Value Line, Inc., (NASDAQ: VALU) reported results for the second fiscal quarter ended October 31, 2011 and announces settlement of derivative shareholder's suit.
During the six months ended October 31, 2011, the Company’s net income of $3,991,000, or $0.40 per share, was $587,000 or 17.2% above net income of $3,404,000, or $0.34 per share, for the six months ended October 31, 2010. Net income for the second quarter of fiscal 2012 of $1,915,000, or $0.19 per share, was $828,000 or 76% above net income of $1,087,000, or $0.11 per share, for the second quarter of fiscal 2011. Income before income taxes was $6,102,000, which is inclusive of the non-voting revenues and profits interests of $2,915,000 from EULAV Asset Management (EAM) through October 31, 2011, as compared to $5,424,000 for the six months ended October 31, 2010, an increase of $678,000 or 13%. Income before income taxes for the six months ended October 31, 2010, includes $8,281,000 of revenues from advisory management fees and service distribution fees and $394,000 of income from operations from the former Value Line subsidiaries, EULAV Asset Management LLC and EULAV Securities, Inc., that performed the operations of the investment management business prior to deconsolidation of these subsidiaries on December 23, 2010.
Shareholders’ equity of $32,297,000 at October 31, 2011compared favorably to shareholders’ equity of $2,859,000 at October 31, 2010. Retained earnings were $31,662,000 and cash and short term liquid assets were $13,895,000 at October 31, 2011.
On December 7, 2011, the New York County Supreme Court approved the settlement agreement, related to the derivative shareholder's suit, which calls for the payment of settlement funds in an aggregate sum of $2.9 million, from sources other than by Value Line or any of its subsidiaries, for the benefit of the Company’s minority shareholders with a record date of December 7, 2011.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV