border-top-color: black; border-bottom-color: black; border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-top-color: black; border-bottom-color: black; border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">2,104</font></td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">Deferred tax expense (benefit):</font></td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-indent: -8.65pt; padding-left: 17.3pt;"><font style="font-family: times new roman,times;" size="2">Federal</font></td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">(166</font></td>
<td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">)</font></td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">(106</font></td>
<td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">)</font></td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">(178</font></td>
<td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">)</font></td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">-</font></td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt;"><font style="font-family: times new roman,times;" size="2">State and local</font></td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">(70</font></td>
<td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">)</font></td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">40</font></td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">(221</font></td>
<td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">)</font></td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">64</font></td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">Deferred tax expense (benefit):</font></td>
<td> </td>
<td style="text-align: left; border-top-color: black; border-bottom-color: black; border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-top-color: black; border-bottom-color: black; border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">(236</font></td>
<td style="text-align: left; border-top-color: black; border-bottom-color: black; border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">)</font></td>
<td style="border-top-color: black; border-bottom-color: black; border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid;"> </td>
<td style="text-align: left; border-top-color: black; border-bottom-color: black; border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-top-color: black; border-bottom-color: black; border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">(66</font></td>
<td style="text-align: left; border-top-color: black; border-bottom-color:
black; border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">)</font></td>
<td style="border-top-color: black; border-bottom-color: black; border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid;"> </td>
<td style="text-align: left; border-top-color: black; border-bottom-color: black; border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-top-color: black; border-bottom-color: black; border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">(399</font></td>
<td style="text-align: left; border-top-color: black; border-bottom-color: black; border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">)</font></td>
<td style="border-top-color: black; border-bottom-color: black; border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid;"> </td>
<td style="text-align: left; border-top-color: black; border-bottom-color: black; border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-top-color: black; border-bottom-color: black; border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">64</font></td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">Income tax provision</font></td>
<td> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">805</font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">1,079</font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">1,738</font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">2,168</font></td>
<td style="text-align: left;"> </td>
</tr>
</table>
<table style="font: 10pt/normal arial, helvetica, sans-serif; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">($ in thousands)</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">October 31,<br />2015</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">April 30,<br />2015</font></td>
<td><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">Federal tax benefit (liability):</font></td>
<td><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="width: 904.93px; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">Unrealized gains on securities available-for-sale</font></td>
<td style="width: 26px;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="width: 13px; text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">$</font></td>
<td style="width: 113px; text-align: right;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">(43</font></td>
<td style="width: 12px; text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">)</font></td>
<td style="width: 25px;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="width: 12px; text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">$</font></td>
<td style="width: 112px; text-align: right;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">(57</font></td>
<td style="width: 12px; text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">)</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">Operating lease deferred obligation</font></td>
<td><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">94</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">70</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">Deferred professional fees</font></td>
<td><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: right;"><font style="font-family:
'times new roman', times, serif; ; font-family: times new roman,times;" size="2">76</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">34</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">Deferred charges</font></td>
<td><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">199</font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">263</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">Total federal tax benefit</font></td>
<td><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">326</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">310</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">State and local tax benefits:</font></td>
<td><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;"
size="2"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-indent: -8.65pt; padding-left: 17.3pt;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">Other</font></td>
<td><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">34</font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">46</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">Total state and local tax benefits</font></td>
<td><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">34</font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">46</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">Deferred tax asset, short term</font></td>
<td><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">360</font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">356</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td
style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">($ in thousands)</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">October 31,<br />2015</font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">April 30,<br />2015</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">Federal tax liability (benefit):</font></td>
<td><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">Deferred gain on deconsolidation of EAM</font></td>
<td><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">17,711</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">17,679</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">Deferred non-cash post-employment compensation</font></td>
<td><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">(619</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">)</font></td>
<td><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">(619</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">)</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">Depreciation and amortization</font></td>
<td><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">2,342</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new
roman,times;" size="2"> </font></td>
<td><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">2,435</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-indent: -8.65pt; padding-left: 17.3pt;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">Other</font></td>
<td><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">460</font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">401</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">Total federal tax liability</font></td>
<td><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">19,894</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">19,896</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">State and local tax liabilities (benefits):</font></td>
<td><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;"
size="2">Deferred gain on deconsolidation of EAM</font></td>
<td><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">1,735</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">1,970</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">Deferred non-cash post-employment compensation</font></td>
<td><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">(61</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">)</font></td>
<td><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">(69</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">)</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">Depreciation and amortization</font></td>
<td><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">229</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">271</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">Deferred professional fees</font></td>
<td><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">(7</font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">)</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">(4</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">)</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">Total state and local tax liabilities</font></td>
<td><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">1,896</font></td>
<td style="text-align: left;
border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">2,168</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">Deferred tax liability, long term</font></td>
<td><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">21,790</font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2">22,064</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; ; font-family: times new roman,times;" size="2"> </font></td>
</tr>
</table>
<table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td> </td>
<td> </td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="6" nowrap="nowrap"><font style="font-family: times new roman,times;" size="2">Six Months Ended October 31,</font></td>
<td> </td>
</tr>
<tr style="vertical-align: bottom;">
<td> </td>
<td> </td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"><font style="font-family: times new roman,times;" size="2">2015</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"><font style="font-family: times new roman,times;" size="2">2014</font></td>
<td> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="width: 953px; text-align: left;"><font style="font-family: times new roman,times;" size="2">U.S. statutory federal rate</font></td>
<td style="width: 13px;"> </td>
<td style="width: 13px; text-align: left;"> </td>
<td style="width: 113px; text-align: right;"><font style="font-family: times new roman,times;" size="2">35.00</font></td>
<td style="width: 13px; text-align: left;"><font style="font-family: times new roman,times;" size="2">%</font></td>
<td style="width: 12px;"> </td>
<td style="width: 12px; text-align: left;"> </td>
<td style="width: 112px; text-align: right;"><font style="font-family: times new roman,times;" size="2">35.00</font></td>
<td style="width: 12px; text-align: left;"><font style="font-family: times new roman,times;" size="2">%</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">Increase (decrease) in tax rate from:</font></td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt;"><font style="font-family: times new roman,times;" size="2">State and local income taxes, net of federal income tax benefit</font></td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">-2.48</font></td>
<td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">%</font></td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">2.27</font></td>
<td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">%</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt;"><font style="font-family: times new roman,times;" size="2">Effect of dividends received deductions</font></td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">-0.32</font></td>
<td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">%</font></td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">-0.29</font></td>
<td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">%</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt;"><font style="font-family: times new roman,times;" size="2">Domestic production tax credit</font></td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">-0.62</font></td>
<td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">%</font></td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">-0.65</font></td>
<td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">%</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; text-indent: -8.65pt; padding-bottom: 2px; padding-left: 17.3pt;"><font style="font-family: times new roman,times;" size="2">Other, net</font></td>
<td> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">-1.87</font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">%</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">-1.28</font></td>
<td style="text-align: left; padding-bottom: 1pt;"><font style="font-family: times new roman,times;" size="2">%</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-bottom: 2.5pt;"><font style="font-family: times new roman,times;" size="2">Effective income tax rate</font></td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="text-align: left; padding-bottom: 2.5pt; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;"
size="2">29.71</font></td>
<td style="text-align: left; padding-bottom: 0pt; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">%</font></td>
<td style="padding-bottom: 2.5pt; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"> </td>
<td style="text-align: left; padding-bottom: 2.5pt; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">35.05</font></td>
<td style="text-align: left; padding-bottom: 2.5pt;"><font style="font-family: times new roman,times;" size="2">%</font></td>
</tr>
</table>
<table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-size: 10pt; ; font-family: times new roman,times;" size="2">($ in thousands)</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"><font style="font-family: times new roman,times;" size="2">October 31,</font><br /><font style="font-family: times new roman,times;" size="2">2015</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"><font style="font-family: times new roman,times;" size="2">April 30,</font><br /><font style="font-family: times new roman,times;" size="2">2015</font></td>
<td> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="width: 953px;"><font style="font-family: times new roman,times;" size="2">Land</font></td>
<td style="width: 13px;"> </td>
<td style="width: 13px; text-align: left;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="width: 113px; text-align: right;"><font style="font-family: times new roman,times;" size="2">726</font></td>
<td style="width: 13px; text-align: left;"> </td>
<td style="width: 12px;"> </td>
<td style="width: 12px; text-align: left;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="width: 112px; text-align: right;"><font style="font-family: times new roman,times;" size="2">726</font></td>
<td style="width: 12px; text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">Building and leasehold improvements</font></td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">5,037</font></td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">5,037</font></td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-bottom: 2px;"><font style="font-family: times new roman,times;" size="2">Furniture and equipment</font></td>
<td> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">4,085</font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">4,084</font></td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">9,848</font></td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">9,847</font></td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-bottom: 2px;"><font style="font-family: times new roman,times;" size="2">Accumulated depreciation and amortization</font></td>
<td> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">(6,299</font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">)</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">(6,157</font></td>
<td style="text-align: left; padding-bottom: 2px;"><font style="font-family: times new roman,times;" size="2">)</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-bottom: 4px;"><font style="font-family: times new roman,times;" size="2">Total property and equipment, net</font></td>
<td> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">3,549</font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font
style="font-family: times new roman,times;" size="2">3,690</font></td>
<td style="text-align: left;"> </td>
</tr>
</table>
<table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="font-weight: bold; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">(in thousands except for shares and cost per share)</font></td>
<td style="font-weight: bold; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"><font style="font-family: times new roman,times;" size="2">Shares</font></td>
<td style="font-weight: bold; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="font-weight: bold; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"><font style="font-family: times new roman,times;" size="2">Total Average Cost Assigned</font></td>
<td style="font-weight: bold; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="font-weight: bold; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"><font style="font-family: times new roman,times;" size="2">Average Cost per Share</font></td>
<td style="font-weight: bold; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="font-weight: bold; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: left; font-weight: bold; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2" nowrap="nowrap"><font style="font-family: times new roman,times;" size="2">Aggregate Purchase Price</font><br /><font style="font-family: times new roman,times;" size="2">Remaining Under the</font><br /><font style="font-family: times new roman,times;" size="2">Program</font></td>
<td style="font-weight: bold;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="width: 668px; padding-left: 0.75pt;"><font style="font-family: times new roman,times;" size="2">Balance as of April 30, 2015 (1)(2)</font></td>
<td style="width: 16px;"> </td>
<td style="width: 16px; text-align: left;"> </td>
<td style="width: 151px; text-align: right;"><font style="font-family: times new roman,times;" size="2">190,504</font></td>
<td style="width: 16px; text-align: left;"> </td>
<td style="width: 16px;"> </td>
<td style="width: 16px; text-align: left;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="width: 151px; text-align: right;"><font style="font-family: times new roman,times;" size="2">2,244</font></td>
<td style="width: 16px; text-align: left;"> </td>
<td style="width: 16px;"> </td>
<td style="width: 16px; text-align: left;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="width: 151px; text-align: right;"><font style="font-family: times new roman,times;" size="2">11.78</font></td>
<td style="width: 16px; text-align: left;"> </td>
<td style="width: 16px;"> </td>
<td style="width: 16px; text-align: left;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="width: 252px; text-align: right;"><font style="font-family: times new roman,times;" size="2">2,146</font></td>
<td style="width: 17px; text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-left: 0.75pt;"><font style="font-family: times new roman,times;" size="2">Purchases effected in open market during the quarters ended:</font></td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-indent: -8.65pt; padding-left: 17.3pt;"><font style="font-family: times new roman,times;" size="2">July 31, 2015 (2)</font></td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">12,237</font></td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">166</font></td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">13.58</font></td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">1,980</font></td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-indent: -8.65pt; padding-bottom: 2px; padding-left: 17.3pt;"><font style="font-family: times new roman,times;" size="2">October 31, 2015 (2)</font></td>
<td> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">25,098</font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td
style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">382</font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">15.23</font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">1,598</font></td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="padding-bottom: 4px; padding-left: 0.75pt;"><font style="font-family: times new roman,times;" size="2">Balance as of October 31, 2015</font></td>
<td> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">227,839</font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">2,792</font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">12.25</font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">1,598</font></td>
<td style="text-align: left;"> </td>
</tr>
</table>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: left; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font-family: times new roman,times;" size="2">(1) Includes 85,219 shares with a total average cost of $1,036,000 that were acquired during the former repurchase program, which was authorized in January 2011 and expired in January 2012; 18,400 shares were acquired prior to the repurchase program authorized in January 2011. </font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font-family: times new roman,times;" size="2">(2) Were acquired during the $3 million repurchase program authorized in September 2012.</font></p>
<table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"><font style="font-family: times new roman,times;" size="2">Fiscal Years Ended April 30,</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"><font style="font-family: times new roman,times;" size="2">Sublease</font></td>
<td> </td>
</tr>
<tr style="vertical-align: bottom;">
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"><font style="font-family: times new roman,times;" size="2">($ in thousands)</font></td>
<td></td>
</tr>
<tr style="vertical-align: bottom;">
<td> </td>
<td> </td>
<td><font style="font-family: times new roman,times;" size="2">2016</font></td>
<td> </td>
<td><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">1,468</font></td>
<td> </td>
</tr>
<tr style="vertical-align: bottom;">
<td> </td>
<td> </td>
<td><font style="font-family: times new roman,times;" size="2">2017</font></td>
<td> </td>
<td> </td>
<td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">1,224</font></td>
<td> </td>
</tr>
<tr style="vertical-align: bottom;">
<td> </td>
<td> </td>
<td><font style="font-family: times new roman,times;" size="2">2018 and thereafter</font></td>
<td> </td>
<td> </td>
<td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">-</font></td>
<td> </td>
</tr>
<tr style="vertical-align: bottom;">
<td> </td>
<td colspan="2"> </td>
<td> </td>
<td style="border-top-color: black; border-bottom-color: black; border-top-width: 2px; border-bottom-width: 4px; border-top-style: solid; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">$</font></td>
<td style="text-align: right; border-top-color: black; border-bottom-color: black; border-top-width: 2px; border-bottom-width: 4px; border-top-style: solid; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">2,692</font></td>
<td> </td>
</tr>
</table>
5272000
5272000
11179000
11179000
9632000
9632000
175000
5411000
4046000
9632000
2503000
2503000
2503000
2503000
14904000
14904000
13682000
13682000
0.55
0.41
0.50
0.90
9470000
9470000
101000
3903000
5466000
2381000
2381000
2381000
1582000
74000
1508000
125000
125000
1420000
1420000
3000
3000
39000
77000
38000
80000
3000
27000
27000
8000
17000
3690000
7477000
3653000
7491000
1349000
2709000
1442000
2838000
4000
9000
-18000
-27000
0.50
0.50
0.50
0.50
60159000
60193000
-57055000
-57172000
1951000
1927000
-27000
27000
-40000
55000
10000
19000
162000
122000
57000
43000
55805000
55805000
5820000
5820000
60159000
60193000
58048000
58071000
116000
153000
200000
200000
-27000
-55000
-10000
-19000
-17000
-36000
-10000
-14000
2340000000
2290000000
0.021
1951000
1927000
71000
65000
0.8835
1083000
1952000
986000
2010000
62000
152000
55000
127000
1145000
2104000
1041000
2137000
-106000
-166000
-178000
40000
64000
-70000
-221000
57000
43000
70000
94000
34000
76000
263000
199000
46000
34000
-17679000
-1970000
-17711000
-1735000
-619000
-69000
-619000
-61000
-2435000
-271000
-2342000
-229000
4000
7000
401000
460000
0.3500
0.3500
0.0227
-0.0248
0.0029
0.0032
0.0065
0.0062
0.0128
0.0187
0.3505
0.2971
726000
726000
5037000
5037000
4084000
4085000
9847000
9848000
6157000
6299000
1148000
931000
710000
675000
438000
256000
P5Y
1093000
1289000
12.25
1598000
3000000
1468000
1224000
2692000
44493
1468269
489423
122355
634000
634000
8684000
8684000
15000
15000
30000
30000
-15000
-15000
1850000
1990000
15000
5000
10000
0.90
0.90
1.00
Reported within Long Term Assets on the Consolidated Condensed Balance Sheets.
Includes 85,219 shares with a total average cost of $1,036,000 that were acquired during the former repurchase program, which was authorized in January 2011 and expired in January 2012; 18,400 shares were acquired prior to the repurchase program authorized in January 2011.
Were acquired during the $3 million repurchase program authorized in September 2012.
Represents EAM's net income, after giving effect to Value Line's non-voting revenues interest, but before distributions to voting profits interest holders and to the Company in respect of its 50% non-voting profits interest.
During fiscal 2016 investment management fee waivers primarily related to the Value Line Core Bond Fund and the 12b-1 fee waivers related to four of the Value Line Mutual Funds. During fiscal 2015 investment management fee waivers primarily related to the Value Line Core Bond Fund and the 12b-1 fee waivers related to six of the Value Line Mutual Funds.
At October 31, 2015 and April 30, 2015, EAM's total liabilities included a payable to VLI for its accrued non-voting revenues, interest and the 90% distributable share of its non-voting profits interest of $1,927,000 and $1,951,000, respectively.
0.5016
0.5005
0.4963
0.4918