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Value Line, Inc. Announces Earnings

Value Line, Inc., (NASDAQ: VALU) reported results for its fiscal year ended April 30, 2012. The Company’s annual report on Form 10-K has been filed with the SEC and is available on the Company’s website @ www.valueline.com/About/corporate_filings.aspx. Shareholders may receive a hard copy, free of charge upon request.

During the twelve months ended April 30, 2012, the Company’s net income of $6,925,000, or $0.70 per share compares to net income of $37,782,000, or $3.79 per share, for the twelve months ended April 30, 2011. The net income of the Company during the twelve months ended April 30, 2011 included $50,510,000 of pre-tax accounting (non-cash) gain and applicable deferred income taxes of $19,462,000 on the non-cash gain from deconsolidation of Value Line’s former investment management subsidiaries, EAM LLC and ESI on December 23, 2010 (the “Restructuring Transaction”, further explained below).

The Company’s fiscal year ended April 30, 2012, was the first year for which revenues and operating income from its former investment management subsidiaries (EAM, LLC and ESI) were entirely excluded. During the fiscal year ended April 30, 2011, the Company recorded revenues and incurred expenses with respect to EAM and ESI for the period from May 1, 2010 to December 23, 2010. Moreover, when the Company deconsolidated EAM and ESI during last fiscal year, Generally Accepted Accounting Principles required that the Company record a one-time non-cash gain of $50,510,000 from the deconsolidation. Taken together, the exclusion of gross revenues from EAM and ESI in the current fiscal year, and the one-time $50,510,000 non-cash gain last fiscal year make year over year comparison difficult without a careful examination of the Company’s Consolidated Financial Statements and Notes to the Consolidated Financial Statements.

Income from operations of $5,338,000 for the twelve months ended April 30, 2012, does not include the non-voting revenues and non-voting profits interests from EAM of $5,890,000, while income from operations for the twelve months ended April 30, 2011 of $8,533,000 includes $10,693,000 of advisory management fees and distribution fees from the former Value Line subsidiaries, EAM LLC and ESI, that performed the operations of the investment management business prior to the Restructuring Transaction. During the twelve months ended April 30, 2011, the net income and income from operations included restructuring expenses of $3,764,000, non-cash post-employment compensation expense of $1,770,000 related to the grant of a voting profits interest in EAM to a former employee, a $914,000 expense for the operating lease exit obligation related to EAM’s exit from the Company’s office facility and a $1,767,000 reduction in the estimated cost of administration of the Fair Fund created as part of the Settlement with the Securities and Exchange Commission (the “SEC”).

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