VALUE LINE INC
For the period ended Jan 31, 2026. Filed Mar 17, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jan 31, 2026 · Filed Mar 17, 2026
VALU$42.37-4.2%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-10-31; filed 2025-12-15.
0001437749-25-037818
Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSCurrent report: 10-Q
Period ended 2026-01-31; filed 2026-03-17.
0001437749-26-008479
Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 89 previous paragraphs and 88 current paragraphs.
53 unchanged; 30 reworded; 5 added; 6 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 9 previous and 9 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (5)
Current report
The U.S. economy entered calendar 2026 at a slowly growing pace. After a slow start in 2025, with a tariff-driven spike in imports resulting in a 0.6% annualized contraction in the first quarter, the gross domestic product (GDP) expanded 3.8%, 4.4%, and 0.7%, respectively, over the final three quarters of the year. It also should be noted that the federal government shutdown, the longest in the nation’s history, reduced the estimated final-quarter GDP tally by at least a full percentage point. The advances over the final nine months of last year were driven by a resilient consumer sector, as well massive spending on artificial intelligence and the related infrastructure build out. Looking forward, further GDP gains are expected over the next 12 months, with lower interest rates, the result of three quarter-point cuts to the Fed interest rate last year, tax cuts, and regulation rollback providing support for the economy. Additional Fed interest rate reductions may occur as well.
Current report
Meanwhile, there are concerns that a reacceleration in inflation is possible this year. Attacks by Iran on multiple states in the Middle East followed the launch by the United States and Israel of a substantial assault on Iran that killed that nation’s Supreme Leader Ayatollah Ali Khamenei as well as other military and government leaders. President Trump and Secretary of State Marco Rubio have said the use of force aims to eliminate Iran’s nuclear program, degrade its missile and naval forces, and possibly bring about regime change. Both the fighting itself and Iranian warnings that ships not use the Strait of Hormuz, a waterway where 20% of the world’s oil supply passes through, could significantly disrupt the worldwide shipment of oil and other goods like fertilizer. Resultant higher crude prices, along with the recent renewed tariff threats from the Trump Administration, may lead to a reacceleration in inflation.
Current report
Wall Street now expects the Federal Reserve, which will have a leadership change later this year, to take a more-cautious approach with regard to interest-rate policy. Inflation worries, along with data showing that the labor market is holding up fairly well in an environment of few layoffs but restrained new hiring, don’t put pressure on the central bank to cut interest rates. Corporate earnings growth remains healthy. On point, the profit growth rate for the S&P 500 companies averaged around 14% in the fourth quarter of 2025, which marked a fifth-consecutive quarter of double-digit advances for the Index. Against this backdrop, the Fed futures market is now predicting that the Federal Reserve will cut the benchmark interest rate, which currently is in the range of 3.50% to 3.75%, once this year, with a quarter-point reduction at the September Federal Open Market Committee (FOMC) meeting the most likely possibility.
Current report
In all, the business environment is in solid shape, highlighted by double-digit corporate profit growth. The strong earnings performance has provided some support for equities, but volatility in the U.S. stock market has picked up. Investors clearly do not like uncertainty and they are getting a lot of it in the early months of 2026. Concerns about tariffs, artificial intelligence (AI) infrastructure funding (especially among private-equity and credit companies), hostilities in the Middle East, and the Fed’s near-term monetary policy course are all stoking anxiety for investors.
Current report
The Company had cash inflows from operating activities of $13,801,000 during the nine months ended January 31, 2026, compared to cash inflows of $14,703,000 during the nine months ended January 31, 2025. The decrease in cash flows from fiscal 2025 to fiscal 2026 is primarily attributable to the decline in customers’ subscription future revenue and the timing of Federal Income tax payments.
Removed paragraphs (6)
Previous report
The U.S. economy delivered an uneven performance during the first nine months of 2025. The nation’s gross domestic product (GDP) contracted by an annualized rate of 0.6% in the first quarter, with a surge in imports ahead of the announcement of tariffs on April 2nd accounting for a large portion of the decline. (Imports detract from the GDP calculation.) The economy then rebounded sharply in the second quarter, with a reversal in the level of imports adding significantly to the recorded gain of 3.8%. The expectation is that GDP expanded by more than 3.0% in the September quarter, but that data had not yet been released due to the recent federal government shutdown.
Previous report
Meanwhile, the inflation situation remains unsettled. After easing during the first few months of calendar 2025, the pace of price growth reaccelerated over the summer months and into the fall. Both the September Consumer and Producer Price Index reports showed that inflation was still running above the Federal Reserve’s target rate. Although the tariff increases have not had as big an impact on prices as many economists expected, there was a sense that the full impact would not be felt until late in the year. Overall, the U.S. consumer sector has proven quite resilient amid the higher prices, but recent sentiment readings suggest that in the months ahead, most shoppers will be more cautious given the ongoing tariffs and weakening labor market.
Previous report
The Federal Reserve is walking a tightrope with regard to the near-term direction of monetary policy. It is trying to balance the risks to both price stability and the labor market. Recent commentary from Federal Reserve officials, including Chairman Jerome Powell, suggest that more of the risk has shifted to the labor side. Although data from the Bureau of Labor Statistics has been quite sparse, the September employment report showed an increase in the unemployment rate, to 4.4%, and recent ancillary data on the job market, including the November data on private sector payrolls from Automatic Data Processing, indicated a slowdown in hiring and an uptick in corporate layoffs. Given these concerns, the Fed is likely to maintain a more-accommodative monetary policy course. On point, the central bank concluded its quantitative tightening program (i.e., selling Treasury bonds and mortgage-backed securities to remove liquidity from the financial system) on December 1st and lowered the federal funds rate a number of times this fall.
Previous report
Corporate America effectively managed the global trade uncertainty and the negative impact of increased tariffs on its cost structure during the second and third quarters of calendar 2025. The major companies were able to absorb a good deal of the higher input prices, but the question remains as to how long they will be able to do so before having to pass the additional costs onto the consumer. If businesses do raise prices, it could further hamper the Fed’s ability to effectively tame inflation.
Previous report
In all, the business environment held up well in 2025, highlighted by double-digit profit growth for the S&P 500 companies during the first three quarters. The strong earnings performance provided support for stocks, amid the Federal Reserve uncertainty and increasing worries about an artificial intelligence spending and related-debt bubble. That said, stock valuations are quite rich compared to historical norms, which leaves many issues vulnerable to selling on any disappointing news.
Previous report
The Company had cash inflows from operating activities of $8,512,000 during the six months ended October 31, 2025, compared to cash inflows of $7,844,000 during the six months ended October 31, 2024. The change in cash inflows was a result of an increase in non-cash items related to deferred income taxes, depreciation & amortization, and taxes payable.
Reworded paragraphs (30)
Previous wording
Results of Operations for the Three and Six Months Ended October 31, 2025 and 2024
Current wording
Results of Operations for the Three and Nine Months Ended January 31, 2026 and 2025
Previous wording
During the six months ended October 31, 2025, the Company’s net income of $12,142,000, or $1.29 per share, was 4.9% above net income of $11,572,000, or $1.23 per share, for the six months ended October 31, 2024. During the six months ended October 31, 2025, the Company’s income from operations of $3,008,000 was 16.2% below income from operations of $3,591,000 during the six months ended October 31, 2024. For the six months ended October 31, 2025, operating expenses increased slightly above those during the six months ended October 31, 2024.
Current wording
During the nine months ended January 31, 2026, the Company’s net income of $18,052,000, or $1.92 per share, was 7.9% above net income of $16,735,000, or $1.78 per share, for the nine months ended January 31, 2025. During the nine months ended January 31, 2026, the Company’s income from operations of $4,012,000 was 22.2% below income from operations of $5,155,000 during the nine months ended January 31, 2025. For the nine months ended January 31, 2026, operating expenses decreased slightly below those during the nine months ended January 31, 2025.
Previous wording
During the three months ended October 31, 2025, the Company’s net income of $5,682,000, or $0.60 per share, was slightly below net income of $5,685,000, or $0.60 per share, for the three months ended October 31, 2024. During the three months ended October 31, 2025, the Company’s income from operations of $1,512,000 was 13.3% below income from operations of $1,744,000 during the three months ended October 31, 2024. For the three months ended October 31, 2025, operating expenses decreased 0.7% below those during the three months ended October 31, 2024.
Current wording
During the three months ended January 31, 2026, the Company’s net income of $5,910,000, or $0.63 per share, was 14.5% above net income of $5,163,000, or $0.55 per share, for the three months ended January 31, 2025. During the three months ended January 31, 2026, the Company’s income from operations of $1,004,000 was 35.8% below income from operations of $1,564,000 during the three months ended January 31, 2025. For the three months ended January 31, 2026, operating expenses decreased 0.7% below those during the three months ended January 31, 2025.
Previous wording
During the six months ended October 31, 2025, there were 9,408,597 average common shares outstanding as compared to 9,419,006 average common shares outstanding during the six months ended October 31, 2024.
Current wording
During the nine months ended January 31, 2026, there were 9,402,966 average common shares outstanding as compared to 9,418,527 average common shares outstanding during the nine months ended January 31, 2025.
Previous wording
During the six months ended October 31, 2025, new sales of print publications decreased on a percentage basis as a result of an increase in renewal sales orders from the prior fiscal year. New sales of digital publications increased.
Current wording
During the nine months ended January 31, 2026, new sales of print publications decreased on a percentage basis as a result of an increase in renewal sales orders from the prior fiscal year. New sales of digital publications increased.
Previous wording
Unearned subscription revenue as of October 31, 2025, is 8.8% below April 30, 2025 and 2.6% below October 31, 2024. A certain amount of variation is to be expected due to the volume of new orders and timing of long-term renewal contracts, direct mail campaigns and large Institutional Sales orders.
Current wording
Unearned subscription revenue as of January 31, 2026, is 5.7% below April 30, 2025 and 4.2% below January 31, 2025. A certain amount of variation is to be expected due to the volume of new orders and timing of long-term renewal contracts, direct mail campaigns and large Institutional Sales orders.
Previous wording
Investment periodicals and related publications revenues of $12,194,000 (excluding copyright fees) during the six months ended October 31, 2025 were 2.2% below publications revenues of $12,469,000 in the prior fiscal year. The Company continued and increased to attract new subscribers through various marketing channels, primarily direct mail, e-mail, and by the efforts of our sales personnel. As fewer individual investors manage their own portfolios, particularly in volatile markets, total product line circulation at October 31, 2025, was 1.1% below total product line circulation at October 31, 2024.
Current wording
Investment periodicals and related publications revenues of $18,083,000 (excluding copyright fees) during the nine months ended January 31, 2026 were 3.7% below publications revenues of $18,782,000 in the prior fiscal year. The Company continued a variety of efforts to attract new subscribers through various marketing channels, primarily direct mail, e-mail, and by the efforts of our sales personnel. As fewer individual investors manage their own portfolios, particularly in volatile markets, total product line circulation at January 31, 2026, was 1.1% below total product line circulation at January 31, 2025.
Previous wording
Total print circulation at October 31, 2025 was 3.2% below the total print circulation at October 31, 2024. During the six months ended October 31, 2025, print publication revenues of $4,366,000 decreased 1.1%, below print publication revenues of $4,414,000 during the corresponding period of 2025 because we deferred advertising in light of negative sentiment among prospective individual customers in a challenging market environment. Total digital circulation at October 31, 2025 was 1.3% above total digital circulation at October 31, 2024. During the six months ended October 31, 2025, digital revenues of $7,828,000 were 2.8% lower than the prior fiscal year. These figures reflect weak investor sentiment, likely temporary, and the ongoing shift from our print services to digital counterparts. Further, publishing revenue is fairly steady, despite the dip in print circulation. Sales of our higher-price, higher-profit, publications have been stronger than sales of lower price “starter” products.
Current wording
Total print circulation at January 31, 2026 was 2.0% below the total print circulation at January 31, 2025. During the nine months ended January 31, 2026, print publication revenues of $6,383,000 decreased 5.4%, below print publication revenues of $6,750,000 during the corresponding period of 2025. Total digital circulation at January 31, 2026 was 2.3% above total digital circulation at January 31, 2025. During the nine months ended January 31, 2026, digital revenues of $11,700,000 were 2.8% lower than the prior fiscal year. These figures reflect the ongoing shift from our print services to digital counterparts. Sales of our higher-price, higher-profit, publications have remained strong.
Previous wording
The Value Line Proprietary Ranks (the “Ranking System”), a component of the Company’s flagship product,The Value Line Investment Survey, are also utilized in the Company’s copyright business. The Ranking System is made available to EAM for specific uses without charge. During the twelve month period ended October 31, 2025, the combined Ranking System “Rank 1 & 2” stocks’ increase of 10.5% compared to the Russell 2000 Index’s increase of 12.9% during the comparable period.
Current wording
The Value Line Proprietary Ranks (the “Ranking System”), a component of the Company’s flagship product,The Value Line Investment Survey, are also utilized in the Company’s copyright business. The Ranking System is made available to EAM for specific uses without charge. During the twelve month period ended January 31, 2026, the combined Ranking System “Rank 1 & 2” stocks’ increase of 14.2% compared to the Russell 2000 Index’s increase of 14.3% during the comparable period.
Previous wording
During the six months ended October 31, 2025, copyright fees of $4,968,000 were 5.5% below those during the corresponding period in the prior fiscal year.
Current wording
During the nine months ended January 31, 2026, copyright fees of $7,355,000 were 7.0% below those during the corresponding period in the prior fiscal year.
Previous wording
Total assets in the Value Line Funds managed and/or distributed by EAM at October 31, 2025, were $4.76 billion, slightly below total assets of $4.78 billion in the Value Line Funds managed and/or distributed by EAM at October 31, 2024.
Current wording
Total assets in the Value Line Funds managed and/or distributed by EAM at January 31, 2026, were $4.20 billion, which is $0.77 billion or 15.6% below total assets of $4.97 billion in the Value Line Funds managed and/or distributed by EAM at January 31, 2025.
Previous wording
The gross fees and net income of EAM’s investment management operations during the six months ended October 31, 2025, before interest holder distributions, included total investment management fees earned from the Value Line Funds of $16,675,000, 12b-1 fees and other fees of $3,046,000 and other net gains of $337,000. For the same period, total investment management fee waivers were $83,000 and 12b-1 fee waivers were $42,000. During the six months ended October 31, 2025, EAM's net income was $2,482,000 after giving effect to Value Line’s non-voting revenues interest of $9,034,000, but before distributions to voting profits interest holders and to the Company in respect of its 50% non-voting profits interest.
Current wording
The gross fees and net income of EAM’s investment management operations during the nine months ended January 31, 2026, before interest holder distributions, included total investment management fees earned from the Value Line Funds of $24,355,000, 12b-1 fees and other fees of $4,506,000 and other net gains of $470,000. For the same period, total investment management fee waivers were $132,000 and 12b-1 fee waivers were $47,000. During the nine months ended January 31, 2026, EAM's net income was $3,648,000 after giving effect to Value Line’s non-voting revenues interest of $13,212,000, but before distributions to voting profits interest holders and to the Company in respect of its 50% non-voting profits interest.
Previous wording
The gross fees and net income of EAM’s investment management operations during the six months ended October 31, 2024, before interest holder distributions, included total investment management fees earned from the Value Line Funds of $15,342,000, 12b-1 fees and other fees of $3,952,000 and other net gains of $316,000. For the same period, total investment management fee waivers were $87,000 and 12b-1 fee waivers were $46,000. During the six months ended October 31, 2024, EAM's net income was $2,290,000 after giving effect to Value Line’s non-voting revenues interest of $7,726,000, but before distributions to voting profits interest holders and to the Company in respect of its 50% non-voting profits interest.
Current wording
The gross fees and net income of EAM’s investment management operations during the nine months ended January 31, 2025, before interest holder distributions, included total investment management fees earned from the Value Line Funds of $23,724,000, 12b-1 fees and other fees of $6,032,000 and other net gains of $456,000. For the same period, total investment management fee waivers were $131,000 and 12b-1 fee waivers were $69,000. During the nine months ended January 31, 2025, EAM's net income was $3,384,000 after giving effect to Value Line’s non-voting revenues interest of $12,089,000, but before distributions to voting profits interest holders and to the Company in respect of its 50% non-voting profits interest.
Previous wording
The Value Line equity and hybrid funds’ assets represent 99.3% and fixed income fund assets represent 0.7%, respectively, of total fund assets under management (“AUM”) as of October 31, 2025. At October 31, 2025, equity and hybrid AUM decreased slightly and fixed income AUM decreased by 8.4% compared to last year at October 31, 2024.
Current wording
The Value Line equity and hybrid funds’ assets represent 100% of total fund assets under management (“AUM”) as of January 31, 2026. At January 31, 2026, equity and hybrid AUM decreased by 15.0% compared to last year at January 31, 2025.
Previous wording
Expenses within the Company are categorized into advertising and promotion, salaries and employee benefits, production and distribution, office and administration. Operating expenses of $14,154,000 during the six months ended October 31, 2025, were slightly above those during the six months ended October 31, 2024.
Current wording
Expenses within the Company are categorized into advertising and promotion, salaries and employee benefits, production and distribution, office and administration. Operating expenses of $21,426,000 during the nine months ended January 31, 2026, were slightly below those during the nine months ended January 31, 2025.
Previous wording
During six months ended October 31, 2025, advertising and promotion expenses of $1,639,000 decreased 4.8% as compared to the prior fiscal year. During the six months ended October 31, 2025, decreases were primarily due to a decline in third party telemarketing and sales commissions.
Current wording
During the nine months ended January 31, 2026, advertising and promotion expenses of $2,628,000 decreased 2.6% as compared to the prior fiscal year. During the nine months ended January 31, 2026, decreases were primarily due to a decline in third party telemarketing costs and sales commissions.
Previous wording
During the six months ended October 31, 2025, salaries and employee benefits of $7,108,000 decreased slightly below the prior fiscal year.
Current wording
During the nine months ended January 31, 2026, salaries and employee benefits of $10,720,000 decreased slightly below the prior fiscal year.
Previous wording
During the six months ended October 31, 2025, production and distribution expenses of $3,054,000 increased 3.9% above prior fiscal year primarily due to an overlap of duplicate data feed and licensing fees during a transition to a new vendor.
Current wording
During the nine months ended January 31, 2026, production and distribution expenses of $4,446,000 increased 1.2% above the prior fiscal year primarily due to an overlap of data feed and licensing fees during a transition to a new vendor.
Previous wording
During the six months ended October 31, 2025, office and administrative expenses of $2,353,000 decreased slightly below the prior fiscal year.
Current wording
During the nine months ended January 31, 2026, office and administrative expenses of $3,632,000 decreased 1.9% below the prior fiscal year.
Previous wording
During the six months ended October 31, 2025, 29.0% of total publishing revenues of $17,162,000 were derived from a single customer.
Current wording
During the nine months ended January 31, 2026, 29.0% of total publishing revenues of $25,438,000 were derived from a single customer.
Previous wording
During the six months ended October 31, 2025, the Company’s total investment gains of $3,201,000 increased 10.6% above prior fiscal year, primarily derived from unrealized gains on equity securities. Proceeds from the sales of equity securities during the six months ended October 31, 2025 and October 31, 2024 were $305,000 and $3,075,000, respectively.
Current wording
During the nine months ended January 31, 2026, the Company’s total investment gains of 5,379,000 increased 51.2% above the prior fiscal year, primarily derived from unrealized gains on equity securities. Proceeds from the sales of equity securities during the nine months ended January 31, 2026 and January 31, 2025 were $328,000 and $3,173,000, respectively.
Previous wording
The overall effective income tax rates, as a percentage of pre-tax ordinary income for the six months ended October 31, 2025 and October 31, 2024 were 26.34% and 24.65%, respectively. The higher effective tax rate during six months ended October 31, 2025 as compared to October 31, 2024, is primarily a result of an increase in the state and local income taxes from 3.86% to 5.54% due to changes in state and local income tax allocations. The Company's annualized overall effective tax rate fluctuates due to a number of factors, in addition to changes in tax law, 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 among tax jurisdictions, taxation method adopted by each locality, new interpretations of existing tax laws and rulings and settlements with tax authorities.
Current wording
The overall effective income tax rates, as a percentage of pre-tax ordinary income for the nine months ended January 31, 2026 and January 31, 2025 were 26.10% and 25.60%, respectively. The higher effective tax rate during nine months ended January 31, 2026 as compared to January 31, 2025, is primarily a result of an increase in the state and local income taxes from 4.85% to 5.32% due to changes in state and local income tax allocations. The Company's annualized overall effective tax rate fluctuates due to a number of factors, in addition to changes in tax law, 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 among tax jurisdictions, taxation methods adopted by each locality, new interpretations of existing tax laws and rulings and settlements with tax authorities.
Previous wording
The Company had working capital, defined as current assets less current liabilities, of $62,530,000 as of October 31, 2025 and $56,230,000 as of April 30, 2025. These amounts include short-term unearned revenue of $14,177,000 and $16,558,000 reflected in total current liabilities at October 31, 2025 and April 30, 2025, respectively. Cash and short-term securities were $81,427,000 and $77,391,000 as of October 31, 2025 and April 30, 2025, respectively.
Current wording
The Company had working capital, defined as current assets less current liabilities, of $65,716,000 as of January 31, 2026 and $56,230,000 as of April 30, 2025. These amounts include short-term unearned revenue of $14,642,000 and $16,558,000 reflected in total current liabilities at January 31, 2026 and April 30, 2025, respectively. Cash and short-term securities were $84,550,000 and $77,391,000 as of January 31, 2026 and April 30, 2025, respectively.
Previous wording
The Company’s cash and cash equivalents include $42,987,000 and $33,615,000 at October 31, 2025 and April 30, 2025, respectively, invested primarily in Money Market Funds at brokers, which operate under Rule 2a-7 of the 1940 Act and invest primarily in short-term U.S. government securities and in commercial banks.
Current wording
The Company’s cash and cash equivalents include $45,995,000 and $33,615,000 at January 31, 2026 and April 30, 2025, respectively, invested primarily in Money Market Funds at brokers, which operate under Rule 2a-7 of the 1940 Act and invest primarily in short-term U.S. government securities and in commercial banks.
Previous wording
The Company had cash inflows from investing activities of $7,353,000 during the six months ended October 31, 2025, compared to cash inflows from investing activities of $4,889,000 for the six months ended October 31, 2024, respectively. The significant cash inflows from investing activities for the six months ended October 31, 2025 was a result of the company’s conscious decisions, to invest the proceeds from maturities of fixed income short-term securities in the company’s short-term U.S. Government money market funds at higher yields than U.S Treasury Bills.
Current wording
The Company had cash inflows from investing activities of $8,626,000 during the nine months ended January 31, 2026, compared to cash inflows from investing activities of $16,475,000 for the nine months ended January 31, 2025, respectively. The decrease in cash inflows from investing activities for the nine months ended January 31, 2026 compared to last year was a result of a decrease in investment in fixed income short-term securities in favor of higher yielding short-term U.S. Government money market investments.
Previous wording
During the six months ended October 31, 2025, the Company’s cash outflows from financing activities were $6,336,000, compared to cash outflows from financing activities of $5,830,000 for the six months ended October 31, 2024. Quarterly dividend payments of $0.325 per share during fiscal year 2026 aggregated $6,117,000. Quarterly regular dividend payments of $0.30 per share during fiscal year 2025 aggregated $5,652,000.
Current wording
During the nine months ended January 31, 2026, the Company’s cash outflows from financing activities were $10,041,000, compared to cash outflows from financing activities of $8,752,000 for the nine months ended January 31, 2025. Quarterly dividend payments of $0.325 per share during fiscal year 2026 aggregated $9,175,000. Quarterly regular dividend payments of $0.30 per share during fiscal year 2025 aggregated $8,478,000.
Previous wording
At October 31, 2025 there were 9,408,597 common shares outstanding as compared to 9,419,006 common shares outstanding at October 31, 2024. The Company expects financing activities to continue to include use of cash for dividend payments for the foreseeable future.
Current wording
At January 31, 2026 there were 9,402,966 common shares outstanding as compared to 9,418,527 common shares outstanding at January 31, 2025. The Company expects financing activities to continue to include use of cash for dividend payments for the foreseeable future.
Previous wording
Management believes that the Company’s cash and other liquid asset resources used in its business together with future cash flows from operations and from the Company’s non-voting revenues and non-voting profits interests from EAM will be sufficient to finance current and forecasted liquidity needs for the next twelve months and beyond. Management does not anticipate making any borrowings during the next twelve months. As of October 31, 2025, retained earnings and liquid assets were $119,426,000 and $81,427,000, respectively. As of April 30, 2025, retained earnings and liquid assets were $113,400,000 and $77,391,000, respectively. There are no off-balance-sheet arrangements, so none affect the interpretations of reported assets, liquidity, and debt.
Current wording
Management believes that the Company’s cash and other liquid asset resources used in its business together with future cash flows from operations and from the Company’s non-voting revenues and non-voting profits interests from EAM will be sufficient to finance current and forecasted liquidity needs for the next twelve months and beyond. Management does not anticipate making any borrowings during the next twelve months. As of January 31, 2026, retained earnings and liquid assets were $122,285,000 and $84,550,000, respectively. As of April 30, 2025, retained earnings and liquid assets were $113,400,000 and $77,391,000, respectively. There are no off-balance-sheet arrangements, so none affect the interpretations of reported assets, liquidity, and debt.
Previous wording
The Company’s critical accounting policy relates to the valuation of EAM. There have been no material changes in our critical accounting policies during the six months ended October 31, 2025. For a complete discussion of our critical accounting policies, refer to “Critical Accounting Policies and Estimates” discussed in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in the Company’s Annual Report on Form 10-K for fiscal year ended April 30, 2025.
Current wording
The Company’s critical accounting policy relates to the valuation of EAM. There have been no material changes in our critical accounting policies during the nine months ended January 31, 2026. For a complete discussion of our critical accounting policies, refer to “Critical Accounting Policies and Estimates” discussed in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in the Company’s Annual Report on Form 10-K for fiscal year ended April 30, 2025.
Previous wording
We are a party to a lease contract which will result in cash payments to a lessor in future periods. Operating lease liabilities are included in our Consolidated Balance Sheets. Estimated payments of these liabilities in each of the next three fiscal years and thereafter are (in thousands): $737 in 2026; $1,493 in 2027 and $882 in 2028 totaling $3,112.
Current wording
We are a party to a lease contract which will result in cash payments to a lessor in future periods. Operating lease liabilities are included in our Consolidated Balance Sheets. Estimated payments of these liabilities in each of the next three fiscal years and thereafter are (in thousands): $370 in 2026; $1,493 in 2027 and $882 in 2028 totaling $2,745.