Value Line, Inc., (NASDAQ: VALU) reported results for its fiscal year ended April 30, 2011. As of December 23, 2010, Value Line, Inc. completed the restructuring of its asset management and mutual fund distribution businesses. As part of the Restructuring Transaction EULAV Asset Management LLC and broker-dealer EULAV Securities, Inc. were deconsolidated and restructured as a Delaware statutory trust named EULAV Asset Management Trust (“EAM”). In the transaction, Value Line received a significant non-voting revenues interest and profits interest in EAM. Details of the Transaction were further discussed on the Form 10-K filed on December 27, 2010. For the twelve months ended April 30, 2011, the Company’s net income of $37,782,000, or $3.79 per share, which included a pre-tax gain of $50,510,000 from deconsolidation of the Company’s former investment management subsidiaries, EAM LLC and ESI, and a $1,767,000 reduction in the estimated cost of administration of the Fair Fund, was $60,970,000 above the net loss of $23,188,000, or $2.32 per share, for the twelve months ended April 30, 2010. The net loss for fiscal 2010 included $48,106,000 of expenses related to the SEC Settlement and a one-time charge of $727,000 for the write down of development software. Operating income was $8,533,000 for fiscal 2011 compared to the operating loss of $32,190,000 for fiscal 2010. Operating income for fiscal 2010 included the previously mentioned SEC Settlement expense while operating income for fiscal 2011 included a reduction of $1,767,000 to those expenses resulting from a change in the estimated cost of administration of the Fair Fund, restructuring expenses of $3,764,000, post-employment compensation expense of $1,770,000 related to the grant of a voting profits interest in EAM to a former employee, $914,000 of expenses for operating lease exit costs related to the relocation of the EAM operations. Shareholders’ equity of $33,254,000 at April 30, 2011, which includes the gain from deconsolidation of its former subsidiaries and postemployment compensation, was 55% higher than shareholders’ equity of $21,448,000 at April 30, 2010. Retained earnings were over $31 million and liquid assets over $19 million at year end April 30, 2011.