<SEC-DOCUMENT>0001188112-11-002609.txt : 20110913
<SEC-HEADER>0001188112-11-002609.hdr.sgml : 20110913
<ACCEPTANCE-DATETIME>20110913172420
ACCESSION NUMBER:		0001188112-11-002609
CONFORMED SUBMISSION TYPE:	10-Q
PUBLIC DOCUMENT COUNT:		13
CONFORMED PERIOD OF REPORT:	20110731
FILED AS OF DATE:		20110913
DATE AS OF CHANGE:		20110913

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			VALUE LINE INC
		CENTRAL INDEX KEY:			0000717720
		STANDARD INDUSTRIAL CLASSIFICATION:	INVESTMENT ADVICE [6282]
		IRS NUMBER:				133139843
		STATE OF INCORPORATION:			NY
		FISCAL YEAR END:			0430

	FILING VALUES:
		FORM TYPE:		10-Q
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-11306
		FILM NUMBER:		111088744

	BUSINESS ADDRESS:	
		STREET 1:		220 E 42ND ST
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017
		BUSINESS PHONE:		2129071500
</SEC-HEADER>
<DOCUMENT>
<TYPE>10-Q
<SEQUENCE>1
<FILENAME>t71504_10q.htm
<DESCRIPTION>FORM 10-Q
<TEXT>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">UNITED STATES</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">SECURITIES AND EXCHANGE COMMISSION</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Washington, D.C.&#160;&#160;20549</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Mark One)</font></div>

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<div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-FAMILY: wingdings">x</font></font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">For the quarterly period ended <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">July 31, 2011</font></font></font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">or</font></div>

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<div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-FAMILY: wingdings">o</font></font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934</font></div>
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<div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">For the transition period from _____________________________________ to __________________________________</font></div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Commission File Number:&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">0-11306</font></font></font></div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><img src="t71504001_v1.jpg" alt="(VALUE LINE LOGO)"></div>

<div>&#160;</div>

<div align="center">
<table bgcolor="white" cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<td width="44%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">VALUE LINE, INC.</font></font></td>
<td width="44%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: center">&#160;</td>
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<td colspan="3" width="100%" style="TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(Exact name of registrant as specified in its charter)</font></td>
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<table align="center" bgcolor="white" cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<td width="20%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: center">&#160;</td>
<td width="6%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">New York</font></td>
<td width="22%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: center">&#160;</td>
<td width="4%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td width="21%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td width="7%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">13-3139843</font></td>
<td width="20%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: center">&#160;</td>
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<td colspan="3" width="48%" style="TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(State or other jurisdiction of incorporation or organization)</font></td>
<td width="4%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="3" width="48%" style="TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;(I.R.S. Employer Identification No.)</font></td>
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<table bgcolor="white" cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<td width="11%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap width="26%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">220 East 42nd Street, New York, New York</font></font></td>
<td width="18%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td width="18%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td width="7%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;10017-5891</font></td>
<td width="20%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: center">&#160;</td>
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<td width="11%" style="TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" width="26%" style="TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(Address of principal executive offices)&#160;</font></td>
<td width="18%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td width="18%" style="TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td width="7%" style="TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(Zip Code)</font></td>
<td width="20%" style="TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
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<div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>

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<table bgcolor="white" cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<td width="46%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(212) 907-1500</font></font></font></div>
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<td width="45%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
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<td colspan="3" width="100%" style="TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(Registrant&#8217;s telephone number, including area code)</font></td>
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<div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.&#160;&#160;&#160;&#160;&#160;</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Yes&#160;<font style="DISPLAY: inline;" face="Wingdings">x</font>&#160;&#160;No <font style="DISPLAY: inline;" face="Wingdings">o</font></font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (&#167;232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such
files)&#8221;.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></font></font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Yes&#160;<font style="DISPLAY: inline;" face="Wingdings">o</font>&#160;&#160;No <font style="DISPLAY: inline;" face="Wingdings">o</font></font></font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.&#160;&#160;See the definitions of &#8220;large accelerated filer,&#8221; &#8220;accelerated filer&#8221; and &#8220;smaller reporting company&#8221; in Rule 12b-2 of the Exchange Act.</font></div>

<div>&#160;</div>

<div align="center">
<table bgcolor="white" cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<td width="25%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160; Large accelerated filer&#160;<font style="DISPLAY: inline; FONT-FAMILY: wingdings">o</font></font></td>
<td width="25%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Accelerated filer&#160;<font style="DISPLAY: inline; FONT-FAMILY: wingdings">o</font></font></td>
<td width="25%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Non-accelerated filer&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: wingdings">x</font></font></td>
<td width="25%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Smaller reporting company <font style="DISPLAY: inline; FONT-FAMILY: wingdings">o</font></font></td>
</tr><tr>
<td width="25%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td width="25%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" width="25%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(Do not check if a smaller reporting company)</font></td>
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</div>

<div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Yes&#160;<font style="DISPLAY: inline;" face="Wingdings">o</font>&#160;&#160;No <font style="DISPLAY: inline;" face="Wingdings">x</font></font></div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Indicate the number of shares outstanding of each of the issuer&#8217;s classes of common stock, as of the latest practicable date.</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left">
<div>&#160;</div>

<div align="center">
<table bgcolor="white" cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td width="20%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: center">&#160;</td>
<td width="4%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;<font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Class</font></font></td>
<td width="20%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: center">&#160;</td>
<td width="3%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td width="17%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap width="18%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;<font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Outstanding at August 31, 2011</font></font></td>
<td width="18%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: center">&#160;</td>
</tr><tr>
<td colspan="3" width="44%" style="TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td width="3%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="3" width="53%" style="TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td colspan="3" width="44%" style="TEXT-ALIGN: center">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; TEXT-DECORATION: underline"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Common stock, $.10 par value</font></font></font></font></div>
</td>
<td width="3%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="3" width="53%" style="TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; TEXT-DECORATION: underline">9,940,881 Shares</font></td>
</tr></table>
</div>
</div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>

<div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160; </font></div>

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<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160; </font></div>
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<div>&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><img src="t71504002_v1.jpg" alt="(VALUE LINE LOGO)"></font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Page&#160;No.</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;&#160;</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><a href="#t71504a001v1">PART I. FINANCIAL INFORMATION</a></font></div>
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<td align="left" valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="top" width="78%"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="left" valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
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<td colspan="2" valign="middle" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><a href="#t71504a002v1">Item&#160;1.</a></font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><a href="#t71504a002v1">Consolidated Condensed Financial Statements</a></font></div>
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<td valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
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<td colspan="2" valign="middle" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
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<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;&#160;</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><a href="#t71504a003v1">Consolidated Condensed Balance Sheets as of July 31, 2011 and April 30, 2011</a></font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;&#160;</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">3</font></div>
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<td valign="middle" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
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<td colspan="2" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
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<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;&#160;</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><a href="#t71504a004v1">Consolidated Condensed Statements of Income for the three months ended July 31, 2011 and 2010</a></font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;&#160;</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">4</font></div>
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<td valign="middle" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td colspan="2" valign="bottom" width="82%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td colspan="2" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
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<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;&#160;</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><a href="#t71504a005v1">Consolidated Condensed Statements of Cash Flows for the three months ended July 31, 2011 and 2010</a></font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;&#160;</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">5</font></div>
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<td valign="middle" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
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<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
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<div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><a href="#t71504a006v1">Consolidated Condensed Statement of Changes in Shareholders&#8217; Equity for the three months ended July 31, 2011</a></font></div>
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<td valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
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<div style="DISPLAY: block; TEXT-INDENT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">6</font></div>
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<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td align="left" valign="bottom" width="78%">
<div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><a href="#t71504a007v1">Consolidated Condensed Statement of Changes in Shareholders&#8217; Equity for the three months ended July 31, 2010</a></font></div>
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<td valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
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<div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">7</font></div>
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<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td align="left" valign="bottom" width="4%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;&#160;</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><a href="#t71504a008v1">Notes to Consolidated Condensed Financial Statements</a></font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">8</font></div>
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<td valign="middle" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td colspan="2" valign="middle" width="82%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td colspan="2" valign="middle" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><a href="#t71504a009v1">Item 2.</a></font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><a href="#t71504a009v1">Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations</a></font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;&#160;</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">21</font></div>
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<td valign="middle" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td colspan="2" valign="middle" width="82%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td colspan="2" valign="middle" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><a href="#t71504a010v1">Item 3.</a></font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><a href="#t71504a010v1">Quantitative and Qualitative Disclosures About Market Risk</a></font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;&#160;</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">32</font></div>
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<td valign="middle" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td align="left" colspan="2" valign="middle" width="82%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
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<td colspan="2" valign="middle" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><a href="#t71504a011v1">Item 4.</a></font></div>
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<td align="left" valign="bottom" width="78%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><a href="#t71504a011v1">Controls and Procedures</a></font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">34</font></div>
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<td valign="middle" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td colspan="2" valign="middle" width="82%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td colspan="2" valign="middle" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
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<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;&#160;</font></div>
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<td valign="top" width="78%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><a href="#t71504a012v1">PART II. OTHER INFORMATION</a></font></div>
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<td align="left" valign="bottom" width="4%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;&#160;</font></div>
</td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
</tr><tr>
<td valign="middle" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td colspan="2" valign="middle" width="82%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td colspan="2" valign="middle" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="8%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><a href="#t71504a013v1">Item 1.</a></font></div>
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<td align="left" valign="bottom" width="4%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;&#160;</font></div>
</td>
<td align="left" valign="bottom" width="78%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><a href="#t71504a013v1">Legal Proceedings</a></font></div>
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<td align="left" valign="bottom" width="4%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;&#160;</font></div>
</td>
<td align="right" valign="bottom" width="6%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">34</font></div>
</td>
</tr><tr>
<td valign="middle" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td colspan="2" valign="middle" width="82%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td colspan="2" valign="middle" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="8%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><a href="#t71504a014v1">Item&#160;1A.</a></font></div>
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<td align="left" valign="bottom" width="4%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;&#160;</font></div>
</td>
<td align="left" valign="bottom" width="78%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><a href="#t71504a014v1">Risk Factors</a></font></div>
</td>
<td align="left" valign="bottom" width="4%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;&#160;</font></div>
</td>
<td align="right" valign="bottom" width="6%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">34</font></div>
</td>
</tr><tr>
<td valign="middle" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td colspan="2" valign="middle" width="82%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td colspan="2" valign="middle" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="8%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><a href="#t71504a015v1">Item 2.</a></font></div>
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<td valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td align="left" valign="bottom" width="78%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><a href="#t71504a015v1">Unregistered Sales of Equity Securities and Use of Proceeds</a></font></div>
</td>
<td valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td align="right" valign="bottom" width="6%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">34</font></div>
</td>
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<td align="left" valign="top" width="8%"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="left" valign="bottom" width="78%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td align="left" valign="top" width="8%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><a href="#t71504a016v1">Item 5.</a></font></div>
</td>
<td valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td align="left" valign="bottom" width="78%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><a href="#t71504a016v1">Other Information</a></font></font></div>
</td>
<td valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td align="right" valign="bottom" width="6%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">35</font></div>
</td>
</tr><tr>
<td align="left" valign="top" width="8%"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="left" valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="left" valign="bottom" width="78%"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="left" valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td align="left" valign="top" width="8%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><a href="#t71504a017v1">Item 6.</a></font></div>
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<td align="left" valign="bottom" width="4%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;&#160;</font></div>
</td>
<td align="left" valign="bottom" width="78%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><a href="#t71504a017v1">Exhibits</a></font></div>
</td>
<td align="left" valign="bottom" width="4%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;&#160;</font></div>
</td>
<td align="right" valign="bottom" width="6%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">35</font></div>
</td>
</tr><tr>
<td valign="middle" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td colspan="2" valign="middle" width="82%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td colspan="2" valign="middle" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
</tr><tr>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td align="left" valign="bottom" width="4%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;&#160;</font></div>
</td>
<td align="left" valign="bottom" width="78%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><a href="#t71504a018v1">Signatures</a></font></div>
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<td align="left" valign="bottom" width="4%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;&#160;</font></div>
</td>
<td align="right" valign="bottom" width="6%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">36</font></div>
</td>
</tr></table>
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<div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160; </font></div>

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<hr style="COLOR: gainsboro" noshade size="1">
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<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160; </font></div>
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<div>&#160;</div>

<div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><a name="t71504a001v1">Part I - Financial Information</a></font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;&#160;&#160;<a name="t71504a002v1">&#160;&#160;Item 1. Financial Statements</a></font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Value Line, Inc.<br>
</font></font>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><a name="t71504a003v1">Consolidated Condensed Balance Sheets</a></font></font></font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(in thousands, except share amounts)</font></font></font></div>
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<table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">July 31,</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">April 30,</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">2011</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">2011</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(unaudited)</font></font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Assets</font></div>
</td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Current Assets:</font></div>
</td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Cash and cash equivalents (including short term investments of $6,615 and $6,158, respectively)</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">7,186</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">6,802</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Securities available-for-sale</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">9,596</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">12,674</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
<div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Accounts receivable, net of allowance for doubtful </font>accounts of $45 and $45, respectively</font></div>
</div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">1,298</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">1,599</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Receivable from affiliates</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">1</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">38</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Prepaid and refundable income taxes</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">217</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">59</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Prepaid expenses and other current assets</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">992</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">1,028</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%" style="PADDING-LEFT: 0pt; PADDING-BOTTOM: 2px; MARGIN-LEFT: 9pt">
<div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Deferred income taxes</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">1,806</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">3,022</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Total current assets</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">21,096</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">25,222</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="76%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Long term assets:</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Investment in EAM Trust</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">56,226</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">56,367</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Property and equipment, net</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">4,019</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">4,084</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%" style="PADDING-LEFT: 0pt; PADDING-BOTTOM: 2px; MARGIN-LEFT: 9pt">
<div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Capitalized software and other intangible assets, net</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">3,621</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">2,130</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="76%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%" style="PADDING-LEFT: 0pt; PADDING-BOTTOM: 2px; MARGIN-LEFT: 9pt">
<div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Total long term assets</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">63,866</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">62,581</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="76%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%" style="PADDING-LEFT: 0pt; PADDING-BOTTOM: 4px; MARGIN-LEFT: 9pt">
<div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Total assets</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">84,962</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">87,803</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="76%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Liabilities and Shareholders<font style="DISPLAY: inline; FONT-FAMILY: times new roman">&#8217;</font> Equity</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 446pt">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Current Liabilities:</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Accounts payable and accrued liabilities</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">3,391</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">4,266</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Accrued salaries</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">781</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">913</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Dividends payable</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">1,993</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">1,995</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Accrued taxes payable</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">336</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">336</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Reserve for settlement expenses</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">1,384</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">1,464</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%" style="PADDING-LEFT: 0pt; PADDING-BOTTOM: 2px; MARGIN-LEFT: 9pt">
<div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Unearned revenue</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">21,103</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">22,442</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Total current liabilities</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">28,988</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">31,416</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="76%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Long term liabilities:</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Unearned revenue</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">4,296</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">4,559</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%" style="PADDING-LEFT: 0pt; PADDING-BOTTOM: 2px; MARGIN-LEFT: 9pt">
<div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Deferred income taxes</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">18,548</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">18,574</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%" style="PADDING-LEFT: 0pt; PADDING-BOTTOM: 2px; MARGIN-LEFT: 9pt">
<div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Total long term liabilities</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">22,844</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">23,133</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="76%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Shareholders<font style="DISPLAY: inline; FONT-FAMILY: times new roman">&#8217;</font> Equity:</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Common stock, $.10 par value; authorized 30,000,000 shares; issued 10,000,000 shares</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">1,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">1,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Additional paid-in capital</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">991</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">991</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Retained earnings</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">31,727</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">31,644</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
<div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Treasury stock, at cost (36,819 shares on 7/31/11 </font>and 25,119 shares on 4/30/11)</font></div>
</div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(602</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(444</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">)</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%" style="PADDING-LEFT: 0pt; PADDING-BOTTOM: 2px; MARGIN-LEFT: 9pt">
<div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Accumulated other comprehensive income, net of tax</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">14</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">63</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%" style="PADDING-LEFT: 0pt; PADDING-BOTTOM: 2px; MARGIN-LEFT: 9pt">
<div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Total shareholders<font style="DISPLAY: inline; FONT-FAMILY: times new roman">&#8217;</font> equity</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">33,130</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">33,254</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="76%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%" style="PADDING-LEFT: 0pt; PADDING-BOTTOM: 4px; MARGIN-LEFT: 9pt">
<div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Total liabilities and shareholders<font style="DISPLAY: inline; FONT-FAMILY: times new roman">&#8217; </font>equity</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">84,962</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">87,803</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr></table>
</div>

<div>&#160;</div>
</div>

<div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">The accompanying notes are an integral part of these consolidated condensed financial <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">statements.</font></font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
</div>

<div>
<div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3</font></div>

<div style="WIDTH: 100%; TEXT-ALIGN: center">
<hr style="COLOR: gainsboro" noshade size="1">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160; </font></div>
</div>
</div>
</div>

<div>&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Part I - Financial Information</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Item 1. Financial Statements</font></div>

<div style="TEXT-ALIGN: center"><br>
<font style="DISPLAY: inline; FONT-WEIGHT: bold">Value Line, Inc.</font></div>

<div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><a name="t71504a004v1">Consolidated Condensed Statements of Income</a></font></div>

<div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold">(in thousands, except share &amp; per share amounts)</font></div>

<div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold">(unaudited)</font></div>

<div>
<div>&#160;</div>

<div align="left">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td align="left" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="6" nowrap valign="bottom">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">For the three<br>
months ended</font></font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">July 31,</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">2011</font></font></td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">2010</font></font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Revenues:</font></div>
</td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Investment periodicals and related publications</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">8,398</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">8,617</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Copyright data fees</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">972</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">777</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%" style="PADDING-LEFT: 0pt; PADDING-BOTTOM: 2px; MARGIN-LEFT: 9pt">
<div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Investment management fees &amp; services</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">-</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">4,215</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Total revenues</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">9,370</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">13,609</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Expenses:</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Advertising and promotion</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">1,121</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">1,718</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Salaries and employee benefits</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">3,640</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">3,877</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Production and distribution</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">1,229</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">1,138</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%" style="PADDING-LEFT: 0pt; PADDING-BOTTOM: 2px; MARGIN-LEFT: 9pt">
<div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Office and administration</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">1,742</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">3,330</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%" style="PADDING-LEFT: 0pt; PADDING-BOTTOM: 2px; MARGIN-LEFT: 9pt">
<div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Total expenses</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">7,732</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">10,063</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Income from operations</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">1,638</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">3,546</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Revenues and profits interests in EAM Trust</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">1,572</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 2px">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Income from securities transactions, net</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">11</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">37</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Income before income taxes</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">3,221</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">3,583</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 2px">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Income tax provision</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">1,145</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">1,266</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%" style="PADDING-LEFT: 0pt; PADDING-BOTTOM: 4px; MARGIN-LEFT: 9pt">
<div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Net income</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">2,076</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">2,317</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 4px">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Earnings per share, basic &amp; fully diluted</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">0.21</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">0.23</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 4px">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Weighted average number of common shares</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">9,965,021</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">9,981,600</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr></table>
</div>

<div>&#160;</div>

<div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">The accompanying notes are an integral part of these consolidated condensed financial <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">statements.</font></font></div>
</div>
</div>

<div><br>
</div>

<div>
<div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4</font></div>

<div style="WIDTH: 100%; TEXT-ALIGN: center">
<hr style="COLOR: gainsboro" noshade size="1">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160; </font></div>
</div>
</div>
</div>

<div>&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Part I - Financial Information</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Item 1. Financial Statements</font></div>

<div>&#160;</div>

<div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Value Line, Inc.</font></div>

<div style="TEXT-ALIGN: center">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><a name="t71504a005v1">Consolidated Condensed Statements of Cash Flows</a></font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold">(in thousands)</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold">(unaudited)</font></div>
</div>

<div>
<div>&#160;</div>

<div align="left">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td align="left" valign="bottom"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="6" nowrap valign="bottom">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">For the three <br>
months ended</font></font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">July 31,</font></font></font></div>
</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">2011 </font></font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">July 31,</font></font></font></div>
</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">2010</font></font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Cash flows from operating activities:</font></div>
</td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Net income</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">2,076</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">2,317</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="76%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Adjustments to reconcile net income to net cash </font>provided by operating activities:</font></div>
</div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Depreciation and amortization</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">135</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">152</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Amortization of bond premium</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">13</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Revenues and profits interests in EAM Trust</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(1,572</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Realized losses on sales of securities available for sale </font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">5</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Deferred income taxes</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">1,216</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">1,266</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Changes in assets and liabilities:</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(Decrease) in unearned revenue</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(1,602</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(1,023</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">)</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(Decrease) in reserve for settlement</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(80</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(229</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">)</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(Decrease) in operating lease exit obligation</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(145</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(Decrease) in accounts payable &amp; accrued expenses</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(730</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(1,096</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">)</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(Decrease) in accrued salaries</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(132</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(196</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">)</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(Increase)/decrease in prepaid and refundable income taxes</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(70</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">1,598</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(Increase)/decrease in prepaid expenses and other current assets</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">36</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(28</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">)</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Decrease in accounts receivable</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">301</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">452</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%" style="PADDING-LEFT: 0pt; PADDING-BOTTOM: 2px; MARGIN-LEFT: 9pt">
<div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Decrease in receivable from affiliates</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">36</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">141</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%" style="PADDING-LEFT: 0pt; PADDING-BOTTOM: 2px; MARGIN-LEFT: 9pt">
<div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Total adjustments</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(2,602</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">)</font></td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">1,050</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 2px">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Net cash (used in)/provided by operating activities</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(526</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">)</font></td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">3,367</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Cash flows from investing activities:</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td align="left" colspan="8" nowrap valign="bottom" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Purchases and sales of securities classified as available for sale:</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Proceeds from sales of fixed income securities</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">2,998</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">6,706</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Purchase of fixed income securities</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(12,011</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">)</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Revenues and profits distributions received from EAM Trust</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">1,626</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Acquisition of property and equipment</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(4</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(22</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">)</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%" style="PADDING-LEFT: 0pt; PADDING-BOTTOM: 2px; MARGIN-LEFT: 9pt">
<div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Expenditures for capitalized software</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(1,557</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">)</font></td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(41</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">)</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 2px">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Net cash provided by /(used in) investing activities</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">3,063</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(5,368</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">)</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Cash flows from financing activities:</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Purchase of treasury stock at cost</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(158</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%" style="PADDING-LEFT: 0pt; PADDING-BOTTOM: 2px; MARGIN-LEFT: 9pt">
<div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Dividends paid</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(1,995</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">)</font></td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">-</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 2px">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Net cash used in financing activities</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(2,153</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">)</font></td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">-</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Net increase /(decrease) in cash and cash equivalents&#160;&#160;</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">384</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(2,001</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">)</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 2px">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Cash and cash equivalents at beginning of year</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">6,802</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">16,435</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 4px">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Cash and cash equivalents at end of period</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">7,186</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">14,434</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr></table>
</div>
</div>

<div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></div>

<div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">The accompanying notes are an integral part of these consolidated condensed financial statements.</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
</div>

<div>
<div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">5</font></div>

<div style="WIDTH: 100%; TEXT-ALIGN: center">
<hr style="COLOR: gainsboro" noshade size="1">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160; </font></div>
</div>
</div>
</div>

<div>&#160;</div>

<div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Part I - Financial Information</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Item 1. Financial Statements</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
</div>

<div>
<div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Value Line, Inc.</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><a name="t71504a006v1">Consolidated Condensed Statement of Changes in Shareholders<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8217;</font> Equity</a></font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold">For the Three Months Ended July 31, 2011</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold">(in thousands, except share amounts)</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold">(unaudited)</font></div>
</div>
</div>

<div align="left">
<div align="left">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="10" nowrap valign="bottom" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Common stock</font></font></td>
<td nowrap valign="bottom" width="0%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="3" nowrap valign="bottom" width="0%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom" width="0%" style="TEXT-ALIGN: center">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Accumulated</font></font></font></div>
</td>
<td nowrap valign="bottom" width="0%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></div>
</td>
<td colspan="3" nowrap valign="bottom" width="0%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Number</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom" width="0%" style="TEXT-ALIGN: center">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Additional</font></font></div>
</td>
<td nowrap valign="bottom" width="0%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></div>
</td>
<td colspan="3" nowrap valign="bottom" width="0%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom" width="0%" style="TEXT-ALIGN: center">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Other</font></font></div>
</td>
<td nowrap valign="bottom" width="0%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></div>
</td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">of</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">paid-in</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Treasury</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Comprehensive</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Retained</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom" width="0%" style="TEXT-ALIGN: center">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Comprehensive</font></font></font></div>
</td>
<td nowrap valign="bottom" width="0%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></div>
</td>
<td colspan="3" nowrap valign="bottom" width="0%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">shares</font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Amount</font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">capital</font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Stock</font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">income/(loss)</font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">earnings</font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">income</font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Total</font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Balance at April 30, 2011</font></div>
</td>
<td align="right" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">9,974,881</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">1,000</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">991</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(444</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">)</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">31,644</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">63</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">33,254</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td align="left" nowrap valign="bottom" width="20%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
<div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Comprehensive income<br>
</font>Net income</font></div>
</div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">2,076</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">2,076</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">2,076</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td align="left" colspan="4" nowrap valign="bottom">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td align="left" colspan="4" valign="bottom" width="20%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
<div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Other comprehensive income/ (loss), </font></font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">net of tax:</font></div>
</div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td colspan="6" valign="bottom" width="0%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left">
<div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Change in unrealized</font></font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">gains/ (losses) on securities, net of taxes</font></div>
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<td align="left" colspan="6" nowrap valign="bottom" width="0%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></div>
</div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(49</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">)</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(49</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">)</font></td>
<td align="right" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(49</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">)</font></td>
</tr><tr>
<td valign="bottom" width="20%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="20%" style="PADDING-BOTTOM: 4px">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Comprehensive income</font></div>
</td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="PADDING-BOTTOM: 4px; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="PADDING-BOTTOM: 4px; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="PADDING-BOTTOM: 4px; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="PADDING-BOTTOM: 4px; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">2,027</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="PADDING-BOTTOM: 4px; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="PADDING-BOTTOM: 4px; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="PADDING-BOTTOM: 4px; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="20%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="20%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Purchase of treasury stock</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(11,700</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">)</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(158</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">)</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(158</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">)</font></td>
</tr><tr>
<td valign="bottom" width="20%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="20%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Dividends declared</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(1,993</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">)</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(1,993</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">)</font></td>
</tr><tr>
<td valign="bottom" width="20%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="20%" style="PADDING-BOTTOM: 4px">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Balance at July 31, 2011</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">9,963,181</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">1,000</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">991</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(602</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">)</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="PADDING-BOTTOM: 4px; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">31,727</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">14</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">33,130</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr></table>
</div>

<div>&#160;</div>
</div>
</div>

<div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">The accompanying notes are an integral part of these consolidated condensed financial statements.</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
</div>

<div>
<div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">6</font></div>

<div style="WIDTH: 100%; TEXT-ALIGN: center">
<hr style="COLOR: gainsboro" noshade size="1">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160; </font></div>
</div>
</div>
</div>

<div>&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Part I - Financial Information</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Item 1. Financial Statements</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="left">&#160;</div>

<div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Value Line, Inc.</font></div>

<div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><a name="t71504a007v1">Consolidated Condensed Statement of Changes in Shareholders<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8217;</font> Equity</a></font></div>

<div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold">For the Three Months Ended July 31, 2010</font></div>

<div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold">(in thousands, except share amounts)</font><br>
<font style="DISPLAY: inline; FONT-WEIGHT: bold">(unaudited)</font></div>

<div>
<div align="left">
<div style="TEXT-ALIGN: center">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="10" nowrap valign="bottom" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Common stock</font></font></td>
<td nowrap valign="bottom" width="0%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="3" nowrap valign="bottom" width="0%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom" width="0%" style="TEXT-ALIGN: center">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Accumulated</font></font></font></div>
</td>
<td nowrap valign="bottom" width="0%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></div>
</td>
<td colspan="3" nowrap valign="bottom" width="0%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Number</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom" width="0%" style="TEXT-ALIGN: center">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Additional</font></font></div>
</td>
<td nowrap valign="bottom" width="0%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="3" nowrap valign="bottom" width="0%">&#160;</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom" width="0%" style="TEXT-ALIGN: center">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Other</font></font></div>
</td>
<td nowrap valign="bottom" width="0%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></div>
</td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">of</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">paid-in</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Treasury</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Comprehensive</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Retained</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom" width="0%" style="TEXT-ALIGN: center">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Comprehensive</font></font></font></div>
</td>
<td nowrap valign="bottom" width="0%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></div>
</td>
<td colspan="3" nowrap valign="bottom" width="0%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">shares</font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Amount</font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">capital</font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Stock</font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">income</font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">earnings</font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">income/(loss)</font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Total</font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Balance at April 30, 2010</font></div>
</td>
<td align="right" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">9,981,600</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">1,000</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">991</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(354</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">)</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">19,813</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(2</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">)</font></td>
<td align="right" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">21,448</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Comprehensive income</font></div>
</td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="20%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Net income</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">2,317</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">2,317</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">2,317</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td align="left" colspan="2" nowrap valign="bottom" width="0%">
<div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Other comprehensive income/ </font>(loss), net of tax:</font></div>
</td>
<td align="left" colspan="2" nowrap valign="bottom" width="0%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
<div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></div>
</div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td align="left" colspan="3" valign="bottom" width="0%" style="PADDING-LEFT: 0pt; PADDING-BOTTOM: 2px; MARGIN-LEFT: 9pt">
<div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Change in unrealized gains/ </font>(losses) on securities, net of taxes</font></div>
</td>
<td align="left" colspan="3" nowrap valign="bottom" width="0%" style="PADDING-BOTTOM: 2px">
<div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></div>
</td>
<td align="left" colspan="6" nowrap valign="bottom" width="0%" style="PADDING-BOTTOM: 2px">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
<div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></div>
</div>
</td>
<td nowrap valign="bottom" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(10</font></td>
<td nowrap valign="bottom" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">)</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(10</font></td>
<td nowrap valign="bottom" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">)</font></td>
<td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(10</font></td>
<td nowrap valign="bottom" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">)</font></td>
</tr><tr>
<td valign="bottom" width="20%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="20%" style="PADDING-BOTTOM: 4px">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Comprehensive income</font></div>
</td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="PADDING-BOTTOM: 4px; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="PADDING-BOTTOM: 4px; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="PADDING-BOTTOM: 4px; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="PADDING-BOTTOM: 4px; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">2,307</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="PADDING-BOTTOM: 4px; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="PADDING-BOTTOM: 4px; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="PADDING-BOTTOM: 4px; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="20%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="20%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Dividends declared</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(1,996</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">)</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(1,996</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">)</font></td>
</tr><tr>
<td valign="bottom" width="20%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="20%" style="PADDING-BOTTOM: 4px">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Balance at July 31, 2010</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">9,981,600</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">1,000</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
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<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">991</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(354</font></td>
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<td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="7%" style="PADDING-BOTTOM: 4px; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">20,134</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
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<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(12</font></td>
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<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">21,759</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr></table>
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<div style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">The accompanying notes are an integral part of these consolidated condensed financial statements.</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Value Line, Inc.</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><a name="t71504a008v1">Notes to Consolidated Condensed Financial Statements</a></font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Note 1-Organization and Summary of Significant Accounting Policies:</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The interim consolidated condensed financial statements of Value Line, Inc., together with its subsidiaries (collectively referred to as the &#8220;Company&#8221;, &#8220;Value Line&#8221;, or &#8220;VLI&#8221;), are unaudited. In the opinion of management, the accompanying unaudited consolidated condensed financial statements contain all adjustments (consisting of normal recurring accruals except as noted below) considered necessary for a fair presentation. This report should be read in conjunction with the financial statements and footnotes contained in the Company&#8217;s annual report on Form 10-K, dated July 29, 2011 for the fiscal year ended April 30, 2011. Results of operations covered by this report
may not be indicative of the results of operations for the entire year.</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Value Line is incorporated in the State of New York.&#160;&#160;The Company&#8217;s primary business is producing investment related periodical publications and making available copyright data including certain Value Line trademarks and Value Line proprietary ranking system information to third parties under written agreements for use in third party managed and marketed investment products.&#160;&#160;Prior to December 23, 2010 (the &#8220;Restructuring Date&#8221;), VLI, through its direct subsidiary EULAV Asset Management LLC (&#8220;EAM LLC&#8221;), provided investment management services to the Value Line Mutual Funds (&#8220;Value Line Funds&#8221; or the &#8220;Funds&#8221;), institutions and individual
accounts, and, through EAM LLC&#8217;s subsidiary EULAV Securities, Inc. (&#8220;ESI&#8221;), provided distribution, marketing, and administrative services to the Value Line Funds.&#160;&#160;On December 23, 2010, the Company deconsolidated the asset management and mutual fund distribution subsidiaries and exchanged its controlling interest in these subsidiaries for a non-voting revenues interest and a non-voting profits interest in EULAV Asset Management, a Delaware business trust (&#8220;EAM&#8221;), the successor to EAM LLC and the sole member of EULAV Securities LLC (&#8220;ES&#8221;), the successor to ESI, (the &#8220;Restructuring Transaction&#8221;).&#160;&#160;VLI also recorded as post-employment compensation expense the value of a voting profits interest in EAM granted to one of the Trustees of EAM, a former VLI employee.&#160;&#160;Pursuant to the EAM Declaration of Trust
dated as of December 23, 2010 (the &#8220;EAM Trust Agreement&#8221;), VLI granted EAM the right to use the Value Line name for all existing Value Line Funds and agreed to supply, without charge or expense, the Value Line Proprietary Ranking information to EAM for use in managing the Value Line Funds.&#160;&#160;The name &#8220;Value Line&#8221; as used to describe the Company, its products, and its subsidiaries, is a registered trademark of the Company.&#160;&#160;Additional rights of the Company under the EAM Trust Agreement&#160;are discussed in Note 11 - Legal Proceedings and Restructuring.</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Principles of consolidation:&#160;&#160;The Company follows the guidance in the Financial Accounting Standards Board&#8217;s (&#8220;FASB&#8221;) Topic 810 &#8220;Consolidation&#8221; to determine if it should consolidate its investment in a variable interest entity (&#8220;VIE&#8221;). 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&#160;&#160;(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&#8217;s
activities that most significantly affect the entity&#8217;s economic performance.&#160;&#160;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.&#160;&#160;The determination of a controlling financial interest in a VIE is based on a qualitative assessment to indentify the variable interest holder, if any, that has (i) the power to direct the activities of the VIE that most significantly impact the VIE&#8217;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.&#160;&#160;The accounting guidance requires the Company to perform an ongoing assessment of whether the Company is the primary beneficiary of a variable
interest entity.&#160;&#160;For fiscal 2012, the Company has determined it is not the primary beneficiary of a VIE.</font></font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In accordance with FASB&#8217;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 Restructuring Transaction and deconsolidated the related affiliates in accordance with FASB&#8217;s Topic 810. As part of the Restructuring Transaction, the Company received a significant non-voting revenues interest (excluding distribution revenues) and a non-voting profits interest in the new entity, EAM. The Company relied on the guidance in FASB&#8217;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 Statement of Income.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Accounting Standards Codification:</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">During fiscal year 2010, the Company adopted the FASB&#8217;s <font style="DISPLAY: inline; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Accounting Standards Codification (&#8220;ASC&#8221;). </font>The FASB&#8217;s ASC is the source of authoritative U.S. accounting and reporting standards for nongovernmental entities, in addition to guidance issued by the SEC. The FASB&#8217;s ASC reorganized the thousands of U.S. GAAP pronouncements into roughly 90 accounting topics and displays all topics using a consistent structure. Although not the official source, it also includes relevant portions of authoritative SEC guidance that follows the same topical structure in separate sections in the Codification. The
financial statements of the Company have been updated to reflect the relevant references to the FASB&#8217;s ASC.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 225pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Value Line, Inc.</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Notes to Consolidated Condensed Financial Statements</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Revenue Recognition:</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Depending upon the product, subscription fulfillment for Value Line publications is available in print, via internet access and CD-ROM. The length of a subscription varies by product and offer received by the subscriber. Generally, subscriptions are available as trial subscriptions, annual subscriptions and/or multi-year subscriptions. Subscription revenues are recognized on a straight line basis over the life of the subscription. Accordingly, the amount of subscription fees to be earned by fulfilling subscriptions after the date of the balance sheet is shown as unearned revenue within current and long-term liabilities.</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">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. 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.&#160;&#160;</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Prior to the Restructuring Date, the Company earned investment management fees that consisted of management fees from the Value Line Funds and from asset management clients. Investment management fees for the Funds were earned on a monthly basis as services were performed. The fees were calculated based on average daily net assets of the Funds in accordance with each Fund&#8217;s advisory agreement (see Notes 7 and 11).&#160;&#160;</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The management fees and average daily net assets for the Value Line Funds are calculated by State Street Bank, which serves as the fund accountant, fund administrator, and custodian of the Value Line Funds. </font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The Value Line Funds are open-end management companies registered under the Investment Company Act of 1940 (the &#8220;1940 Act&#8221;). Shareholder transactions for the Value Line Funds are processed each business day by the third party transfer agent of the Funds. Shares can be redeemed without advance notice upon request of the shareowners each day that the New York Stock Exchange is open. Prior to December 1, 2010, EAM LLC, in addition to managing the Value Line Funds, separately managed accounts of institutions and high net worth individuals for which it was paid an advisory fee. EAM had no separately managed accounts as of July 31, 2011. Assets within the separately managed accounts were held at third
party custodians and were subject to the terms of the applicable advisory agreement and did not have any advance notice requirement for withdrawals.</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Also, prior to the Restructuring Date, service and distribution fees were received from the Value Line Funds in accordance with service and distribution plans under rule 12b-1 of the Investment Company Act of 1940. These plans are compensation plans, which means that the distributor&#8217;s fees under the plans are payable without regard to actual expenses incurred by the distributor, and therefore the distributor may earn a profit under the plan. Expenses incurred by ESI, the distributor of the Value Line Funds prior to the Restructuring Date, included payments to securities dealers, banks, financial institutions and other organizations that provided distribution, marketing, and administrative services with
respect to the Value Line Funds. Service and distribution fees are received by the distributor on a monthly basis and calculated based upon the average daily net assets of the respective Fund in accordance with each Fund prospectus (see Notes 7 and 11).&#160;&#160;</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Investment in Unconsolidated Entities:&#160;&#160;</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The Company accounts for its investments in unconsolidated entities (EAM) using the equity method of accounting in accordance with FASB&#8217;s ASC 323. The equity method is an appropriate means of recognizing increases or decreases measured by generally accepted accounting principles (&#8220;GAAP&#8221;) 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></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The Company<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8217;</font>s <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8220;</font>interests<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8221;</font> in EAM, the investment adviser to and the sole member of the distributor of the Value Line Funds, consist of a <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8220;</font>non-voting revenues interest<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8221;</font> and a <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8220;</font>non-voting profits interest<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8221;</font> in
EAM. The non-voting revenues interest entitles the Company to receive a range of 41% to 55% (depending on the amount of revenues) of EAM<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8217;</font>s adjusted gross revenues (excluding ES<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8217;</font>s distribution revenues). The non-voting profits interest entitles the Company to receive 50% (subject to certain limited adjustments) of the profits (as defined in the EAM Trust Agreement) of EAM. The revenues interest and at least 90% of the profits interest are to be distributed each quarter to all interest holders of EAM, including Value Line. Subsequent to December 23, 2010, the Company<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8217;</font>s revenues interest in EAM excludes participation in the service and distribution fees of
EAM<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8217;</font>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, it does have a contractual right to receive these revenues and profits.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Value Line, Inc.</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Notes to Consolidated Condensed Financial Statements</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Valuation of Securities:</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The Company&#8217;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 exchange traded equity funds, shares of equity securities in various publicly traded companies, government debt securities, and FDIC insured commercial paper and are valued in accordance with the requirements of the Fair Value Measurements Topic of the FASB&#8217;s ASC 820. The securities available-for-sale reflected in the Consolidated Condensed Balance Sheets are valued at market and unrealized gains and losses on securities classified as available-for-sale, net of applicable taxes, are reported as a
separate component of Shareholders&#8217; Equity. Realized gains and losses on sales of the securities classified as available-for-sale are recorded in earnings on trade date and are determined on the identified cost method. </font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The Company classifies its securities available-for-sale as current assets. It does so to properly reflect its liquidity and to recognize the fact that it has liquid assets available-for-sale should the need arise.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Market valuation of securities listed on a securities exchange is based on the closing sales prices on the last business day of each month. Valuation of exchange traded funds shares is based upon the publicly quoted price of the shares listed on a securities exchange. The market value of the Company&#8217;s fixed maturity government debt obligations is determined utilizing publicly quoted market prices. Cash equivalents consist of investments in Money Market Funds that invest primarily in U.S. Government securities valued at $1 per share in accordance with rule 2a-7 under the 1940 Act.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The Fair Value Measurements Topic of FASB&#8217;s ASC 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&#160;&#160;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&#8217;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. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Level 1 &#8211; quoted prices in active markets for identical investments</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Level 2 &#8211; other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.) </font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Level 3 &#8211; significant unobservable inputs (including the Company&#8217;s own assumptions in determining the fair value of investments)</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The valuation techniques used by the Company to measure fair value for Level 1 securities consisted of quoted prices in active markets for identical assets.</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The following is a summary of the inputs used as of July 31, 2011 in valuing the Company&#8217;s investments carried at fair value:</font></div>

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<td colspan="10" valign="bottom" width="34%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font> <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(in thousands)</font></td>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Investments in</font></div>
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<td valign="bottom" width="1%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Securities</font></div>
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<td valign="bottom" width="44%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="TEXT-ALIGN: center">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Cash</font></div>
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<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="TEXT-ALIGN: center">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Available-for-</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Valuation Inputs</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Total Investments</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Equivalents</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Sale</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="44%" style="TEXT-ALIGN: justify">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Level 1 - quoted prices</font></div>
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">16,211</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">6,615</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">9,596</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="44%" style="TEXT-ALIGN: justify">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Level 2 - other significant observable inputs</font></div>
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="44%" style="TEXT-ALIGN: justify">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Level 3 - significant unobservable inputs</font></div>
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="44%" style="BORDER-TOP: black 2px solid; BORDER-BOTTOM: black 3px double; TEXT-ALIGN: justify">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Total</font></div>
</td>
<td valign="bottom" width="1%" style="BORDER-TOP: black 2px solid; BORDER-BOTTOM: black 3px double; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-TOP: black 2px solid; BORDER-BOTTOM: black 3px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="9%" style="BORDER-TOP: black 2px solid; BORDER-BOTTOM: black 3px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">16,211</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-TOP: black 2px solid; BORDER-BOTTOM: black 3px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-TOP: black 2px solid; BORDER-BOTTOM: black 3px double; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-TOP: black 2px solid; BORDER-BOTTOM: black 3px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="9%" style="BORDER-TOP: black 2px solid; BORDER-BOTTOM: black 3px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">6,615</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-TOP: black 2px solid; BORDER-BOTTOM: black 3px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-TOP: black 2px solid; BORDER-BOTTOM: black 3px double; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-TOP: black 2px solid; BORDER-BOTTOM: black 3px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="9%" style="BORDER-TOP: black 2px solid; BORDER-BOTTOM: black 3px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">9,596</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-TOP: black 2px solid; BORDER-BOTTOM: black 3px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr></table>
</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></div>

<div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10</font></div>

<div style="WIDTH: 100%; TEXT-ALIGN: center">
<hr style="COLOR: gainsboro" noshade size="1">
</div>
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<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160; </font></div>
</div>
</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Value Line, Inc.</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Notes to Consolidated Condensed Financial Statements</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The following is a summary of the inputs used as of April 30, 2011 in valuing the Company&#8217;s investments carried at fair value:</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify">&#160;</div>

<div style="TEXT-ALIGN: justify" align="left">
<table cellpadding="0" cellspacing="0" width="80%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; TEXT-ALIGN: justify; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr style="TEXT-ALIGN: justify;">
<td valign="bottom" width="44%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="10" valign="bottom" width="10%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font> <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(in thousands)</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="44%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="TEXT-ALIGN: center">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Investments in</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="44%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="TEXT-ALIGN: center">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Securities</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="44%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="TEXT-ALIGN: center">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Cash</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="TEXT-ALIGN: center">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Available-for-</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="44%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Valuation Inputs</font></div>
</td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Total Investments</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Equivalents</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Sale</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="44%" style="TEXT-ALIGN: justify">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Level 1 - quoted prices</font></div>
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">18,832</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">6,158</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">12,674</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="44%" style="TEXT-ALIGN: justify">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Level 2 - other significant observable inputs</font></div>
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="44%" style="TEXT-ALIGN: justify">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Level 3 - significant unobservable inputs</font></div>
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="44%" style="BORDER-TOP: black 2px solid; BORDER-BOTTOM: black 3px double; TEXT-ALIGN: justify">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Total</font></div>
</td>
<td valign="bottom" width="1%" style="BORDER-TOP: black 2px solid; BORDER-BOTTOM: black 3px double; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-TOP: black 2px solid; BORDER-BOTTOM: black 3px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="9%" style="BORDER-TOP: black 2px solid; BORDER-BOTTOM: black 3px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">18,832</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-TOP: black 2px solid; BORDER-BOTTOM: black 3px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-TOP: black 2px solid; BORDER-BOTTOM: black 3px double; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-TOP: black 2px solid; BORDER-BOTTOM: black 3px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="9%" style="BORDER-TOP: black 2px solid; BORDER-BOTTOM: black 3px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">6,158</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-TOP: black 2px solid; BORDER-BOTTOM: black 3px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-TOP: black 2px solid; BORDER-BOTTOM: black 3px double; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-TOP: black 2px solid; BORDER-BOTTOM: black 3px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="9%" style="BORDER-TOP: black 2px solid; BORDER-BOTTOM: black 3px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">12,674</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-TOP: black 2px solid; BORDER-BOTTOM: black 3px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr></table>
</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The Company had no other financial instruments including futures, forwards and swap contracts. For the periods ended July 31, 2011 and April 30, 2011, there were no Level 2 nor Level 3 investments. The Company does not have any liabilities subject to Fair Value Measurement.</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Advertising expenses:&#160;&#160;The Company expenses advertising costs as incurred.</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Reclassification: Certain items in the prior year financial statements have been reclassified to conform to the current year presentation.</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Income Taxes:</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The Company computes its income tax provision in accordance with the Income Tax Topic of the FASB&#8217;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></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The Income Tax Topic of the FASB&#8217;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 July 31, 2011, 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&#8217;s financial statements.</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Earnings per share: Earnings per share are based on the weighted average number of shares of common stock and common stock equivalents outstanding during each period.</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Cash and Cash Equivalents: 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 July 31, 2011 and April 30, 2011, cash equivalents included $6,615,000 and $6,158,000, respectively, invested in mutual funds that invest in U.S. Government Securities and bank certificates of deposits.</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Use of Estimates: The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates.</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Expenses Associated with Restructuring:</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The Company expensed all costs associated with the Restructuring Transaction as incurred (see Note 11 - Legal Proceedings and Restructuring).</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Note 2-Investments:</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Securities Available-for-Sale:</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Securities held by the Company and its subsidiaries are classified as available-for-sale securities in accordance with FASB&#8217;s ASC 320, Investments - Debt and Equity Securities.</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Equity Securities:</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As of July 31, 2011 and April 30, 2011, the aggregate cost of the equity securities classified as available-for-sale, which consist of investments in the First Trust Value Line Dividend, PGF PowerShares preferred stock and S&amp;P Dividend ETFs, and certain shares of equity securities was $1,360,000 for both periods&#160;and the market value was $1,392,000 and $1,466,000, respectively. There were no sales or proceeds from sales of equity securities during the three months ended July 31, 2011 or July 31,&#160;&#160;2010.</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify">&#160;</div>

<div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">11</font></div>

<div style="WIDTH: 100%; TEXT-ALIGN: center">
<hr style="COLOR: gainsboro" noshade size="1">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160; </font></div>
</div>
</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Value Line, Inc.</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Notes to Consolidated Condensed Financial Statements</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The decrease in gross unrealized gains on equity securities classified as available-for-sale due to changes in market conditions of $74,000, net of deferred taxes of $26,000, was included in Shareholders&#8217; Equity at July 31, 2011. The increase in gross unrealized gains on equity securities classified as available-for-sale due to changes in market conditions of $106,000, net of deferred taxes of $37,000, was included in Shareholders&#8217; Equity at&#160;&#160;April 30, 2011.</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Government Debt Securities (Fixed Income Securities):</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Government debt securities consist of securities issued by the United States federal government. The aggregate cost and fair value at July 31, 2011 for government debt securities classified as available-for-sale were as follows:</font></div>

<div style="TEXT-ALIGN: justify" align="left">
<table cellpadding="0" cellspacing="0" width="80%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; TEXT-ALIGN: justify; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr style="TEXT-ALIGN: justify;">
<td colspan="2" valign="bottom" width="42%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="10" valign="bottom" width="10%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(in thousands)</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="22%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Maturity</font></font></div>
</td>
<td valign="bottom" width="20%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></div>
</td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Historical</font></font></div>

<font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Cost</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="PADDING-BOTTOM: 2px; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Fair Value</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom" width="13%" style="PADDING-BOTTOM: 2px; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Gross Unrealized</font></font></div>

<font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Holding Gains/(Losses)</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td colspan="2" valign="bottom" width="42%" style="TEXT-ALIGN: justify">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Due within 1 year</font></div>
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">8,214</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">8,204</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(10</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">)</font></td>
</tr><tr>
<td colspan="2" valign="bottom" width="42%" style="PADDING-BOTTOM: 4px; TEXT-ALIGN: justify">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Total investment in government debt securities</font></div>
</td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">8,214</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">8,204</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(10</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">)</font></td>
</tr></table>
</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The aggregate cost and fair value at April 30, 2011 for government debt securities classified as available-for-sale were as follows:</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify">&#160;</div>

<div style="TEXT-ALIGN: justify" align="left">
<table cellpadding="0" cellspacing="0" width="80%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; TEXT-ALIGN: justify; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr style="TEXT-ALIGN: justify;">
<td colspan="2" valign="bottom" width="42%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="10" valign="bottom" width="10%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(in thousands)</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="22%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Maturity</font></font></div>
</td>
<td valign="bottom" width="20%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></div>
</td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Historical</font></font></div>

<font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Cost</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Fair Value</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom" width="13%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Gross Unrealized</font></font></div>

<font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Holding Gains/(Losses)</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td colspan="2" valign="bottom" width="42%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: justify">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Due within 1 year</font></div>
</td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">11,217</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">11,208</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(9</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">)</font></td>
</tr><tr>
<td colspan="2" valign="bottom" width="42%" style="PADDING-BOTTOM: 4px; TEXT-ALIGN: justify">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Total investment in government debt securities</font></div>
</td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">11,217</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">11,208</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(9</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">)</font></td>
</tr></table>
</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The increase in gross unrealized losses of $6,000 and $74,000 on fixed income securities classified as available-for-sale net of deferred income tax of $2,000 and $26,000, respectively, were included in Accumulated Other Comprehensive Income on the Consolidated Condensed Balance Sheets as of July 31, 2011 and April 30, 2011, respectively. </font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Proceeds from sales of government debt securities classified as available-for-sale during the three months ended July 31, 2011 and July 31, 2010 were $2,998,000 and $6,706,000, respectively. During the three months ended July 31, 2011, losses on sales of fixed income securities of $5,000 were reclassified from Accumulated Other Comprehensive Income in the Balance Sheet to the Consolidated Condensed Statement of Income. During the three months ended July 31, 2010 there were no realized gains or losses on fixed income securities.</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The average yield on the Government debt securities classified as available-for-sale at July 31, 2011 and April 30, 2011 was 0.23% and 0.24%, respectively.</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">During the three months ended July 31, 2011 and 2010, income from securities transactions also included $12,000 and $0 of dividend income; $8,000 and $39,000 of interest income, respectively.</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 281.45pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Investment in Unconsolidated Entities: </font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 281.45pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">&#160;</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 281.45pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Equity Method Investment:</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify">The Company recorded an asset, Investment in EAM, on its Consolidated Condensed Balance Sheet with an initial valuation as of December 23, 2010 of $55,805,000 as a result of the deconsolidation of EAM LLC and ESI, the former asset management and mutual fund distribution subsidiaries.&#160;&#160;In accordance with the Consolidation Topic of the FASB&#8217;s ASC, the Company recognized a pre-tax gain in net income of $50,510,000 measured as the difference between the fair value of the consideration received, valued at $51,690,000, and the carrying value of the former subsidiaries&#8217; assets and liabilities, which was comprised of $1,180,000 of working capital (cash), transferred pursuant to the Restructuring Transaction. The value of VLI&#8217;s investment in EAM at July 31, 2011 and
April 30, 2011 reflects the fair value at December 23, 2010 of the non-voting revenues and profits interest received in the Restructuring Transaction, plus $5,820,000 of cash and liquid securities in excess of working capital requirements contributed to EAM&#8217;s capital account by VLI on December 23, 2010, plus earnings from EAM less earnings distributed to VLI by EAM, during the period from December 23, 2010 through the balance sheets dates.</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In accordance with the EAM Trust Agreement and as mentioned above, EAM received $7,000,000 in cash and liquid securities from VLI pursuant to the Restructuring Transaction which included $1,180,000 of working capital deemed needed for operations and $5,820,000 in excess of working capital needs. 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. Although the distributor had historically received, from the Value Line Funds under the compensation plans it had in place with the Funds, amounts in excess of its actual expenditures, in more recent years the distributor has been
spending amounts on promotion of the Value Line Funds in excess of the compensation received from the Funds. Over time, EAM anticipates that its total future expenditures on such promotion will equal or exceed its total future revenues under the Funds&#8217; distribution plans. However, if that should not occur, EAM has no obligation to reimburse the Value Line Funds.</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify">&#160;</div>

<div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">12</font></div>

<div style="WIDTH: 100%; TEXT-ALIGN: center">
<hr style="COLOR: gainsboro" noshade size="1">
</div>
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<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160; </font></div>
</div>
</div>

<div style="DISPLAY: block; MARGIN-LEFT: 513pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Value Line, Inc.</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Notes to Consolidated Condensed Financial Statements</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The Company monitors this asset 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&#8217;s ability to continue as a going concern
such as negative cash flows, working capital deficiencies, or noncompliance with statutory capital requirements.&#160;&#160;EAM did not record any impairment losses for its assets during the first quarter of fiscal year 2012.</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The overall results of EAM&#8217;s investment management operations during the three months ended July 31, 2011, before interest holder distributions, include total investment management fees earned from the Value Line Funds of $3,301,000, 12b-1 fees of $928,000 and other income of $4,000. For the same period, total investment management fee waivers were $230,000 and 12b-1 fee waivers were $618,000.&#160;&#160;During the three months ended July 31, 2011, EAM&#8217;s net income was $162,000, after giving effect to Value Line&#8217;s non-voting revenues interest of $1,491,000, but before distributions to voting profits interest holders
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</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Note 3: Variable Interest Entity</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As discussed in Note 11 - Legal Proceedings and Restructuring, as part of the Restructuring Transaction, the Company retained a non-voting revenues interest and a 50% non-voting profits interest in EAM, which was formed to carry on the asset management and mutual fund distribution businesses formerly conducted by Value Line and its subsidiaries. EAM is considered to be a variable interest entity. The Company makes its determination for consolidation of EAM as a variable interest entity 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 variable interest entities.</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Value Line 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></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">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&#8217;s operations risk, Value Line&#8217;s revenue 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></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">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 for its interest in EAM.</font></div>

<div style="TEXT-ALIGN: justify">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="left" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom" style="TEXT-ALIGN: center">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(In thousands)</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Maximum</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Exposure to</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Investment</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">VIE Assets</font></font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Loss</font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(1) (2)</font></td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">&#160;</td>
<td valign="bottom" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Liabilities</font></div>
</td>
<td nowrap valign="bottom" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="bottom" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt; TEXT-ALIGN: left">
<div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">EAM Trust</font></div>
</td>
<td align="left" valign="bottom">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">at July 31, 2011</font></div>
</td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">58,091</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">56,226</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">56,226</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">-</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="20%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt; TEXT-ALIGN: left">
<div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">EAM Trust</font></div>
</td>
<td align="left" valign="bottom" width="20%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">at April 30, 2011</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">57,780</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">56,367</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">56,367</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left">&#160;</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left">&#160;</td>
</tr></table>
</div>

<div style="TEXT-ALIGN: justify">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(1)&#160;&#160;Reported within Long Term Assets on Consolidated Condensed Balance Sheets.</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(2) Revenues receivable from EAM of $514,000 previously reported within Current Assets at April 30, 2011 on the Form 10-K, filed on July 29, 2011, were reclassified from Receivables from Affiliates to Investment in EAM Trust at July 31, 2011 on the Consolidated Condensed Balance Sheet.</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify">&#160;</div>

<div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">13</font></div>

<div style="WIDTH: 100%; TEXT-ALIGN: center">
<hr style="COLOR: gainsboro" noshade size="1">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160; </font></div>
</div>
</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Value Line, Inc.</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Notes to Consolidated Condensed Financial Statements</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Note 4-Supplementary Cash Flow Information:</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">There were no income tax payments during the three months ended July 31, 2011. Cash payments for income taxes were $10,000 for the three months ended July 31, 2010. The Company also received $1,598,000 of federal income tax refunds during the first quarter of fiscal 2011.</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Note 5-Employees&#8217; Profit Sharing and Savings Plan:</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Substantially all employees of the Company and its subsidiaries are members of the Value Line, Inc. Profit Sharing and Savings Plan (the &#8220;Plan&#8221;). 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. The estimated profit sharing plan contribution, which is included as an expense in salaries and employee benefits in the Consolidated Condensed Statement of Income, was $150,000&#160;for the three months ended July 31, 2011.</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Note 6-Comprehensive Income:</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The FASB&#8217;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></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As of July 31, 2011, the Company held both equity and U.S. Government debt securities that are classified as available-for-sale on the Consolidated Condensed Balance Sheets. At July 31, 2010, the Company held U.S. Government debt securities that are classified as 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&#8217;s Consolidated Condensed Balance Sheets.</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The components of comprehensive income that are included in the Statement of Changes in Shareholders&#8217; Equity are as follows:</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify">&#160;</div>

<div style="TEXT-ALIGN: justify" align="left">
<table cellpadding="0" cellspacing="0" width="80%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; TEXT-ALIGN: justify; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr style="TEXT-ALIGN: justify;">
<td valign="bottom" width="44%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="TEXT-ALIGN: center">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(in thousands)</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="44%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="TEXT-ALIGN: center">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Before</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="TEXT-ALIGN: center">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Tax</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="TEXT-ALIGN: center">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Net of</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="44%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="TEXT-ALIGN: center">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Tax</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="TEXT-ALIGN: center">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(Expense)</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="TEXT-ALIGN: center">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Tax</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="44%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="TEXT-ALIGN: center">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Amount</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="TEXT-ALIGN: center">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">or Benefit</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="TEXT-ALIGN: center">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Amount</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="44%" style="TEXT-ALIGN: justify">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Three months ended July 31, 2011</font></div>
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="44%" style="TEXT-ALIGN: justify">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Unrealized losses on securities:</font></div>
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="44%" style="TEXT-ALIGN: justify">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Unrealized holding losses arising during the</font></div>
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="44%" style="TEXT-ALIGN: justify">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">period</font></div>
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(80</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">)</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">28</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(52</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">)</font></td>
</tr><tr>
<td valign="bottom" width="44%" style="TEXT-ALIGN: justify">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Add: Reclassification adjustments</font></div>
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="44%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: justify">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">for losses realized in net income</font></div>
</td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">5</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(2</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">)</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">3</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="44%" style="PADDING-BOTTOM: 4px; TEXT-ALIGN: justify">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Other comprehensive loss</font></div>
</td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(75</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">)</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">26</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(49</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">)</font></td>
</tr><tr>
<td valign="bottom" width="44%" style="TEXT-ALIGN: justify">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Three months ended July 31, 2010</font></div>
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="44%" style="TEXT-ALIGN: justify">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Unrealized losses on securities:</font></div>
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="44%" style="TEXT-ALIGN: justify">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Unrealized holding losses arising during the</font></div>
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="44%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: justify">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">period</font></div>
</td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(15</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">)</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">5</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(10</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">)</font></td>
</tr><tr>
<td valign="bottom" width="44%" style="PADDING-BOTTOM: 4px; TEXT-ALIGN: justify">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Other comprehensive loss</font></div>
</td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(15</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">)</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">5</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(10</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">)</font></td>
</tr></table>
</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Note 7-Related Party Transactions:</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Investment Management (overview):</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify">
<div style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As discussed previously in Note 1 - Organization and Summary of Significant Accounting Policies, prior to December 23, 2010, the Company<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8217;</font>s former direct subsidiary EAM LLC was the investment adviser and manager for the Value Line Funds, and EAM LLC&#8217;s subsidiary ESI was the distributor for the Funds. EAM LLC earned investment management fees based upon the average daily net asset values of the respective Value Line Funds. Service and distribution fees were received by ESI from the Value Line Funds in accordance with service and distribution plans under rule 12b-1 of the Investment Company Act of 1940. These plans are compensation plans, which means that the
distributor<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8217;</font>s fees under the plans are payable without regard to actual expenses incurred by the distributor, and therefore the distributor may earn a profit under the plans. Expenses incurred by ESI included payments to securities dealers, banks, financial institutions and other organizations which provided distribution, marketing, and administrative services (including payments by ESI to VLI for allocated compensation and administration expenses) with respect to the distribution of the Funds&#8217; shares. Service and distribution fees were received on a monthly basis and calculated based upon the average daily net assets of the respective Fund in accordance with each Fund&#8217;s prospectus.</font></div>
</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Value Line, Inc.</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Notes to Consolidated Condensed Financial Statements</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As of the Restructuring Date, December 23, 2010, the Company deconsolidated its asset management and mutual fund distribution businesses and its interest in these businesses was restructured as a non-voting revenues and non-voting profits interest in EAM. Accordingly, the Company no longer reports this operation as a separate business segment, although it still maintains a significant interest in the cash flows generated by this business. Total assets in the Value Line Funds managed by EAM at July 31, 2011 were $2.15 billion, 2% above total assets of $2.1 billion in the Value Line Funds managed by EAM LLC, the predecessor of EAM, at July 31, 2010. Overall assets in the Value Line Funds at July 31, 2011
increased $50 million, or 2% since July 31, 2010 as a result of market appreciation that more than offset net redemptions within the equity funds.</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">During the three months ended July 31, 2010, investment management fees and distribution service fees (which we sometimes refer to as &#8220;12b-1 fees&#8221;) amounted to $4,215,000, after giving effect to account fee waivers for certain of the Value Line Funds. These amounts included 12b-1 fees of $910,000. For the same period total investment management fee waivers were $186,000 and total 12b-1 fee waivers were $620,000. With limited exceptions, the Company, EAM LLC and ESI had no right to recoup the previously waived amounts of investment management fees and 12b-1 fees. Any such recoupment of waived investment management fees is subject to the provisions of the applicable prospectus. During the three
months ended July 31, 2010, separately managed accounts revenues were $51,000. Separately managed accounts had $44 million in assets as of July 31, 2010. Of the $44 million, $21 million was affiliated with Arnold Bernhard &amp; Co., Inc. (&#8220;AB&amp;Co.&#8221; or the &#8220;Parent&#8221;). During the third quarter of fiscal 2011, the affiliated entities cancelled their separately managed account agreements with EAM LLC.</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The non-voting revenues and profits distributions due from EAM to the Company for income earned through the balance sheet date, which is included in the Investment in EAM Trust on the Consolidated Condensed Balance Sheets were $587,000 and $514,000 at July 31, 2011 and April 30, 2011, respectively. The non-voting revenues and non-voting profits interests due from EAM are payable quarterly under the provisions of the EAM Trust Agreement.</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">EAM Trust - VLI&#8217;s non-voting revenues and profits interests:</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As a result of the Restructuring Transaction, the Company no longer engages, through subsidiaries, in the investment management or mutual fund distribution businesses. The Company does hold 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&#8217;s investment management fee revenues from its mutual fund and separate accounts business. EAM currently has no separately managed account clients. During the three months ended July 31, 2011, the Company recorded revenues of $1,491,000 and profits of $81,000 from its non-voting interests in EAM without incurring any directly related expenses. During the period from
December 23, 2010 until May 28, 2011, EAM and ES occupied a portion of the premises that the Company leases from a third party. The Company received $44,000 for the month of May, 2011 for rent and certain accounting and other administrative support services provided to EAM and ES on a transitional basis during such period.</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Transactions with Parent:</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">During the three months ended July 31, 2011 and 2010, the Company was reimbursed $101,000 and $75,000, respectively, for payments it made on behalf of and services it provided to the Parent. At July 31, 2011 and April 30, 2011, the Receivables from affiliates included&#160;&#160;receivables from the Parent of $1,000 and $38,000, respectively.&#160;</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">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 no Federal tax payments to the Parent during the three months ended July 31, 2011. For the three months ended July 31, 2010, the Company received $1,598,000 from the Parent for prepaid Federal income taxes.&#160;&#160;</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">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, although the Parent has suspended purchases of Value Line shares until Value Line&#8217;s share repurchase program is concluded (see Note 10 - Treasury Stock and Repurchase Program). As at July 31, 2011, the Parent owns approximately 86.7% of the issued and outstanding shares of common stock of the Company.</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Value Line, Inc.</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Notes to Consolidated Condensed Financial Statements</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Note 8-Federal, State and Local Income Taxes:</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The Company computes its income tax provision in accordance with the requirements of the Income Tax Topic of the FASB&#8217;s ASC.</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The provision for income taxes includes the following:</font></div>

<div style="TEXT-ALIGN: justify" align="left">
<table cellpadding="0" cellspacing="0" width="60%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; TEXT-ALIGN: justify; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr style="TEXT-ALIGN: justify;">
<td valign="bottom" width="36%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="6" valign="bottom" width="22%" style="TEXT-ALIGN: center">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Three months ended July 31,</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="36%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">2011</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">2010</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="36%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="6" valign="bottom" width="22%" style="TEXT-ALIGN: center">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(in thousands)</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="36%" style="TEXT-ALIGN: justify">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Current tax expense/(benefit):</font></div>
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="36%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt; TEXT-ALIGN: justify">
<div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Federal</font></div>
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">50</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">125</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="36%" style="PADDING-LEFT: 0pt; PADDING-BOTTOM: 2px; MARGIN-LEFT: 9pt; TEXT-ALIGN: justify">
<div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">State and local</font></div>
</td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(92</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">)</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">-</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="36%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(42</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">)</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">125</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="36%" style="TEXT-ALIGN: justify">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Deferred tax expense:</font></div>
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="36%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt; TEXT-ALIGN: justify">
<div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Federal</font></div>
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">1,006</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">1,064</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="36%" style="PADDING-LEFT: 0pt; PADDING-BOTTOM: 2px; MARGIN-LEFT: 9pt; TEXT-ALIGN: justify">
<div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">State and local</font></div>
</td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">181</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">77</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="36%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">1,187</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">1,141</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="36%" style="PADDING-BOTTOM: 4px; TEXT-ALIGN: justify">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Income tax provision:</font></div>
</td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">1,145</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">1,266</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr></table>
</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Deferred income taxes are provided for temporary differences between the financial reporting basis and the tax basis of the Company&#8217;s assets and liabilities. The tax effect of temporary differences giving rise to the Company&#8217;s deferred tax asset and deferred tax liability are as follows:</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify">&#160;</div>

<div style="TEXT-ALIGN: justify" align="left">
<table cellpadding="0" cellspacing="0" width="80%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; TEXT-ALIGN: justify; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr style="TEXT-ALIGN: justify;">
<td valign="bottom" width="56%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="TEXT-ALIGN: center">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">July 31,</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="TEXT-ALIGN: center">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">April 30,</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="56%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="TEXT-ALIGN: center">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">2011</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="TEXT-ALIGN: center">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">2011</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="56%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="6" valign="bottom" width="22%" style="BORDER-TOP: black 2px solid; TEXT-ALIGN: center">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(in thousands)</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="BORDER-TOP: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="56%" style="TEXT-ALIGN: justify">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Short term deferred tax asset</font></div>
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="56%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="56%" style="TEXT-ALIGN: justify">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Federal tax benefit from net operating loss</font></div>
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">1,220</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">2,226</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="56%" style="TEXT-ALIGN: justify">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">State and city tax benefit from net operating loss</font></div>
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">87</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">268</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="56%" style="TEXT-ALIGN: justify">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Unrealized gains on securities held for sale</font></div>
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(34</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">)</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(34</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">)</font></td>
</tr><tr>
<td valign="bottom" width="56%" style="TEXT-ALIGN: justify">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Depreciation and amortization</font></div>
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="56%" style="TEXT-ALIGN: justify">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Tax benefit on operating lease exit obligation</font></div>
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">182</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">211</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="56%" style="TEXT-ALIGN: justify">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Deferred professional fees</font></div>
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">109</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">109</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="56%" style="TEXT-ALIGN: justify">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Deferred charges</font></div>
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">192</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">192</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="56%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: justify">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Other, net</font></div>
</td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">50</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">50</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="56%" style="PADDING-BOTTOM: 4px; TEXT-ALIGN: justify">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Deferred tax asset</font></div>
</td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">1,806</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">3,022</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="56%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="56%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="TEXT-ALIGN: center">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">July 31,</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="TEXT-ALIGN: center">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">April 30,</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="56%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">2011</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">2011</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="56%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="6" valign="bottom" width="22%" style="BORDER-TOP: black 2px solid; TEXT-ALIGN: center">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(in thousands)</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="BORDER-TOP: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="56%" style="TEXT-ALIGN: justify">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Long term deferred tax liability</font></div>
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="56%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="56%" style="TEXT-ALIGN: justify">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Federal tax liability for deferred gain on EAM</font></div>
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">17,679</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">17,679</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="56%" style="TEXT-ALIGN: justify">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Federal tax benefit deferred non-cash compensation</font></div>
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(619</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">)</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(619</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">)</font></td>
</tr><tr>
<td valign="bottom" width="56%" style="TEXT-ALIGN: justify">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Federal tax benefit on lease exit obligation</font></div>
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(108</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">)</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(108</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">)</font></td>
</tr><tr>
<td valign="bottom" width="56%" style="TEXT-ALIGN: justify">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Federal tax benefit on depreciation and amortization</font></div>
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(390</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">)</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(364</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">)</font></td>
</tr><tr>
<td valign="bottom" width="56%" style="TEXT-ALIGN: justify">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">State and local tax liability for deferred gain on EAM</font></div>
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">2,132</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">2,132</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="56%" style="TEXT-ALIGN: justify">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">State and local tax benefit deferred non-cash compensation</font></div>
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(62</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">)</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(62</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">)</font></td>
</tr><tr>
<td valign="bottom" width="56%" style="TEXT-ALIGN: justify">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">State and local tax benefit on lease exit obligation</font></div>
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(25</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">)</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(25</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">)</font></td>
</tr><tr>
<td valign="bottom" width="56%" style="TEXT-ALIGN: justify">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">State and local tax benefit on depreciation and amortization</font></div>
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(45</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">)</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(45</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">)</font></td>
</tr><tr>
<td valign="bottom" width="56%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: justify">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">State and local tax benefit on deferred professional fees</font></div>
</td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(14</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">)</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(14</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">)</font></td>
</tr><tr>
<td valign="bottom" width="56%" style="PADDING-BOTTOM: 4px; TEXT-ALIGN: justify">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Deferred tax liability</font></div>
</td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">18,548</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">18,574</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr></table>
</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The Company&#8217;s net operating loss carryforward of approximately $6,361,000 is expected to be fully utilized during the fiscal year ending April 30, 2012. The tax effect of temporary differences giving rise to the Company&#8217;s long-term deferred tax liability is primarily a result of the federal, state, and local taxes related to the $50,510,000 gain from deconsolidation of the Company&#8217;s asset management and mutual fund distribution subsidiaries partially offset by the long-term tax benefit related to the non-cash post-employment compensation of $1,770,000 granted to VLI&#8217;s former employee and the benefit related to the Company&#8217;s exit lease obligation of $914,000 all recognized in
fiscal 2011.</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify">&#160;</div>

<div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">16</font></div>

<div style="WIDTH: 100%; TEXT-ALIGN: center">
<hr style="COLOR: gainsboro" noshade size="1">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160; </font></div>
</div>
</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Value Line, Inc.</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Notes to Consolidated Condensed Financial Statements</font></div>
</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">At the end of each interim reporting period, the Company estimates the effective income tax rate to apply for the full year. The Company uses the effective income tax rate determined to provide for income taxes on a year-to-date basis and reflect the tax effect of any tax law changes and certain other discrete events in the period in which they occur.</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The annual effective tax rate during fiscal 2012 changes due to a number of factors including but not limited to an increase or decrease in the ratio of income or loss to pre-tax income for items that do not have tax consequences, the Company&#8217;s geographic profit mix between tax jurisdictions, new tax laws, new interpretations of existing tax law and rulings by and settlements with tax authorities. </font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The overall effective income tax rate, as a percentage of pre-tax income, during the three months ended July 31, 2011 and 2010, were 35.55% and 35.33%, respectively.</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The Company believes that, as at July 31, 2011, there were no material uncertain tax positions that would require disclosure under GAAP.</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">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></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify">&#160;</div>

<div style="TEXT-ALIGN: justify" align="left">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; TEXT-ALIGN: justify; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr style="TEXT-ALIGN: justify;">
<td valign="bottom" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="6" valign="bottom" style="TEXT-ALIGN: center">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Three months ended July 31,</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="bottom" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">2011</font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">2010</font></div>
</td>
<td nowrap valign="bottom" style="PADDING-BOTTOM: 2px; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="bottom" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="76%" style="TEXT-ALIGN: justify">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">U.S. statutory federal rate</font></div>
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">35.00</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">%</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">35.00</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">%</font></td>
</tr><tr>
<td valign="bottom" width="76%" style="TEXT-ALIGN: justify">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Increase/(decrease) in tax rate from:</font></div>
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="76%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt; TEXT-ALIGN: justify">
<div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">State and local income taxes, net of federal income tax benefit</font></div>
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">1.58</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">%</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">1.39</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">%</font></td>
</tr><tr>
<td valign="bottom" width="76%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt; TEXT-ALIGN: justify">
<div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Effect of tax exempt income and dividend deductions</font></div>
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">-0.09</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">%</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">0</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">%</font></td>
</tr><tr>
<td valign="bottom" width="76%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt; TEXT-ALIGN: justify">
<div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Domestic production tax credit</font></div>
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">-0.94</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">%</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">0</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">%</font></td>
</tr><tr>
<td valign="bottom" width="76%" style="PADDING-LEFT: 0pt; PADDING-BOTTOM: 2px; MARGIN-LEFT: 9pt; TEXT-ALIGN: justify">
<div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Other, net</font></div>
</td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">0</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">%</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">-1.06</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">%</font></td>
</tr><tr>
<td valign="bottom" width="76%" style="PADDING-BOTTOM: 4px; TEXT-ALIGN: justify">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Effective income tax rate</font></div>
</td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">35.55</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">%</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">35.33</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">%</font></td>
</tr></table>
</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">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&#8217;s liability/(benefit) as if it filed a separate return.&#160;&#160;</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The Company&#8217;s federal income tax returns (included in the Parent&#8217;s consolidated returns) and state and city tax returns for fiscal years ended April 30, 2008, 2009, and 2010 are subject to examination by the tax authorities, generally for three years after they were filed. The IRS and New York State tax authorities have recently concluded an examination for the years ended through April 30, 2008, which resulted in no changes that had any adverse effect on the Company&#8217;s financial statements. More recently, the IRS commenced an audit of the fiscal year 2010.</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Note 9-Business Segments:</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Prior to December 23, 2010, the Company operated two reportable business segments: (1) Investment Periodicals, Publishing &amp; Copyright Data and (2) Investment Management. The Investment Periodicals, Publishing &amp; Copyright Data segment produces investment related periodical publications (retail and institutional) in both print and electronic form, and includes copyright data fees for Value Line proprietary ranking system information and other proprietary information. Prior to December 23, 2010, the Investment Management segment provided advisory services to the Value Line Funds, as well as institutional and individual accounts. The segments are differentiated by the products and services they offer. The
accounting policies of the segments are the same as those described in the summary of significant accounting policies.</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As more fully described in Note 1 - Organization and Summary of Significant Accounting Policies, the Company deconsolidated its investment management business on December 23, 2010 and therefore no longer reports the investment management operation as a separate business unit. Although VLI will continue to receive significant cash flows from these operations through its non-controlling investment in EAM, it no longer considers this to be a reportable business segment due to its lack of control over the operating and financial policies of EAM. Accordingly, the investment management segment reflects activity only through the date of the Restructuring Transaction.</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 225pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></div>

<div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">17</font></div>

<div style="WIDTH: 100%; TEXT-ALIGN: center">
<hr style="COLOR: gainsboro" noshade size="1">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160; </font></div>
</div>
</div>

<div style="DISPLAY: block; MARGIN-LEFT: 225pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Value Line, Inc.</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Notes to Consolidated Condensed Financial Statements</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Disclosure of Reportable Segment information for the quarter ended July 31, 2010 is as follows:</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 63pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify">&#160;</div>

<div style="MARGIN-LEFT: 63pt; TEXT-ALIGN: justify" align="center">
<table cellpadding="0" cellspacing="0" width="70%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; TEXT-ALIGN: justify; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="bottom" width="34%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="TEXT-ALIGN: center">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(in thousands)</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="34%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="TEXT-ALIGN: center">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Investment</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="34%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="TEXT-ALIGN: center">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Periodicals,</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="TEXT-ALIGN: center">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="TEXT-ALIGN: center">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="34%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="TEXT-ALIGN: center">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Publishing &amp;</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="TEXT-ALIGN: center">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Investment</font></div>
</div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="34%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Copyright Data</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Management</font></font></div>
</td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: justify">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Total</font></font></div>
</td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="34%" style="TEXT-ALIGN: justify">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Revenues from external customers</font></div>
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">9,394</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">4,215</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">13,609</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="34%" style="TEXT-ALIGN: justify">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Intersegment revenues</font></div>
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">2</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">2</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="34%" style="TEXT-ALIGN: justify">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Income/(loss) from securities transactions</font></div>
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">3</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">3</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="34%" style="TEXT-ALIGN: justify">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Depreciation and amortization</font></div>
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">146</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">6</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">152</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="34%" style="TEXT-ALIGN: justify">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Segment profit/(loss) from operations*</font></div>
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">3,238</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">308</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">3,546</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="34%" style="TEXT-ALIGN: justify">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Segment assets</font></div>
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">13,969</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">7,430</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">21,399</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="34%" style="TEXT-ALIGN: justify">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Expenditures for segment assets</font></div>
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">63</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">63</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr></table>
</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;A reconciliation of reportable segment revenues, operating profit and assets for the quarter ended July 31, 2010 is as follows:</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify">&#160;</div>

<div style="TEXT-ALIGN: justify" align="left">
<table cellpadding="0" cellspacing="0" width="70%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; TEXT-ALIGN: justify; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr style="TEXT-ALIGN: justify;">
<td valign="bottom" width="58%" style="TEXT-ALIGN: justify">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(in thousands)</font></font></div>
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="58%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">2010</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="58%" style="TEXT-ALIGN: justify">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Revenues</font></div>
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="58%" style="TEXT-ALIGN: justify">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Total revenues for reportable segments</font></div>
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">13,611</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="58%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: justify">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Elimination of intersegment revenues</font></div>
</td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(2</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">)</font></td>
</tr><tr>
<td valign="bottom" width="58%" style="PADDING-LEFT: 0pt; PADDING-BOTTOM: 4px; MARGIN-LEFT: 9pt; TEXT-ALIGN: justify">
<div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Total consolidated revenues</font></div>
</td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">13,609</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="58%" style="TEXT-ALIGN: justify">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Profit/(loss) before income taxes *</font></div>
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="58%" style="TEXT-ALIGN: justify">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Total profit/(loss) for reportable segments</font></div>
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">3,549</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="58%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: justify">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Add: Income from securities transactions related to corporate assets</font></div>
</td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">34</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="58%" style="PADDING-LEFT: 0pt; PADDING-BOTTOM: 4px; MARGIN-LEFT: 9pt; TEXT-ALIGN: justify">
<div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Profit/(loss) before income taxes</font></div>
</td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">3,583</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="58%" style="TEXT-ALIGN: justify">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Assets</font></div>
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="58%" style="TEXT-ALIGN: justify">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Total assets for reportable segments</font></div>
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">21,399</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="58%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: justify">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Corporate assets</font></div>
</td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">38,349</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="58%" style="PADDING-LEFT: 0pt; PADDING-BOTTOM: 4px; MARGIN-LEFT: 9pt; TEXT-ALIGN: justify">
<div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Consolidated total assets</font></div>
</td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">59,748</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr></table>
</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Note 10 - Treasury Stock and Repurchase Program:</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On January 20, 2011, the Company&#8217;s Board of Directors approved the repurchase of shares of the Company&#8217;s common stock, at such times and prices as management determined to be advisable up to an aggregate purchase price of $3,200,000. During fiscal 2011, the Company repurchased an aggregate of 6,719 shares of the Company&#8217;s common stock for $89,812, at an average price of $13.37 per share. During the three months ended July 31, 2011, the Company repurchased 11,700 shares of the Company&#8217;s common stock for $158,353, at an average price of $13.53 per share. Under the January 20, 2011 authorization, $2,951,835 remains available for additional share repurchases. The repurchase authorization
extends through January 15, 2012, unless further extended or earlier terminated by the Board of Directors.</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify">&#160;</div>

<div style="TEXT-ALIGN: justify" align="left">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; TEXT-ALIGN: justify; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr style="TEXT-ALIGN: justify;">
<td valign="bottom" style="TEXT-ALIGN: justify">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Treasury stock, at cost, consists of the following:</font></div>
</td>
<td valign="bottom" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="bottom" style="TEXT-ALIGN: justify">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(in thousands except for</font></div>
</td>
<td valign="bottom" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="bottom" style="TEXT-ALIGN: justify">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">shares and cost per</font></div>
</td>
<td valign="bottom" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="3" valign="bottom" style="TEXT-ALIGN: center">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Total Average</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="3" valign="bottom" style="TEXT-ALIGN: center">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Average Cost</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="bottom" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">share)</font></div>
</td>
<td valign="bottom" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Shares</font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="3" valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Cost Assigned</font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">per Share</font></div>
</td>
<td nowrap valign="bottom" style="PADDING-BOTTOM: 2px; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="bottom" style="TEXT-ALIGN: justify">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Balance April 30, 2011</font></div>
</td>
<td valign="bottom" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">25,119</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">444</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="64%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: justify">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Purchases effected in open market</font></div>
</td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">11,700</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">158</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">13.53</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="64%" style="TEXT-ALIGN: justify">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Balance July 31, 2011</font></div>
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">36,819</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">602</font></td>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Note 11-Legal Proceedings and Restructuring:</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As more fully disclosed under the caption Legal Proceedings and Restructuring under Part I, item 3 in the Company&#8217;s Form 10-K filed with the SEC on July 29, 2011, the Company concluded a negotiated settlement with the SEC as a result of an investigation into former brokerage practices (the &#8220;Settlement&#8221;). Value Line had voluntarily suspended the brokerage activity in 2004, five years prior to the Settlement, so the Settlement will not result in any change in such revenue compared to more recent fiscal years. As further described below, the Settlement also resulted in the investment adviser business (including the distributor) being transferred to EAM. Value Line continues to have both a
non-voting revenues interest and a non-voting profits interest in EAM. As a result of the Restructuring Transaction, Value Line ceased to &#8220;control&#8221; (as that term is defined in the 1940 Act) the Adviser or the Distributor. Under the terms of the Settlement with the SEC, two individuals who participated in the Settlement were barred from association with any broker, dealer, or investment adviser and were prohibited from serving or acting in various capacities, including as an &#8220;affiliated person&#8221; (as that term is defined in the 1940 Act) of the Funds, the Adviser or the Distributor subject to a limited exception until December 24, 2010. The required &#8220;disassociation&#8221; was accomplished on December 23, 2010 upon the closing of the Restructuring Transaction whereby EAM, a Delaware business trust, succeeded to the regulated businesses and the Company
transferred 100% of the voting control over the regulated investment adviser and broker-dealer subsidiaries formerly conducted by the Company to five individual voting profits interest holders of EAM, none of whom is under the control of the Company or its direct or indirect majority shareholder.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In connection with the Settlement, the Company without admitting or denying the SEC charges, paid $43,706,000 to the SEC in November 2009. Subsequent to the Settlement and pursuant to Section 308(a) of the Sarbanes-Oxley Act of 2002, the Company&#8217;s disgorgement, interest and penalty payments were placed into a Fair Fund created by the SEC. The Fair Fund will be used to reimburse shareholders who owned shares in the affected Value Line Funds in the period covered by the Settlement. The Company is required to bear all costs associated with the Fair Fund distribution, including compensating a third party consultant appointed by the SEC to administer the Fair Fund distribution. During fiscal 2011, the SEC
appointed A.B. Data, Ltd. as the Administrator of the Fair Fund. A.B. Data, Ltd. has no affiliation with the Company. In connection with its ongoing administration of the Fair Fund, A.B. Data, Ltd and the Company estimated that the costs of administration for settlement of the Fair Fund and other costs associated with the Settlement and the Restructuring Transaction would be approximately $2,633,000 of which the unpaid amount of $1,384,000 and $1,464,000 are reflected as a liability in the consolidated condensed balance sheets as of and July 31, 2011 and April 30, 2011, respectively.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In connection with the Restructuring Transaction, in accordance with the requirements of the 1940 Act, at the time of the Restructuring Transaction, each Fund&#8217;s prior investment advisory agreement terminated and EAM entered into a new investment advisory agreement with each Fund. The services provided by EAM under each new agreement and the rates at which fees are paid by each Fund under its new agreement are the same as under that Fund&#8217;s prior investment advisory agreement. In addition, the other terms of each Fund&#8217;s new investment advisory agreement are the same as that Fund&#8217;s prior investment advisory agreement, except for the date of execution, the two-year initial term, immaterial
updating changes and immaterial changes in form.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Each Fund had a distribution agreement with ESI (the &#8220;Distributor&#8221;), a wholly-owned subsidiary of EAM LLC, pursuant to which the Distributor acted as principal underwriter and distributor of the Funds. As part of the Restructuring Transaction ESI was restructured as a Delaware limited liability company and changed its name to EULAV Securities LLC (which we sometimes refer to as &#8220;ES&#8221;). No other changes were made to the Distributor&#8217;s organization, including its operations and personnel. For its services under the agreements, the Distributor is not entitled to receive any compensation, although it is entitled to receive fees under each Fund&#8217;s Service and Distribution
Plan.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As part of the Restructuring Transaction, EAM&#8217;s capital structure was revised so that Value Line owns only a non-voting revenues interest and a non-voting profits interest in EAM and five individuals each own 20% of the voting profits interests of the Adviser (&#8220;EAM&#8221;). The holders of EAM&#8217;s voting profits interests elect five individual trustees and a Delaware resident trustee of EAM. The trustees of EAM other than the Delaware trustee manage the combined company consisting of the Adviser and the Distributor much like a board of directors. EAM&#8217;s holders of the voting profits interests elected themselves as the five initial individual trustees of the Adviser and the Corporation Trust
Company as the Delaware resident trustee. The Trustees initially delegated the authority to manage the day-to-day business of the Adviser and the Distributor to the Adviser&#8217;s senior executive, Mitchell E. Appel, who is one of the Trustees and is also a Director of the Funds.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Each of the five individuals holding voting profits interests in EAM was granted 20% of the voting power for the election of trustees and other matters submitted for approval by the holders of the profits interests of the Adviser in exchange for the agreement by such individual to act as an initial voting profits interest holder and, in the case of Mr. Appel, as the initial senior executive officer, of EAM in order to enable Value Line to complete the required disassociation from the Company&#8217;s regulated entities. Collectively, the holders of the voting profits interests are entitled to receive 50% of the residual profits of the business, in which the share of Mr. Appel is 45% and the others each 1.25%,
subject to temporary adjustments in certain circumstances. Value Line retains a non-voting profits interest representing 50% of residual profits, subject to temporary adjustments in certain circumstances and has no power to vote for the election, removal or replacement of the trustees of EAM. Value Line also has a non-voting revenues interest in EAM pursuant to which it is entitled to receive a portion of the non-distribution revenues of the business ranging from 41% at non-distribution fee revenue levels of $9 million or less to 55% at such revenue levels of $35 million or more. In the event the business is sold or liquidated, the first $56.1 million of net proceeds (the value of the business at the time the Restructuring Transaction was approved as determined by the directors of Value Line after reviewing a valuation report by the directors&#8217; financial advisors) plus any
additional capital contributions (Value Line or any holder of a voting profits interest, at its discretion, may make future contributions to its capital account in EAM), which contributions would increase its capital account but not its percentage interest in operating profits, will be distributed in accordance with capital accounts; 20% of the next $56.1 million will be distributed to the holders of the voting profits interests and 80% to the holders of the non-voting profits interests (initially Value Line); and the excess will be distributed 45% to the holders of the voting profits interests and 55% to the holders of the non-voting profits interests.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In connection with the Restructuring Transaction, Value Line (1) granted the Adviser, the Distributor and each Fund use of the name &#8220;Value Line&#8221; so long as the Adviser remains the Fund&#8217;s adviser and on the condition that the Fund does not alter its investment objectives or fundamental policies as they exist on the date of the investment advisory agreement, provided also the Funds do not use leverage for investment purposes, short selling or other complex or unusual investment strategies that create a risk profile similar to that of so-called hedge funds, (2) agreed to provide the Adviser its ranking information without charge on as favorable a basis as to its best institutional customers and (3)
agreed to capitalize the business with $7 million of cash and cash equivalents.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The EAM trust entity has no fixed term, but in the event that control of the Company&#8217;s majority shareholder changes, or in the event that the majority shareholder no longer beneficially owns 5% or more of the voting securities of the Company, then the Company has the right, but not the obligation, to buy the voting profits interests in EAM at a fair market value to be determined by an independent valuation firm in accordance with the terms of the EAM Trust Agreement.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;Value Line also has certain consent rights with respect to extraordinary events involving EAM, such as a proposed sale of all or a significant part of EAM, material acquisitions, entering into businesses other than asset management and fund distribution, paying compensation in excess of the mandated limit of 22.5%-30% of non-distribution fee revenues (depending on the level of such revenues), declaring voluntary bankruptcy, making material changes in tax or accounting policies or making substantial borrowings, and entering into related party transactions. These rights were established to protect Value Line&#8217;s non-voting revenues and non-voting profits interests in EAM.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On a short-term transitional basis, EAM and the Distributor occupied a portion of the premises that the Company leases from a third party. The Company received rental payments from EAM and provided certain accounting and other administrative support services to EAM on a transitional basis. In accordance with the terms of the Restructuring Transaction, EAM vacated the Company&#8217;s premises before June 1, 2011.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On September 3, 2008, the Company was served with a derivative shareholder&#8217;s suit filed in New York County Supreme Court (the &#8220;Court&#8221;) naming certain current and former directors of the Company and alleging breach of fiduciary duty and related allegations, most of which arise from the SEC matter. The complaint sought return of remuneration by the directors and other remedies. A second derivative shareholder&#8217;s suit was filed in New York County Supreme Court on or about November 9, 2009, naming certain current and former Value Line Directors and the Parent as defendants. This suit primarily restates the same or similar allegations and seeks similar remedies as were sought in the earlier
derivative shareholder&#8217;s suit served in September 2008. By order dated January 8, 2010, the Court granted plaintiffs&#8217; motion to consolidate the two cases. The Company has advised its insurance carriers of these developments. It is not possible to estimate accurately an amount or range of loss on the Company&#8217;s financial statements.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The present and former directors who are defendants in the consolidated cases filed in 2008 and 2009 are Howard A. Brecher, Edgar A. Buttner, Jean B. Buttner and David T. Henigson. The complaints do not specify a basis for calculating remuneration that the actions seek to have returned to the Company, nor do the original or amended complaints state a total of such remuneration.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Following mediation under the auspices of the Court, on March 22, 2011, an agreement in principle was reached by the parties to settle the litigation. The settlement in principle is subject to the parties&#8217; execution of a settlement agreement and Court approval. Provided the settlement agreement is consummated and approved, the settlement in principle calls for payment of settlement funds in an aggregate sum of $2.9 million for the benefit of the Company&#8217;s minority shareholders (the Company&#8217;s shareholders other than AB&amp;Co., all other named defendants and members of their immediate families). That sum is inclusive of any and all costs and expenses of the plaintiffs in relation to the case,
including but not limited to legal fees and other charges and court costs.&#160;&#160;Since the settlement in principle calls for payment of settlement funds by parties other than the Company, the settlement of these cases on the terms contemplated by the settlement in principle, if completed, will have no material effect on the financial condition, results of operations or cash flows of the Company.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><a name="t71504a009v1"><!--EFPlaceholder--><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Item 2.&#160;&#160;MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">AND RESULTS OF OPERATIONS.</font></a></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">This report contains statements that are predictive in nature, depend upon or refer to future events or conditions (including certain projections and business trends) accompanied by such phrases as &#8220;believe&#8221;, &#8220;estimate&#8221;, &#8220;expect&#8221;, &#8220;anticipate&#8221;, &#8220;will&#8221;, &#8220;intend&#8221; and other similar or negative expressions, that are &#8220;forward-looking statements&#8221; as defined in the Private Securities Litigation Reform Act of 1995.&#160;&#160;Actual results for Value Line, Inc. (&#8220;Value Line&#8221; or &#8220;the Company&#8221;) may differ materially from those projected as a result of certain risks and uncertainties, including but not limited to the
following:</font></div>

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<div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">maintaining revenue from subscriptions for the Company&#8217;s published products;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">protection of intellectual property rights;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">changes in market and economic conditions, including global financial issues;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">dependence on&#160;non-voting revenues and non-voting profits interests in EULAV Asset Management Trust, a Delaware business trust (&#8220;EAM&#8221;), which provides investment management and distribution, marketing and administrative services to the Value Line branded mutual funds;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">fluctuations in EAM&#8217;s assets under management due to broadly based changes in the values of equity and debt securities, redemptions by investors and other factors;</font></div>
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<div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></div>
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<div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-FAMILY: symbol, serif"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">&#9679;</font></font></font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">competition in the fields of publishing, copyright data and investment management;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">the impact of government regulation on the Company&#8217;s and EAM&#8217;s business and the uncertainties of litigation and regulatory proceedings;</font></div>
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<div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-FAMILY: symbol, serif"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">&#9679;</font></font></font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">availability of free or low cost investment data through discount brokers or generally over the internet;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">the risk that, while the Company believes that the restructuring transaction that closed on December 23, 2010, achieved compliance with the requirements of the order issued by the Securities and Exchange Commission on November 4, 2009, the Company might be required to take additional steps which could adversely affect the Company&#8217;s results of operations or the Company&#8217;s financial condition;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">terrorist attacks and natural disasters; and</font></div>
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<div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></div>
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<div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-FAMILY: symbol, serif"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">&#9679;</font></font></font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">other risks and uncertainties, including but not limited to the risks described in Item 1A, &#8220;Risk Factors&#8221; of the Company&#8217;s Annual Report on Form 10-K for the year ended April 30, 2011 and in Part II, Item 1A of this Quarterly Report on Form 10-Q for the period ended July 31, 2011, and</font></font></div>
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<div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-FAMILY: symbol, serif"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">&#9679;</font></font></font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">other risks and uncertainties arising from time to time.</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Any forward-looking statements are made only as of the date hereof, and the Company undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Executive Summary of the Business</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Value Line is a New York corporation. <font style="DISPLAY: inline">The Company&#8217;s primary business is producing investment related periodical publications and making available copyright data including certain Value Line trademarks and Value Line proprietary ranking system information to third parties under written agreements for use in third party managed and marketed investment products.&#160;&#160;</font>Prior to December 23, 2010, the date of the completion of&#160;&#160;the Restructuring Transaction (see &#8220;Restructuring of Asset Management and Mutual Fund Distribution Businesses&#8221; below), the Company provided investment management services to the Value Mutual Funds (&#8220;Value Line
Funds&#8221;), institutions and individual accounts and provided distribution, marketing, and administrative services to the Value Line Funds.&#160;&#160;<font style="DISPLAY: inline">Value Line markets under well known brands including </font><font style="DISPLAY: inline; FONT-STYLE: italic">The Value Line Investment Survey, The Value Line Research Center, </font><font style="DISPLAY: inline">and </font><font style="DISPLAY: inline; FONT-STYLE: italic">The Most Trusted Name in Investment Research.</font><font style="DISPLAY: inline"> The name &#8220;Value Line&#8221; as used to describe the Company, its products, and its subsidiaries, is a registered trademark of the Company.</font></font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160; The Company&#8217;s target audiences within the investment related periodical publications field are individual investors, colleges, libraries, and investment management professionals. Individuals come to Value Line for complete research in one package.&#160;&#160;Institutional subscribers, such as libraries and universities, offer the Company&#8217;s detailed research to their patrons and students.&#160;&#160;Investment management professionals use the research and historical information in their day to day businesses.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160; Depending upon the product, the Company offers three months or less, annual and/or multi-year subscriptions.&#160;&#160;Generally, all subscriptions are paid for in advance of fulfillment.&#160;&#160;Renewal orders for the retail market are solicited primarily through a series of efforts that include letters, emails, and telemarketing.&#160;&#160;New orders are generated primarily from targeted direct mail campaigns for specific products.&#160;&#160;Other sales channels used by the Company include advertising in media publications, the Internet, cross selling via telesales efforts and Internet promotions through third parties.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;&#160; Institutional subscribers consist of corporations, financial professionals, colleges, and municipal libraries.&#160;&#160;The Company has a dedicated department that solicits institutional subscriptions.&#160;&#160;Fees for institutional services vary by the university or college enrollment, number of users, and the number of products purchased.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;&#160; Cash received and the value of receivables for amounts billed to retail and institutional customers is recorded as unearned revenue until the order is fulfilled.&#160;&#160;As the subscriptions are fulfilled, the Company recognizes revenue in equal installments over the life of the particular subscription. Accordingly, the amount of subscription fees to be earned by fulfilling subscriptions after the date of the balance sheet is shown as unearned revenue within current and long-term liabilities.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;&#160; Until December 23, 2010, the Company&#8217;s businesses consolidated into two business segments.&#160;&#160;The investment related periodical publications (retail and institutional) and fees from copyright data including proprietary ranking system information and other proprietary information consolidate into one segment entitled Investment Periodicals, Publications and Copyright Data.&#160;&#160;Until December 23, 2010, the investment management services to the Value Line Funds and other managed accounts were consolidated into a second business segment entitled Investment Management.&#160;&#160;As of July 31, 2011, the Investment Periodicals, Publications and Copyright Data segment constitutes the
Company&#8217;s only reportable business segment.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Restructuring of Asset Management and Mutual Fund Distribution Businesses</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As more fully discussed in the Company&#8217;s Form 10-K for the fiscal year ended April 30, 2011 as filed with the SEC on July 31, 2011, the Company completed the restructuring of its asset management and mutual fund distribution businesses (the &#8220;Restructuring Transaction&#8221;) on December 23, 2010.&#160;&#160;As part of the Restructuring&#160;&#160;Transaction: (1) EULAV Securities, Inc. (&#8220;ESI&#8221;, a New York corporation and wholly-owned subsidiary of the Company that acted as the distributor of the fourteen Value Line Funds was restructured into EULAV Securities LLC (&#8220;ES&#8221;), a Delaware limited liability company; (2) the Company transferred 100% of its interest in ES to EULAV Asset
Management LLC (&#8220;EAM LLC&#8221;), a wholly-owned subsidiary of the Company that acted as the investment adviser to the Value Line Funds and certain separate accounts; (3) EAM LLC was converted into EULAV Asset Management (&#8220;EAM&#8221;), a Delaware statutory trust; and (4) EAM admitted five individuals (the &#8220;Voting Profits Interest Holders&#8221;), as the initial holders of voting profits interests in EAM, with each of such individuals owning 20% of the voting profits interests of EAM, and (5) pursuant to the EAM Trust Agreement, the Company received an interest in certain revenues of EAM and a portion of the residual profits of EAM but has no voting authority with respect to the election or removal of the trustees of EAM.&#160;&#160;The Voting Profits Interest Holders, who were selected by the independent directors of the Company, paid no consideration in exchange for
their interests in EAM.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The business of EAM is managed by the five individual trustees and a Delaware resident trustee (collectively, the &#8220;Trustees&#8221;) and by its officers subject to the direction of the Trustees.&#160;&#160;The initial Trustees were elected by the Voting Profits Interest Holders, who elected themselves as the individual trustees and The Corporation Trust Company as Delaware resident trustee.&#160;&#160;The Company&#8217;s non-voting revenues and non-voting profits interests in EAM entitle it to receive a range of 41% to 55% of EAM&#8217;s revenues (excluding distribution revenues) from EAM&#8217;s mutual fund and separate account business and 50% of the residual profits of EAM (subject to temporary increase
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant to the EAM Trust Agreement, the Company granted EAM the right to use the Value Line name for all existing Value Line Funds and agreed to supply the Value Line Proprietary Ranking information to EAM without charge or expense.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Mitchell Appel, formerly the Chief Financial Officer of the Company and a director of the Company, as well as president of ESI and EAM LLC and each of the Value Line Funds, is one of the Voting Profits Interest Holders of EAM and, effective December 23, 2010,<font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font>was appointed<font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font>by the Trustees of EAM as<font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font>the first Chief Executive Officer of EAM.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Business Environment</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">During the Company&#8217;s first quarter ended July 31, 2011, the global financial markets had negative performance. For the three months ended July 31, 2011, the NASDAQ and Dow Jones Industrial Average were down 4% and 5%, respectively.&#160;&#160;The NASDAQ and the Dow Jones Industrial Average declined 39.1% and 38.6% respectively from the end of September 2008 to March 9, 2009.&#160;&#160;From March 9, 2009 to July 31, 2011, those indices have increased 117% and 85%, respectively, with the NASDAQ 32% and the Dow Jones Industrial Average 12% above their respective September 2008 levels. Nevertheless, the severe downturn experienced in the September 2008 to March 2009 period and continued volatility in the
financial markets have resulted in many individual investors withdrawing money from equity investments, including equity mutual funds. This risk averse temperament of investors continues to negatively impact both the Company&#8217;s revenues from its research periodicals and publications and the Company&#8217;s cash flows derived from its non-voting revenues and non-voting profits interests in EAM.&#160;&#160;In response, the Company continues to be diligent in operational and marketing execution, and in expense management.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Results of Operations for the Three Months Ended July 31, 2011 and 2010.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The operating results of the Company for the first quarter of fiscal year 2012 deteriorated from the previous year.&#160;&#160;The following table illustrates the key earnings figures for the three months ended July 31, 2011 and 2010.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Three Months Ended July 31,</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">2011</font></div>
</td>
<td nowrap valign="bottom" width="1%" bgcolor="#ffffff" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom" width="10%" bgcolor="#ffffff">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">2010</font></div>
</td>
<td nowrap valign="bottom" width="1%" bgcolor="#ffffff" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom" width="10%" bgcolor="#ffffff">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Percentage <br>
Change</font></div>
</td>
<td nowrap valign="bottom" width="1%" bgcolor="#ffffff" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="34%" bgcolor="#ffffff"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom" width="10%" bgcolor="#ffffff"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" bgcolor="#ffffff" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom" width="10%" bgcolor="#ffffff"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" bgcolor="#ffffff" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom" width="10%" bgcolor="#ffffff"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" bgcolor="#ffffff" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="34%" bgcolor="#ffffff" style="BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(in thousands, except earnings per share)</font></div>
</td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="left" colspan="2" nowrap valign="bottom" width="10%" bgcolor="#ffffff" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" bgcolor="#ffffff" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="left" colspan="2" nowrap valign="bottom" width="10%" bgcolor="#ffffff" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" bgcolor="#ffffff" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom" width="10%" bgcolor="#ffffff" style="BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">FY 12 vs. 11</font></div>
</td>
<td nowrap valign="bottom" width="1%" bgcolor="#ffffff" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="34%" bgcolor="#ffffff"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" bgcolor="#ffffff" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" bgcolor="#ffffff" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" bgcolor="#ffffff" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" bgcolor="#ffffff" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" bgcolor="#ffffff" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" bgcolor="#ffffff" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" bgcolor="#ffffff" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" bgcolor="#ffffff" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" bgcolor="#ffffff" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="34%" bgcolor="#ffffff" style="BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Earnings per share</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" bgcolor="#ffffff" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="9%" bgcolor="#ffffff" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">0.21</font></td>
<td nowrap valign="bottom" width="1%" bgcolor="#ffffff" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" bgcolor="#ffffff" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="9%" bgcolor="#ffffff" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">0.23</font></td>
<td nowrap valign="bottom" width="1%" bgcolor="#ffffff" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" bgcolor="#ffffff" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" bgcolor="#ffffff" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">-8.7</font></td>
<td nowrap valign="bottom" width="1%" bgcolor="#ffffff" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">%</font></td>
</tr><tr>
<td align="left" valign="bottom" width="34%" bgcolor="#ffffff"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" bgcolor="#ffffff" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" bgcolor="#ffffff" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" bgcolor="#ffffff" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" bgcolor="#ffffff" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" bgcolor="#ffffff" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" bgcolor="#ffffff" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" bgcolor="#ffffff" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" bgcolor="#ffffff" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" bgcolor="#ffffff" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="34%" bgcolor="#ffffff" style="BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Net income</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" bgcolor="#ffffff" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="9%" bgcolor="#ffffff" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">2,076</font></td>
<td nowrap valign="bottom" width="1%" bgcolor="#ffffff" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" bgcolor="#ffffff" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="9%" bgcolor="#ffffff" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">2,317</font></td>
<td nowrap valign="bottom" width="1%" bgcolor="#ffffff" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" bgcolor="#ffffff" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" bgcolor="#ffffff" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">-10.4</font></td>
<td nowrap valign="bottom" width="1%" bgcolor="#ffffff" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">%</font></td>
</tr><tr>
<td align="left" valign="bottom" width="34%" bgcolor="#ffffff"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" bgcolor="#ffffff" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" bgcolor="#ffffff" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" bgcolor="#ffffff" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" bgcolor="#ffffff" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" bgcolor="#ffffff" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" bgcolor="#ffffff" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" bgcolor="#ffffff" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" bgcolor="#ffffff" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" bgcolor="#ffffff" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="34%" bgcolor="#ffffff" style="BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Operating income</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" bgcolor="#ffffff" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="9%" bgcolor="#ffffff" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">1,638</font></td>
<td nowrap valign="bottom" width="1%" bgcolor="#ffffff" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" bgcolor="#ffffff" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="9%" bgcolor="#ffffff" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">3,546</font></td>
<td nowrap valign="bottom" width="1%" bgcolor="#ffffff" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" bgcolor="#ffffff" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" bgcolor="#ffffff" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">-53.8</font></td>
<td nowrap valign="bottom" width="1%" bgcolor="#ffffff" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">%</font></td>
</tr><tr>
<td align="left" valign="bottom" width="34%" bgcolor="#ffffff"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" bgcolor="#ffffff" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" bgcolor="#ffffff" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" bgcolor="#ffffff" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" bgcolor="#ffffff" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" bgcolor="#ffffff" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" bgcolor="#ffffff" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" bgcolor="#ffffff" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" bgcolor="#ffffff" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" bgcolor="#ffffff" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="34%" bgcolor="#ffffff" style="BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Operating expenses</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" bgcolor="#ffffff" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="9%" bgcolor="#ffffff" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">7,732</font></td>
<td nowrap valign="bottom" width="1%" bgcolor="#ffffff" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" bgcolor="#ffffff" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="9%" bgcolor="#ffffff" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">10,063</font></td>
<td nowrap valign="bottom" width="1%" bgcolor="#ffffff" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" bgcolor="#ffffff" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" bgcolor="#ffffff" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">-23.2</font></td>
<td nowrap valign="bottom" width="1%" bgcolor="#ffffff" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">%</font></td>
</tr><tr>
<td align="left" valign="bottom" width="34%" bgcolor="#ffffff"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" bgcolor="#ffffff" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" bgcolor="#ffffff" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" bgcolor="#ffffff" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" bgcolor="#ffffff" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" bgcolor="#ffffff" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" bgcolor="#ffffff" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" bgcolor="#ffffff" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" bgcolor="#ffffff" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" bgcolor="#ffffff" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="34%" bgcolor="#ffffff" style="BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Revenues and profits interests from EAM Trust</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" bgcolor="#ffffff" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="9%" bgcolor="#ffffff" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">1,572</font></td>
<td nowrap valign="bottom" width="1%" bgcolor="#ffffff" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" bgcolor="#ffffff" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" bgcolor="#ffffff" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">-</font></td>
<td nowrap valign="bottom" width="1%" bgcolor="#ffffff" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" bgcolor="#ffffff" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" bgcolor="#ffffff" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">#N/A</font></td>
<td nowrap valign="bottom" width="1%" bgcolor="#ffffff" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="34%" bgcolor="#ffffff"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" bgcolor="#ffffff" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" bgcolor="#ffffff" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" bgcolor="#ffffff" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" bgcolor="#ffffff" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" bgcolor="#ffffff" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" bgcolor="#ffffff" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" bgcolor="#ffffff" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" bgcolor="#ffffff" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" bgcolor="#ffffff" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="34%" bgcolor="#ffffff" style="BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Income from securities transactions, net</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" bgcolor="#ffffff" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="9%" bgcolor="#ffffff" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">11</font></td>
<td nowrap valign="bottom" width="1%" bgcolor="#ffffff" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" bgcolor="#ffffff" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="9%" bgcolor="#ffffff" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">37</font></td>
<td nowrap valign="bottom" width="1%" bgcolor="#ffffff" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" bgcolor="#ffffff" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" bgcolor="#ffffff" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">-70.3</font></td>
<td nowrap valign="bottom" width="1%" bgcolor="#ffffff" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">%</font></td>
</tr></table>
</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>

<div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">23</font></div>

<div style="WIDTH: 100%; TEXT-ALIGN: center">
<hr style="COLOR: gainsboro" noshade size="1">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160; </font></div>
</div>
</div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline">During the three months ended July 31, 2011, the Company&#8217;s net income of $2,076,000, or $0.21 per share, was $241,000 or 10% below net income of $2,317,000, or $0.23 per share, for the three months ended July 31, 2010.&#160;&#160;Operating income of $1,638,000 for the first quarter of fiscal 2012 was $1,908,000 or 54% below operating income of $3,546,000 for the first quarter of fiscal 2011.&#160;&#160;</font>Operating income for the three months ended July 31, 2011, does not include the non-voting revenues and profits interests from EAM of $1,572,000, while operating income for the first three months of fiscal 2011 includes $4,215,000 of operating revenues and $308,000 of
operating profit 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. <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Income before income taxes, which is inclusive of the non-voting revenues and profits interest from EAM through July 31, 2011, was $3,221,000 as compared to $3,583,000 for the three months ended July 31, 2010, a decrease of $362,000 or 10%.</font></font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Operating revenues</font></div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div align="center">
<table cellpadding="0" cellspacing="0" width="70%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="bottom" width="34%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%" style="BORDER-TOP: medium none; PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="10" nowrap valign="bottom" width="34%" style="BORDER-TOP: black 2px solid; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Three Months Ended July 31,</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="BORDER-TOP: black 2px solid; PADDING-BOTTOM: 2px; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="34%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom" width="10%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">2011</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom" width="10%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">2010</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom" width="10%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Percentage <br>
Change</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="34%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="34%" style="BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(in thousands)</font></div>
</td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="left" colspan="2" nowrap valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="left" colspan="2" nowrap valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">FY 12 vs. 11</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="34%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Investment periodicals and related publications</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">8,398</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">8,617</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">-2.5</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">%</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="34%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="34%" style="BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Copyright data fees</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">972</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">777</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">25.1</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">%</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="34%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;Operating revenues from investment</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;periodicals, related publications and copyright data</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">9,370</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">9,394</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">-0.3</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">%</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="34%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="34%" style="BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Investment management fees and services</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">-</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">4,215</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">-100.0</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">%</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="34%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="34%" style="BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;Total operating revenues</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">9,370</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">13,609</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">-31.1</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">%</font></td>
</tr></table>
</div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Operating revenues from investment periodicals and related publications including copyright data fees were slightly below the operating revenues from the previous fiscal year.&#160;&#160;Investment management fees and services for the three months ended July 31, 2011, are no longer considered operating revenues as a result of the EAM Restructuring Transaction completed on December 23, 2010.</font></div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Investment periodicals and related publications revenues</font></div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Investment periodicals and related publications revenues were down $219,000, or 3%, for the three months ended July 31, 2011, as compared to the prior fiscal year.&#160;&#160;While the Company continued its efforts to attract new subscribers through various marketing channels, primarily direct mail and the internet for retail users, and by the efforts of our sales personnel in the institutional market, total product line circulation remains lower than in past years.&#160;&#160;Factors that have contributed to the decline in the investment periodicals and related publications
revenues include competition in the form of free or low cost investment research on the Internet and research provided by brokerage firms at no direct cost to their clients.&#160;&#160;As of July 31, 2011, total company-wide circulation has declined 2% compared to total circulation at July 31, 2010.&#160;&#160;Although renewal rates for the flagship product, <font style="DISPLAY: inline; FONT-STYLE: italic">The Value Line Investment Survey,</font> are 78%, up from 70% for the prior fiscal year, the Company is not adding enough new subscribers to offset the subscribers that choose not to renew the flagship product and other Value Line products.&#160;&#160;The Company has been successful in growing revenues from electronic investment periodicals within institutional sales, with earned revenues increasing $106,000 or 5% for the three months ended July 31, 2011, as compared to the first
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">24</font></div>

<div style="WIDTH: 100%; TEXT-ALIGN: center">
<hr style="COLOR: gainsboro" noshade size="1">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160; </font></div>
</div>
</div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Within investment periodicals and related publications are subscription revenues derived from print and electronic products.&#160;&#160;The following chart illustrates the year-to-year change in the revenues associated with print and electronic subscriptions.</font></div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Subscription Revenues</font></div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div align="left">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" style="BORDER-TOP: medium none; PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="10" nowrap valign="bottom" style="BORDER-TOP: black 2px solid; BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Three Months Ended July 31,</font></div>
</td>
<td nowrap valign="bottom" style="BORDER-TOP: black 2px solid; PADDING-BOTTOM: 2px; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">2011</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">2010</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Percentage <br>
Change</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(in thousands)</font></div>
</td>
<td align="left" valign="bottom" style="PADDING-BOTTOM: 2px; BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="left" colspan="2" nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="left" valign="bottom" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="left" colspan="2" nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">FY 12 vs. 11</font></div>
</td>
<td nowrap valign="bottom" style="PADDING-BOTTOM: 2px; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="64%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="64%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Print publication revenues</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">5,195</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">5,502</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">-5.6</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">%</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%" style="BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Electronic publication revenues</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">3,203</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">3,115</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">2.8</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">%</font></td>
</tr><tr>
<td align="left" valign="bottom" width="64%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="64%" style="BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Total investment periodicals and related publications revenues</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">8,398</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">8,617</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">-2.5</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">%</font></td>
</tr></table>
</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Sources of Subscription Revenues</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div align="center">
<table cellpadding="0" cellspacing="0" width="70%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="bottom" width="22%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%" style="BORDER-TOP: medium none; PADDING-BOTTOM: 2px; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="14" nowrap valign="bottom" width="46%" style="BORDER-TOP: black 2px solid; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Three Months Ended July 31,</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="BORDER-TOP: black 2px solid; PADDING-BOTTOM: 2px; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="22%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="6" nowrap valign="bottom" width="22%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">2011</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="6" nowrap valign="bottom" width="22%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">2010</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="22%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Print</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Electronic</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Print</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Electronic</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="22%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="22%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">New Subscribers</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">11.4</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">%</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">27.8</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">%</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">11.1</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">%</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">32.5</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">%</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="22%" style="BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Renewals</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">88.6</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">%</font></td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">72.2</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">%</font></td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">88.9</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">%</font></td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">67.5</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">%</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="22%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="22%" style="BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Total Subscribers</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">100.0</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">%</font></td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">100.0</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">%</font></td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">100.0</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">%</font></td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">100.0</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">%</font></td>
</tr></table>
</div>
</div>

<div>&#160;</div>

<div>
<div align="center">&#160;</div>

<div align="center">
<table cellpadding="0" cellspacing="0" width="70%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="bottom" width="34%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%" style="BORDER-TOP: medium none; PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="10" nowrap valign="bottom" width="34%" style="BORDER-TOP: black 2px solid; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">At July 31,</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="BORDER-TOP: black 2px solid; PADDING-BOTTOM: 2px; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="34%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom" width="10%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">2011</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom" width="10%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">2010</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom" width="10%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Percentage <br>
Change</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="34%" style="BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(in thousands)</font></div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="left" colspan="2" nowrap valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="left" colspan="2" nowrap valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">FY 12 vs. 11</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="34%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
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<td align="left" valign="bottom" width="34%" style="BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Unearned revenues (short and long term)</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">25,399</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">26,154</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">-2.9</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">%</font></td>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline">For the three months ended July 31, 2011, print publication revenues decreased $307,000, or 6%, from fiscal 2011 for the reasons described earlier.&#160;&#160;Print circulation, which has always dominated the Company&#8217;s subscription base, has fallen 4% as of July 31, 2011 as compared to print circulation at July 31, 2010.&#160;&#160;For the three months ended July 31, 2011, electronic publications revenues were 3% higher than for the first quarter of fiscal 2011.&#160;&#160;The electronic publication revenues are broken down into institutional accounts and retail subscribers.&#160;&#160;For the three months ended July 31, 2011,
earned revenues from institutional electronic publications increased $106,000, or 5%, as compared to the first quarter of fiscal 2011.&#160;&#160;However, g</font>ross institutional sales of $2,001,000 for the three months ended July 31, 2011, were $200,000 or 9% below gross sales of $2,201,000 during the first quarter of fiscal 2011.&#160;&#160;<font style="DISPLAY: inline">For the three months ended July 31, 2011, electronic publications revenues from retail subscribers were down $18,000, or 2%, as compared to the first quarter of fiscal 2011.&#160;&#160;The Company has relied more on its institutional sales marketing efforts, and the increase in institutional revenues is a direct result of a focused effort to sell to colleges, libraries and corporate accounts.&#160;&#160;The decrease in electronic retail publications revenues is primarily attributable to the decrease in circulation
within the Company&#8217;s software products, which have not had a major update recently.</font></font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline">The majority of the Company&#8217;s subscribers have traditionally been individual investors who generally receive printed publications via U.S. Mail on a weekly basis. Consistent with the experience of other print publishers in many fields, the Company found that its universe of customers has been declining as individuals migrate to online delivered services.&#160;&#160;&#160;Investors interested in online investment information have access to free equity research from many sources.&#160;&#160;For example, most retail broker-dealers with online trading capabilities offer their customers free or low cost research services that directly
compete with the Company&#8217;s services.&#160;&#160;</font>Revenues from retail online services have also declined because many competing online products offer more dynamic features.</font></div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 5pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The Company believes that the volatility of the equity market and the severe economic recession, which economics authorities say ended during the second quarter of calendar 2009, have to some extent eroded retail investor interest in equities.&#160;&#160;The Company also believes that the negative trend in overall subscription revenue is likely to continue, albeit at a slower rate than the decline experienced in recent years, until new products have been developed and marketed.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 5pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The Company has established the goal of developing competitive electronic products and marketing them effectively through traditional and electronic channels. Towards that end, the Company has been&#160;modernizing legacy information technology systems.&#160;&#160;The Company is not able to predict when these efforts will result in the launch of new services or whether they will be successful in reversing the trend of declining retail publishing revenues.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline">The Value Line Timeliness Ranking System</font><font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">TM</font><font style="DISPLAY: inline"> (&#8220;the Ranking System&#8221;), a component in the Company&#8217;s flagship product, </font><font style="DISPLAY: inline; FONT-STYLE: italic">The Value Line Investment Survey</font><font style="DISPLAY: inline">, is also an important part of the Company&#8217;s copyright data business.&#160;&#160;The Ranking System is designed to be predictive over a six to twelve month period.&#160;&#160;</font>During the twelve months, six months and three months ended July 31, 2011, the
combined Ranking System &#8220;Rank 1 &amp; 2&#8221; stock performance of 27.1%, 4.9% and -5.5%, allowing for weekly changes in Ranks, compares favorably to the S&amp;P 500 index performance of 14.3%, 0.1% and -5.5%, respectively. The Ranking System is also required to be made available to EAM for specific uses.</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;<font style="DISPLAY: inline; FONT-STYLE: italic">Copyright data fees</font></font></div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Copyright data fees have increased $195,000, or 25%, during the three months ended July 31, 2011, as compared to the first quarter of fiscal 2011.&#160;&#160;As of July 31, 2011, total third party sponsored assets were attributable to four contracts for copyright data representing $3.4 billion in various products, as compared to four contracts and $2.4 billion in assets at July 31,&#160;&#160;2010, representing a 41% increase in assets.&#160;&#160;The Company believes the growth of this part of the business is dependent upon the desire of third parties to use the Value Line trademarks and proprietary research for their products. This market has become significantly more competitive as a result of product
diversification and increased use of indices by portfolio managers. One account was added and one lost during the first quarter of fiscal 2011, and there was no net change in the number of revenue-producing accounts during the first quarter of fiscal 2012.</font></div>

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</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Investment management (overview)</font></div>

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</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline">As of the Restructuring Date, December 23, 2010, the Company deconsolidated its asset management and mutual fund distribution businesses and its interest in these businesses was restructured as a non-voting revenues and non-voting profits interest in EAM.&#160;&#160;Accordingly, the Company no longer reports this operation as a separate business segment, although it still maintains a significant interest in the cash flows generated by this business.&#160;&#160;Total assets in the Value Line Funds managed by EAM at July 31, 2011 were $2.15 billion, 2% above total assets of $2.1 billion in the Value Line Funds managed by EAM LLC, the predecessor of EAM, at July 31,
2010.&#160;&#160;</font>Overall assets in the Value Line Funds at July 31, 2011 increased $50 million, or 2% since July 31, 2010 as a result of market appreciation that more than offset net redemptions within the equity funds.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">At July 31,</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">2011</font></div>
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<td nowrap valign="bottom" width="1%" style="BORDER-TOP: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-TOP: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="BORDER-TOP: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">2010</font></div>
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<td nowrap valign="bottom" width="1%" style="BORDER-TOP: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-TOP: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="BORDER-TOP: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Percentage</font></div>

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<td nowrap valign="bottom" width="1%" style="BORDER-TOP: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
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<td align="left" valign="bottom" width="44%" style="BORDER-TOP: medium none"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-TOP: medium none"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="BORDER-TOP: medium none"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-TOP: medium none; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-TOP: medium none"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="BORDER-TOP: medium none"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-TOP: medium none; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-TOP: medium none"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="BORDER-TOP: medium none"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-TOP: medium none; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="44%" style="BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(in thousands)</font></div>
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<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="left" colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="left" colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">FY 12 vs. 11</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="44%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
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<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
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<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="44%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Equity funds</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">1,838,756</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">1,734,426</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">6.0</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">%</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="44%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="44%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Fixed income funds</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">235,242</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">246,891</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">-4.7</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">%</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="44%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="44%" style="BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">U.S. Government Money Market Fund</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">77,393</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">120,223</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">-35.6</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">%</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="44%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="44%" style="BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;Total net assets</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">2,151,391</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">2,101,540</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">2.4</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">%</font></td>
</tr></table>
</div>

<div align="center">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Of the fourteen funds, <font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">shares of Value</font> Line Strategic Asset Management Trust (&#8220;SAM&#8221;) and Value Line Centurion Fund (&#8220;Centurion&#8221;) are available to the public only through the purchase of certain variable annuity and variable life insurance contracts issued by The Guardian Insurance &amp; Annuity Company, Inc. (&#8220;GIAC&#8221;).&#160;&#160;The next table provides a breakdown of the major distribution channels for the Value Line Funds.</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div align="center">
<table cellpadding="0" cellspacing="0" width="80%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="bottom" width="44%" style="BORDER-TOP: medium none; BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-TOP: medium none; BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="6" valign="bottom" width="22%" style="BORDER-TOP: medium none; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">At July 31,</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-TOP: medium none; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-TOP: medium none; BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="BORDER-TOP: medium none; BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-TOP: medium none; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="44%" style="BORDER-TOP: medium none"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%" style="BORDER-TOP: medium none"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="BORDER-TOP: medium none">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">2011</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="BORDER-TOP: medium none; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-TOP: medium none"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="BORDER-TOP: medium none">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">2010</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="BORDER-TOP: medium none; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-TOP: medium none"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="BORDER-TOP: medium none">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Percentage</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Change</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="BORDER-TOP: medium none; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="44%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="left" colspan="2" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="left" colspan="2" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="44%" style="BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(in thousands)</font></div>
</td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="left" colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="left" colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">FY 12 vs. 11</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="44%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="44%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Variable annuity assets (GIAC)</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">491,769</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">461,032</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">6.7</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">%</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="44%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="44%" style="BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">All other open end equity fund assets</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">1,346,987</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">1,273,394</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">5.8</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">%</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="44%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="44%" style="BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;&#160;&#160;Total equity fund net assets</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">1,838,756</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">1,734,426</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">6.0</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">%</font></td>
</tr></table>
</div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">During the three months ended July 31, 2010, investment management fees and distribution service fees (which we sometimes refer to as &#8220;12b-1 fees&#8221;) amounted to $4,215,000, after giving effect to account fee waivers for certain of the Value Line Funds. These amounts included 12b-1 fees of $910,000.&#160;&#160;For the same period total investment management fee waivers were $186,000 and total 12b-1 fee waivers were $620,000.&#160;&#160;With limited exceptions, the Company, EAM LLC and ESI had no right to recoup the previously waived amounts of investment management fees and 12b-1 fees.&#160;&#160;Any such recoupment of waived investment management fees is subject to the provisions of the applicable
prospectus.&#160;&#160;During the three months ended July 31, 2010, separately managed accounts revenues were $51,000.&#160;&#160;Separately managed accounts had $44 million in assets as of July 31, 2010.&#160;&#160;Of the $44 million, $21 million was affiliated with AB&amp;Co.&#160;&#160;During the third quarter of fiscal 2011, the affiliated entities cancelled their separately managed account agreements with EAM LLC.</font></div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">EAM - Results of operations before distribution to interest holders</font></div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The overall results of EAM&#8217;s investment management operations during the three months ended July 31, 2011, before interest holder distributions, include total investment management fees earned from the Value Line Funds of $3,301,000, 12b-1 fees of $928,000 and other income of $4,000. For the same period, total investment management fee waivers were $230,000 and 12b-1 fee waivers were $618,000.&#160;&#160;During the three months ended July 31, 2011, EAM<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8217;</font>s net income was $162,000, after giving effect to Value Line&#8217;s non-voting revenues interest of $1,491,000, but before distributions to voting interest holders and to the Company in
respect of its non-voting profits interest.</font></div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>

<div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">27</font></div>

<div style="WIDTH: 100%; TEXT-ALIGN: center">
<hr style="COLOR: gainsboro" noshade size="1">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160; </font></div>
</div>
</div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As of July 31, 2011 twelve of the fourteen Value Line Funds have all or a portion of the 12b-1 fees being waived and five of the fourteen funds have partial investment management fee waivers in place.&#160;&#160;Although, under the terms of the EAM Trust Agreement, the Company no longer receives or shares in the revenues from 12b-1 distribution fees, the Company could benefit from the fee waivers to the extent that the resulting reduction of expense ratios and enhancement of the performance of the Value Line Funds attracts new assets.</font></div>

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</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;As of July 31, 2011, three of the six Value Line equity mutual funds, excluding SAM and Centurion, had an overall four star rating by Morningstar, Inc. The largest distribution channel for the Value Line Funds remains the fund supermarket platforms such as Charles Schwab &amp; Co., Inc., TD Ameritrade and Fidelity.</font></div>

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</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The Value Line fixed income Fund assets (excluding the Value Line U.S. Government Money Market Fund (&#8220;USGMMF&#8221;)), represent approximately 11% of total mutual fund assets under management (&#8220;AUM&#8221;) at July 31, 2011, a decrease from 12% of total mutual fund assets at July 31, 2010.&#160;&#160;The USGMMF assets represent 4% of the total Fund AUM at July 31, 2011, a decrease from 6% of the total Fund AUM at July 31, 2010.&#160;&#160;Fixed income assets decreased by 5% and there was a decrease of 36% in USGMMF AUM.&#160;&#160;The main reason for the decline in USGMMF AUM was due to redemptions by the Company, and the Value Line Profit Sharing Plan liquidating its account of approximately $12
million during May 2011. Management fees from the USGMMF were zero with EAM having waived all fees for the Fund since the end of November 2009, and because of the historically low interest rate environment and new regulations restricting investments, substantially subsidizing the USGMMF expenses.</font></div>

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</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">EAM - The Company&#8217;s non-voting revenues and profits interests</font></div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As a result of the Restructuring Transaction, the Company no longer engages, through subsidiaries, in the investment management or mutual fund distribution businesses.&#160;&#160;The Company does hold 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<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8217;</font>s investment management fee revenues from its mutual fund and separate accounts business.&#160;&#160;EAM currently has no separately managed account clients.&#160;&#160;During the three months ended July 31, 2011, the Company recorded revenues of $1,491,000 and profits of $81,000 from its non-voting
interests in EAM without incurring any directly related expenses.</font></div>

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</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Expenses</font></div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Expenses within the Company are categorized into advertising and promotion, salaries and employee benefits, production and distribution, office and administration. Operating expenses of $7,732,000 during the three months ended July 31, 2011 were $2,331,000, or 23%, below operating expenses of $10,063,000 for the first quarter of fiscal 2011. During the three months ended July 31, 2010, expenses included costs of $1,300,000 associated with the Restructuring Transaction.</font></div>

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</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Advertising and promotion</font></div>

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</div>

<div align="center">
<table cellpadding="0" cellspacing="0" width="80%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="bottom" width="44%" style="BORDER-TOP: medium none; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%" style="BORDER-TOP: medium none; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="10" valign="bottom" width="40%" style="BORDER-TOP: black 2px solid; BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Three Months Ended July 31,</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="BORDER-TOP: black 2px solid; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="44%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="44%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom" width="12%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">2011</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom" width="12%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">2010</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom" width="12%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Percentage Change</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="44%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="44%" style="BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(in thousands)</font></div>
</td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="left" colspan="2" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="left" colspan="2" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">FY 12 vs. 11</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="44%" style="BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Advertising and promotion</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">1,121</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">1,718</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">-34.7</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">%</font></td>
</tr></table>
</div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></div>

<div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">28</font></div>

<div style="WIDTH: 100%; TEXT-ALIGN: center">
<hr style="COLOR: gainsboro" noshade size="1">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160; </font></div>
</div>
</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Advertising and promotion expenses during the three months ended July 31 2011, decreased $597,000, or 35%, as compared to the first quarter of fiscal 2011. As a result of the disassociation and deconsolidation of the investment management business on December 23, 2010, the Company discontinued advertising expenses associated with the distribution of the Value Line Funds, resulting in a decline in expenses of $974,000, or 100%, during the first quarter of fiscal 2012 as compared to the prior fiscal year.&#160;&#160;Within the publishing segment, costs for the three months ended July 2011 associated with direct mail increased $151,000 or 59% above the first quarter of fiscal 2011. Media print advertising and
promotional costs during the first quarter of fiscal 2012 increased $334,000 as compared to the first quarter of fiscal 2011, with the increase relating to the digital product and software promotion project, which was partially offset by a $67,000 decrease in public relations costs.</font></div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Salaries and employee benefits</font></div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div align="center">
<table cellpadding="0" cellspacing="0" width="80%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="bottom" width="44%" style="BORDER-TOP: medium none; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%" style="BORDER-TOP: medium none; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="10" valign="bottom" width="34%" style="BORDER-TOP: black 2px solid; BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Three Months Ended July 31,</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="BORDER-TOP: black 2px solid; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="44%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="44%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">2011</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">2010</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Percentage Change</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="44%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="left" colspan="2" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="left" colspan="2" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="44%" style="BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(in thousands)</font></div>
</td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="left" colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="left" colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">FY 12 vs. 11</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="44%" style="BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Salaries and employee benefits</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">3,640</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">3,877</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">-6.1</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">%</font></td>
</tr></table>
</div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Salaries and employee benefits decreased by $237,000 during the three months ended July 31, 2011, as compared to the first quarter of fiscal 2011, as a result of the elimination of approximately $262,000 related to the deconsolidation of the investment management business.&#160;&#160;The decrease in expenses was partially offset by the recording of $150,000 of accrued profit sharing expense. The increase of $208,000 to support upgrades to the Company&#8217;s digital and software products and fulfillment system was offset by $270,000 capitalization of the development costs during the three months ended July 31, 2011.&#160;&#160;Over the past several years, the Company has saved money by combining the roles and
responsibilities of various personnel and by selective outsourcing.</font></div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Production and distribution</font></div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div align="center">
<table cellpadding="0" cellspacing="0" width="80%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td align="left" valign="bottom" width="44%" style="BORDER-TOP: medium none; PADDING-BOTTOM: 2px">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></div>
</td>
<td valign="bottom" width="1%" style="BORDER-TOP: medium none; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="10" valign="bottom" width="40%" style="BORDER-TOP: black 2px solid; BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Three Months Ended July 31,</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="BORDER-TOP: black 2px solid; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="44%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="44%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom" width="12%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">2011</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom" width="12%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">2010</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom" width="12%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Percentage Change</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="44%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="44%" style="BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(in thousands)</font></div>
</td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="left" colspan="2" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="left" colspan="2" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">FY 12 vs. 11</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="44%" style="BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Production and distribution</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">1,229</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">1,138</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">8.0</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">%</font></td>
</tr></table>
</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Production and distribution expenses during the three months ended July 31, 2011, were $91,000, or 8%, above the first quarter of fiscal 2011 primarily due to an increase in printing, distribution and service mailers costs.</font></div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Office and administration</font></div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div align="center">
<table cellpadding="0" cellspacing="0" width="80%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="bottom" width="44%" style="BORDER-TOP: medium none; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%" style="BORDER-TOP: medium none; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="10" valign="bottom" width="40%" style="BORDER-TOP: black 2px solid; BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Three Months Ended July 31,</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="BORDER-TOP: black 2px solid; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="44%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="44%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom" width="12%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">2011</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom" width="12%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">2010</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom" width="12%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Percentage Change</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="44%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="44%" style="BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(in thousands)</font></div>
</td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="left" colspan="2" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="left" colspan="2" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">FY 12 vs. 11</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="44%" style="BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Office and administration</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">1,742</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">3,330</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">-47.7</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">%</font></td>
</tr></table>
</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Office and administration expenses during the three months ended July 31, 2011, were $1,588,000, or 48%, below expenses for the first quarter of fiscal 2011. Professional fees associated with the restructuring of the Company&#8217;s assets management business segment decreased approximately $1,300,000 and were the largest component of the change in expenses during the first quarter of fiscal 2012 as compared to the first quarter of fiscal 2011.&#160;&#160;Additionally, office and administration expenses declined by $353,000 during the first quarter of fiscal 2012 as a result of the elimination of funds accounting support expenses related to the deconsolidation of the investment management
business.&#160;&#160;Professional fees fluctuate year to year based on the level of operations, litigation or regulatory activity requiring the use of outside professionals.&#160;&#160;During the period from December 23, 2010 until May 28, 2011, EAM and ES occupied a portion of the premises that the Company leases from a third party.&#160;&#160;The Company received $44,000 for the month of May, 2011 for rent and a payment for certain accounting and other administrative support services provided to EAM and ES on a transitional basis during such period.</font></div>

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<div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">29</font></div>

<div style="WIDTH: 100%; TEXT-ALIGN: center">
<hr style="COLOR: gainsboro" noshade size="1">
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</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160; </font></div>
</div>
</div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Provision for Settlement</font></div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;On November 4, 2009, the Company, its former Chief Executive Officer and another former officer of the Company concluded a Settlement with the SEC as a result of an investigation regarding the execution of portfolio transactions on behalf of the Value Line Funds (see Part II, Item 1, &#8220;Legal Proceedings&#8221;).&#160;&#160;During fiscal 2011, the SEC appointed A.B. Data, Ltd as the Administrator of the Fair Fund. In connection with its ongoing administration of the Fair Fund, A.B. Data, Ltd estimated that the remaining costs of administration would be $1,767,000 which the company has reflected as a liability in its Consolidated Condensed Balance Sheets at July 31, 2011 and April 30, 2011,
respectively.&#160;&#160;Subsequent to the Settlement and pursuant to Section 308(a) of the Sarbanes-Oxley Act of 2002, the Company&#8217;s disgorgement, interest and penalty payments to the SEC in the aggregate amount of $43,706,000 were to be placed into a Fair Fund created by the SEC. The Fair Fund will be used to reimburse shareholders who owned shares in the affected Value Line Funds in the period covered by the Settlement and to complete prescribed claims procedures.&#160;&#160;The Company is required to bear all the costs associated with the Fair Fund distribution, including retaining a third party consultant appointed by the SEC to administer the Fair Fund administration and distribution.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Segment Operating Profit</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The Company&#8217;s primary business is producing investment related periodical publications and making available copyright data including certain Value Line trademarks and Value Line marketed investment products.&#160;&#160;Prior to December 23, 2010, the date of the completion of the Restructuring Transaction&#160;&#160;(see Note 11 - Legal Proceeding and Restructuring of the Consolidated Condensed Financial Statements), the Company provided investment management services to the Value Line Funds, institutions and individual accounts and provided distribution, marketing and administrative services to the Value Line Funds.</font></div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
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<div align="left">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="10" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Investment Periodicals, Publishing</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&amp; Copyright Data</font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="10" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Investment Management</font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="10" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Three Months Ended July 31,</font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="10" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Three Months Ended July 31,</font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">2011</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">2010</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Percentage</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Change</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">2011</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">2010</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Percentage</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Change</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(in thousands)</font></div>
</td>
<td align="left" valign="bottom" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="left" colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="left" valign="bottom" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="left" colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">FY 11 vs. 10</font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="left" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(1)</font></td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">&#160;</td>
<td align="left" valign="bottom" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="left" colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">FY 11 vs. 10</font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="28%" style="BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Segment revenues from external customers</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">9,370</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">9,394</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">-0.3</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">%</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">n/a</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">4,215</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">-100</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">%</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="28%" style="BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Segment profit from operations</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">1,638</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">3,238</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">-49.4</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">%</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">n/a</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">308</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">-100</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">%</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="28%" style="BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Segment profit margin from operations</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">17.5</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">%</font></td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">34.5</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">%</font></td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">-49.3</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">%</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">n/a</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">7.3</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">%</font></td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">-100</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">%</font></td>
</tr></table>
</div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div align="left">
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td width="6%" style="WIDTH: 36pt; TEXT-ALIGN: right">
<div style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(1)&#160;&#160;</font></div>
</td>
<td width="94%" style="TEXT-ALIGN: left">
<div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">From December 23, 2010, the date of the Restructuring Transaction, described in Note 11 - Legal Proceedings and Restructuring of the Consolidated Condensed Financial Statements, the Company no longer considers Investment Management a reportable business segment. See<font style="DISPLAY: inline; FONT-STYLE: italic"> EAM - The Company&#8217;s non-voting revenues and profits interests, </font>above under Results of Operations.</font></div>
</td>
</tr></table>
</div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Investment Periodicals, Publishing &amp; Copyright Data</font><br>
</div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Segment revenues, operating profit and operating profit margins from the Company&#8217;s Investment Periodicals, Publishing &amp; Copyright Data segment declined significantly from the previous fiscal year primarily due to the continued deterioration in circulation of the total product line. As previously mentioned, the ranking system performance is sometimes inconsistent and competition in the form of free or low cost investment research on the Internet and research provided by brokerage firms at no cost to their clients contributed to the decline in revenue. The recession and turmoil in the markets have also contributed to the decline in subscriptions as individuals reduced many forms of discretionary spending,
or have shifted investments to fixed income, for which the Company only provides research on mutual fund and ETF vehicles. Investment Periodicals, Publishing &amp; Copyright Data segment profit margin from operations decreased as a direct result of the decline in revenue.</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">30</font></div>

<div style="WIDTH: 100%; TEXT-ALIGN: center">
<hr style="COLOR: gainsboro" noshade size="1">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160; </font></div>
</div>
</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Investment Management</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Revenues and profits from the Company&#8217;s former Investment Management business segment declined from the previous fiscal year as a result of the completion of the Restructuring Transaction and the Company no longer operates the Investment Management segment.&#160;&#160;In fiscal 2011, the Company waived management fees of $130,000 in the U.S. Government Money Market Fund due to the low interest rate environment which resulted in the fund&#8217;s generating insufficient portfolio income to cover its normalized expenses.</font></div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Income from Securities Transactions, net</font></div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">During the three months ended July 31, 2011, the Company&#8217;s income from securities transactions, net, of $11,000 was $26,000 or 70% below income from securities transactions, net, of $37,000 during the first quarter of fiscal 2011. Income from securities transactions, net, includes dividend and interest income of $20,000 and $39,000 earned during the three months ended July 31, 2011 and 2010, respectively.&#160;&#160;Capital losses during the three months ended July 31, 2011, were $5,000 primarily from the sale of fixed income obligations. There were no capital gains or losses, during the three months ended July 31, 2010.</font></div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Effective income tax rate</font></div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The overall effective income tax rate, as a percentage of pre-tax ordinary income for the three months ended July 31, 2011 and July 31, 2010 was 35.53% and 35.33%, respectively.</font><br>
</div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Liquidity and Capital Resources</font></div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The Company had negative working capital of $7,892,000 as of July 31, 2011 and working capital of $20,884,000 as of July 31, 2010.&#160;&#160;These amounts include short-term unearned revenue of $21,103,000 and $22,069,000 reflected in total current liabilities at July 31, 2011 and July 31, 2010, respectively.&#160;&#160;The decrease in working capital for fiscal 2012 resulted primarily from the payment in November 2010 of a special $2.00 per share dividend, aggregating approximately $20 million, in lieu of the Company&#8217;s regularly scheduled $0.20 per share dividend.&#160;&#160;Also in fiscal 2011, in connection with the Restructuring Transaction, the Company transferred cash and marketable securities of
$7,000,000 to EAM, and incurred restructuring related expenses of $3,764,000.</font></div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Cash from operating activities</font></div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The Company had cash outflows from operations of $526,000 during the three months ended July 31, 2011, as compared to cash inflows from operations of $3,367,000 during the three months ended July 31, 2010.&#160;&#160;The change in cash flows from fiscal 2011 to fiscal 2012 was primarily due to the restructuring of the investment management business that resulted in the cessation of this operating activity and the inclusion of the Company&#8217;s non-voting revenues and non-voting profits interest in EAM Trust as investing activities in fiscal 2012.&#160;&#160;Fiscal 2011 included cash inflows from the receipt of $1,598,000 in federal income tax refunds.</font></div>

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</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Cash from investing activities</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The Company&#8217;s cash inflow from investing activities of $3,063,000 during the three months ended July 31, 2011, compared to cash outflows from investing activities of $5,368,000 for the three months ended July 31, 2010.&#160;&#160;Cash inflows for the three months ended July 31, 2011, were higher due to the Company&#8217;s lower level of invested cash assets in fiscal 2012, the receipt of $1,626,000 of non-voting revenues interest and non-voting profits interest distributions from EAM Trust, offset by the Company&#8217;s investment of $1.6 million in capitalized software costs for upgrading its product capabilities.&#160;&#160;Cash outflows in fiscal 2011 resulted from cash redeployment into fixed income
government debt securities during the first quarter of fiscal year 2011.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Cash from financing activities</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The Company&#8217;s fiscal 2012 net cash outflow for financing activities was $2,153,000. There was no cash flow from financing activities in the first quarter of fiscal 2011. During fiscal 2012, cash outflows for financing activities consisted of $158,000 for the repurchase of the Company&#8217;s common stock under the board approved repurchase program and dividend payments of $0.20 per share.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Management believes that the Company&#8217;s cash and other liquid asset resources used in its business together with the future cash flows from operations and from the Company&#8217;s non-voting revenues and non-voting profits interests in EAM will be sufficient to finance current and forecasted liquidity needs for the next twelve months.&#160;&#160;Management does not anticipate making any borrowings in fiscal 2012.<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#160;</font>Retained earnings were about $32 million and liquid assets approximately $17 million at July 31, 2011.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Critical Accounting Estimates and Policies</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The Company&#8217;s Critical Accounting Estimates and Policies have not changed from those reported in Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations in the Company&#8217;s Form 10-K for the fiscal year ended April 30, 2011.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><a name="t71504a010v1">Item 3.&#160;&#160;QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.</a></font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Company&#8217;s Consolidated Condensed Balance Sheet includes a substantial amount of assets whose fair values are subject to market risks.&#160;&#160;The Company&#8217;s significant market risks are primarily associated with interest rates and equity price risk.&#160;&#160;The following sections address the significant market risks associated with the Company&#8217;s business activities.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Company&#8217;s strategy has been to acquire debt securities with low credit risk.&#160;&#160;Despite this objective, management recognizes and accepts the possibility that losses may occur.&#160;&#160;To limit the price fluctuation in these securities from interest rate changes, the Company&#8217;s management invests primarily in short-term obligations maturing in six months to one year.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;The fair values of the Company&#8217;s fixed maturity investments will fluctuate in response to changes in market interest rates.&#160;&#160;Increases and decreases in prevailing interest rates generally translate into decreases and increases in fair values of those instruments.&#160;&#160;Additionally, fair values of interest rate sensitive instruments may be affected by prepayment options, relative values of alternative investments, and other general market conditions.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;The following table summarizes the estimated effects of hypothetical increases and decreases in interest rates on assets that are subject to interest rate risk.&#160;&#160;It is assumed that the changes occur immediately and uniformly to each category of instrument containing interest rate risks.&#160;&#160;The hypothetical changes in market interest rates do not reflect what could be deemed best or worst case scenarios.&#160;&#160;Variations in market interest rates could produce significant changes in the timing of repayments due to prepayment options available.&#160;&#160;For these reasons, actual results might differ from those reflected in the table.</font></div>

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<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="3" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="3" nowrap valign="bottom" width="0%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="0%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
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<td colspan="6" nowrap valign="bottom" width="0%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Estimated Fair Value after</font> </font>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Hypothetical Change in Interest Rates</font></font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></div>
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<td nowrap valign="bottom" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
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<td colspan="3" nowrap valign="bottom">&#160;</td>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">($ in thousands)</font></div>
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<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td colspan="3" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
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<td colspan="15" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
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<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td colspan="3" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="15" nowrap valign="bottom">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(bp = basis points)</font></div>
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<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="15" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
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<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
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<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="3" nowrap valign="bottom">
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">6 mos.</font></div>
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<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">1 yr.</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">1 yr.</font></div>
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<td colspan="3" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="3" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="3" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="3" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="3" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Fixed Income Securities</font></div>
</td>
<td nowrap valign="bottom" width="0%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom" width="0%" style="BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Fair</font></div>

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<td colspan="3" nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">50bp</font></div>

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<td colspan="3" nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">50bp</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">decrease</font></div>
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<td colspan="3" nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">100bp</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">increase</font></div>
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<td nowrap valign="bottom" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="3" nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">100bp</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">decrease</font></div>
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</tr><tr>
<td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td colspan="3" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="3" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="3" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="3" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="3" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="40%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">As of July 31, 2011<br>
Investments in securities with fixed maturities</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">8,204</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">8,200</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">8,200</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">8,200</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">8,200</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="40%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="40%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">As of April 30, 2011<br>
Investments in securities with fixed maturities</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">11,208.0</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">11,199.6</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">11,199.7</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">11,199.5</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">11,199.7</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr></table>
</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Management regularly monitors the maturity structure of the Company&#8217;s investments in debt securities in order to maintain an acceptable price risk associated with changes in interest rates.</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Equity Price Risk</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;The carrying values of investments subject to equity price risks are based on quoted market prices as of the balance sheet dates. Market prices are subject to fluctuation and, consequently, the amount realized in the subsequent sale of an investment may significantly differ from the reported market value. Fluctuation in the market price of a security may result from perceived changes in the underlying economic characteristics of the issuer, the relative price of alternative investments and general market conditions. Furthermore, amounts realized in the sale of a particular security may be affected by the relative quantity of the
security being sold.</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; As of July 31, 2011, the aggregate cost of the equity securities classified as available-for-sale, which consist of investments in the First Trust Value Line Dividend (ticker symbol FVD), S&amp;P Dividend (ticker symbol SDY) and Powershares Preferred stock (ticker symbol PGF) ETFs and other equity securities was $1,360,000 and the market value was $1,392,000. The Company did not hold any equity securities as of July 31, 2010.</font></div>

<div align="left">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="bottom" width="45%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
</tr><tr>
<td valign="bottom" width="45%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Equity Securities</font></div>
</td>
<td valign="bottom" width="2%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Fair Value</font></div>
</td>
<td valign="bottom" width="2%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Hypothetical</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Price Change</font></div>
</td>
<td valign="bottom" width="2%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td colspan="2" nowrap valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Estimated</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Fair Value after</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Hypothetical</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Change in Prices</font></div>
</td>
<td valign="bottom" width="2%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td colspan="2" nowrap valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Hypothetical Percentage</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Increase (Decrease) in</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Shareholders&#8217; Equity</font></div>
</td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
</tr><tr>
<td valign="bottom" width="45%" style="TEXT-ALIGN: center">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">($ in thousands)</font></div>
</td>
<td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td colspan="2" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td colspan="2" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td colspan="2" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td colspan="2" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
</tr><tr>
<td align="left" valign="bottom" width="45%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">As of July 31, 2011</font></div>
</td>
<td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td align="left" valign="bottom" width="1%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></div>
</td>
<td align="right" valign="bottom" width="9%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">1,392</font></div>
</td>
<td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td align="right" valign="bottom" width="9%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">30% increase</font></div>
</td>
<td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td align="left" valign="bottom" width="1%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></div>
</td>
<td align="right" valign="bottom" width="9%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">1,809</font></div>
</td>
<td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td align="right" valign="bottom" width="9%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">0.82</font></div>
</td>
<td align="left" valign="bottom" width="1%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">%</font></div>
</td>
</tr><tr>
<td valign="bottom" width="45%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td align="right" valign="bottom" width="9%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">30% decrease</font></div>
</td>
<td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td align="left" valign="bottom" width="1%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></div>
</td>
<td align="right" valign="bottom" width="9%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">974</font></div>
</td>
<td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td align="right" valign="bottom" width="9%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(0.82</font></div>
</td>
<td align="left" valign="bottom" width="1%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">)%</font></div>
</td>
</tr><tr>
<td valign="bottom" width="45%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
</tr><tr>
<td align="left" valign="bottom" width="45%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">As of April 30, 2011</font></div>
</td>
<td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td align="left" valign="bottom" width="1%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></div>
</td>
<td align="right" valign="bottom" width="9%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">1,466</font></div>
</td>
<td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td align="right" valign="bottom" width="9%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">30% increase</font></div>
</td>
<td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td align="left" valign="bottom" width="1%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></div>
</td>
<td align="right" valign="bottom" width="9%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">1,906</font></div>
</td>
<td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td align="right" valign="bottom" width="9%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">0.86</font></div>
</td>
<td align="left" valign="bottom" width="1%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">%</font></div>
</td>
</tr><tr>
<td valign="bottom" width="45%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td align="right" valign="bottom" width="9%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">30% decrease</font></div>
</td>
<td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td align="left" valign="bottom" width="1%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></div>
</td>
<td align="right" valign="bottom" width="9%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">1,026</font></div>
</td>
<td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td align="right" valign="bottom" width="9%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(0.86</font></div>
</td>
<td align="left" valign="bottom" width="1%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">)%</font></div>
</td>
</tr></table>
</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">33</font></div>

<div style="WIDTH: 100%; TEXT-ALIGN: center">
<hr style="COLOR: gainsboro" noshade size="1">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160; </font></div>
</div>
</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Credit Worthiness of Issuer</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Company&#8217;s fixed income investments consist primarily of U.S. Treasury Bills and FDIC insured commercial paper.</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><a name="t71504a011v1">Item 4. CONTROLS AND PROCEDURES</a></font></div>

<div align="left">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="top" width="95%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
</tr><tr>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td align="left" valign="top" width="3%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(a)</font></div>
</td>
<td valign="top" width="95%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">The Company maintains disclosure controls and procedures that are designed to ensure that information required to be disclosed in the Company&#8217;s reports filed with the SEC is recorded, processed, summarized and reported within the time periods specified in the SEC&#8217;s rules and forms, and that such information is accumulated and communicated to the Company&#8217;s management, including its Acting Chief Executive Officer and Principal Financial Officer, as appropriate, to allow timely decisions regarding disclosure.</font></div>
</td>
</tr><tr>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="top" width="95%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
</tr><tr>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="top" width="95%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">The Company&#8217;s management has evaluated, with the participation of the Company&#8217;s Acting Chief Executive Officer and Principal Financial Officer, the effectiveness of the Company&#8217;s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended) as of the end of the period covered by this report. Based on that evaluation, the Acting Chief Executive Officer and Principal Financial Officer have concluded that the Company&#8217;s disclosure controls and procedures were effective as of the end of the period covered by this report.</font></div>
</td>
</tr><tr>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="top" width="95%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
</tr><tr>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td align="left" valign="top" width="3%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(b)</font></div>
</td>
<td valign="top" width="95%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">The registrant&#8217;s principal executive officer and principal financial officer have determined that there have been no changes in the registrant&#8217;s internal control over financial reporting that occurred during the registrant&#8217;s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant&#8217;s internal control over financial reporting.</font></div>
</td>
</tr></table>
</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><a name="t71504a012v1">Part II &#8211; OTHER INFORMATION</a></font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><a name="t71504a013v1">Item 1. Legal Proceedings</a></font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Refer to Note 11 - Legal Proceedings and Restructuring of the Consolidated Condensed Financial Statements for discussion of legal proceedings and restructuring, which is incorporated herein by reference.</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><a name="t71504a014v1">Item 1A. Risk Factors</a></font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">There have been no material changes to the risk factors disclosed in Item 1A &#8211; Risk Factors in the Company&#8217;s Annual Report on Form 10-K for the year ended April 30, 2011 filed with the SEC on July 29, 2011.</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><a name="t71504a015v1">Item 2. Unregistered Sales of Equity Securities and Use of Proceeds</a></font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">( c )&#160;&#160;&#160;&#160;&#160;&#160;&#160; Purchases of Equity Securities by the Company</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The following table provides information with respect to all repurchases of common stock made by or on behalf of the Company during the fiscal quarter ended July 31, 2011. All purchases listed below were made in the open market at prevailing market prices.</font></div>

<br>
<div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">34</font></div>

<div style="WIDTH: 100%; TEXT-ALIGN: center">
<hr style="COLOR: gainsboro" noshade size="1">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160; </font></div>
</div>
</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div align="right">
<table cellpadding="0" cellspacing="0" width="97%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td colspan="16" nowrap valign="bottom" width="96%" style="BORDER-TOP: black 2px solid; BORDER-LEFT: black 2px solid; BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">ISSUER PURCHASES OF EQUITY SECURITIES</font></div>
</td>
<td valign="bottom" width="1%" style="BORDER-RIGHT: black 2px solid; BORDER-TOP: black 2px solid; PADDING-BOTTOM: 2px; BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
</tr><tr>
<td valign="bottom" width="49%" style="BORDER-LEFT: black 2px solid; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Period</font></div>
</td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; BORDER-LEFT: black 2px solid; BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td colspan="2" nowrap valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(a) Total</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Number of</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Shares (or</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Units)</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Purchased</font></div>
</td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%" style="BORDER-LEFT: black 2px solid; BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td colspan="2" nowrap valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(b) Average</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Price Paid per</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Share (or</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Unit)</font></div>
</td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%" style="BORDER-LEFT: black 2px solid; BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td colspan="2" nowrap valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(c) Total</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Number of</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Shares (or</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Units)</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Purchased as</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Part of Publicly</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Announced</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Plans or</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Programs</font></div>
</td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%" style="BORDER-LEFT: black 2px solid; BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td colspan="2" nowrap valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(d) Maximum</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Number (or</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Approximate</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Dollar Value) of</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Shares (or Units)</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">that May Yet Be</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Purchased Under</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">the Plans or</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Programs</font></div>
</td>
<td valign="bottom" width="1%" style="BORDER-RIGHT: black 2px solid; PADDING-BOTTOM: 2px; BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
</tr><tr>
<td valign="bottom" width="49%" style="BORDER-LEFT: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%" style="BORDER-LEFT: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%" style="BORDER-LEFT: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%" style="BORDER-LEFT: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%" style="BORDER-LEFT: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%" style="BORDER-RIGHT: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
</tr><tr>
<td align="left" valign="bottom" width="49%" style="BORDER-LEFT: black 2px solid; BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; May 1, 2011 through </font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; May 31, 2011</font></div>
</td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; BORDER-LEFT: black 2px solid; BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">11,700</font></div>
</td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%" style="BORDER-LEFT: black 2px solid; BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></div>
</td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$13.53</font></div>
</td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%" style="BORDER-LEFT: black 2px solid; BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">11,700</font></div>
</td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%" style="BORDER-LEFT: black 2px solid; BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></div>
</td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$2,951,835</font></div>
</td>
<td valign="bottom" width="1%" style="BORDER-RIGHT: black 2px solid; PADDING-BOTTOM: 2px; BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
</tr><tr>
<td valign="bottom" width="49%" style="BORDER-LEFT: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%" style="BORDER-LEFT: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%" style="BORDER-LEFT: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%" style="BORDER-LEFT: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%" style="BORDER-LEFT: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%" style="BORDER-RIGHT: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
</tr><tr>
<td align="left" valign="bottom" width="49%" style="BORDER-LEFT: black 2px solid; BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; June 1, 2011 through </font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; June 30, 2011</font></div>
</td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; BORDER-LEFT: black 2px solid; BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">0</font></div>
</td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%" style="BORDER-LEFT: black 2px solid; BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">0</font></div>
</td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%" style="BORDER-LEFT: black 2px solid; BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">0</font></div>
</td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%" style="BORDER-LEFT: black 2px solid; BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">0</font></div>
</td>
<td valign="bottom" width="1%" style="BORDER-RIGHT: black 2px solid; PADDING-BOTTOM: 2px; BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
</tr><tr>
<td valign="bottom" width="49%" style="BORDER-LEFT: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%" style="BORDER-LEFT: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%" style="BORDER-LEFT: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%" style="BORDER-LEFT: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%" style="BORDER-LEFT: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%" style="BORDER-RIGHT: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
</tr><tr>
<td align="left" valign="bottom" width="49%" style="BORDER-LEFT: black 2px solid; BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; July 1, 2011 through </font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; July 31, 2011</font></div>
</td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; BORDER-LEFT: black 2px solid; BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">0</font></div>
</td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%" style="BORDER-LEFT: black 2px solid; BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">0</font></div>
</td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%" style="BORDER-LEFT: black 2px solid; BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">0</font></div>
</td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%" style="BORDER-LEFT: black 2px solid; BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">0</font></div>
</td>
<td valign="bottom" width="1%" style="BORDER-RIGHT: black 2px solid; PADDING-BOTTOM: 2px; BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
</tr><tr>
<td valign="bottom" width="49%" style="BORDER-LEFT: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%" style="BORDER-LEFT: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%" style="BORDER-LEFT: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%" style="BORDER-LEFT: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%" style="BORDER-LEFT: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%" style="BORDER-RIGHT: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
</tr><tr>
<td align="left" valign="bottom" width="49%" style="BORDER-LEFT: black 2px solid; BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; Total</font></div>
</td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; BORDER-LEFT: black 2px solid; BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">11,700</font></div>
</td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%" style="BORDER-LEFT: black 2px solid; BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></div>
</td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$13.53</font></div>
</td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%" style="BORDER-LEFT: black 2px solid; BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">11,700</font></div>
</td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%" style="BORDER-LEFT: black 2px solid; BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></div>
</td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$2,951,835</font></div>
</td>
<td valign="bottom" width="1%" style="BORDER-RIGHT: black 2px solid; PADDING-BOTTOM: 2px; BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
</tr></table>
</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="top" width="4%" style="TEXT-ALIGN: center">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(1)</font></div>
</td>
<td valign="top" width="86%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">All shares represent shares repurchased pursuant to authorization of the Board of Directors. In January 2011 the Company&#8217;s Board of Directors authorized the repurchase of shares of the Company&#8217;s common stock, at such times and prices as management determined to be advisable, up to an aggregate purchase price of $3,200,000. The repurchase authorization extends through January 15, 2012 unless extended by the Board of Directors.</font></div>
</td>
</tr></table>
</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><a name="t71504a016v1">Item 5. Other Information</a></font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">None.</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><a name="t71504a017v1">Item 6. Exhibits</a></font></div>

<div>
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="top" width="7%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="top" width="93%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="7%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">31.1</font></div>
</td>
<td valign="top" width="93%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Certificate of Acting Chief Executive Officer Required Under Section 302 of the Sarbanes-Oxley Act of 2002.</font></div>
</td>
</tr><tr>
<td valign="top" width="7%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="top" width="93%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="7%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">31.2</font></div>
</td>
<td valign="top" width="93%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Certificate of Principal Financial Officer Required Under Section 302 of the Sarbanes-Oxley Act of 2002.</font></div>
</td>
</tr><tr>
<td valign="top" width="7%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="top" width="93%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="7%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">31.3</font></div>
</td>
<td valign="top" width="93%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Certificate of Principal Accounting Officer Required Under Section 302 of the Sarbanes-Oxley Act of 2002.</font></div>
</td>
</tr><tr>
<td valign="top" width="7%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="top" width="93%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="7%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">32.1</font></div>
</td>
<td valign="top" width="93%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Joint Acting Chief Executive Officer/Principal Financial Officer/Principal Accounting Officer&#160;Certificate Required Under Section 906 of the Sarbanes-Oxley Act of 2002.</font></div>
</td>
</tr><tr>
<td align="left" valign="top" width="7%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="top" width="93%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td align="left" valign="top" width="7%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">101.INS</font></td>
<td valign="top" width="93%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">XBRL Instance Document</font></div>
</td>
</tr><tr>
<td align="left" valign="top" width="7%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="top" width="93%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td align="left" valign="top" width="7%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">101.SCH</font></font></div>
</td>
<td valign="top" width="93%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">XBRL Taxonomy Extension Schema Document</font></font></div>
</td>
</tr><tr>
<td align="left" valign="top" width="7%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="top" width="93%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td align="left" valign="top" width="7%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">101.CAL</font></font></div>
</td>
<td valign="top" width="93%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">XBRL Taxonomy Extension Calculation Linkbase Document</font></font></div>
</td>
</tr><tr>
<td align="left" valign="top" width="7%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="top" width="93%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td align="left" valign="top" width="7%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">101.DEF</font></font></div>
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<td valign="top" width="93%">
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<div style="DISPLAY: block; TEXT-INDENT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.</font></div>

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<td width="50%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Date:&#160;&#160;September 13, 2011</font></td>
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<font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="FONT-WEIGHT: bold">Exhibit 31.1</font></font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">I, Howard A. Brecher, certify that:</font></div>

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<div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">I have reviewed this report on Form 10-Q of Value Line, Inc. for the quarter ended July 31, 2011;</font></div>
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<div style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Evaluated the effectiveness of the registrant&#8217;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Disclosed in this report any change in the registrant&#8217;s internal control over financial reporting that occurred during the registrant&#8217;s most recent fiscal quarter (the registrant&#8217;s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant&#8217;s internal control over financial reporting.</font></div>
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<div style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The registrant&#8217;s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant&#8217;s auditors and the audit committee of the registrant&#8217;s board of directors (or persons performing the equivalent functions):</font></div>
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<div style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant&#8217;s ability to record, process, summarize and report financial information; and</font></div>
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<div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">b)</font></div>
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<td style="TEXT-ALIGN: justify">
<div style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&#8217;s internal control over financial reporting.</font></div>
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<div>&#160;</div>

<div>&#160;</div>
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<td width="35%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Date:&#160;&#160;September 13, 2011</font></td>
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<td width="20%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Howard A. Brecher</font></td>
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<font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Exhibit 31.2</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">CERTIFICATIONS</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">I, John A. McKay, certify that:</font></div>

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<div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1.</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">I have reviewed this report on Form 10-Q of Value Line, Inc. for the quarter ended July 31, 2011;</font></div>
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<div>&#160;</div>

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<div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2.</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</font></div>
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<div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3.</font></div>
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<div style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;</font></div>
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<div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4.</font></div>
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<div style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The registrant<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8217;</font>s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:</font></div>
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<div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">a)</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</font></div>
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<div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">b)</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</font></div>
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<div>
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<div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">c)</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Evaluated the effectiveness of the registrant&#8217;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and</font></div>
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<div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160; </font></div>
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<div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">d)</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Disclosed in this report any change in the registrant&#8217;s internal control over financial reporting that occurred during the registrant&#8217;s most recent fiscal quarter (the registrant&#8217;s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant&#8217;s internal control over financial reporting.</font></div>
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<div>
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<div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">5.</font></div>
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<div style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The registrant&#8217;s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant&#8217;s auditors and the audit committee of the registrant&#8217;s board of directors (or persons performing the equivalent functions):</font></div>
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<div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">a)</font></div>
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<div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">b)</font></div>
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<div style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&#8217;s internal control over financial reporting.</font></div>
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<div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>

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<td width="35%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Date:&#160;&#160;September 13, 2011</font></td>
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<td width="2%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td width="35%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
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<font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="FONT-WEIGHT: bold">Exhibit 31.3</font></font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">CERTIFICATIONS</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">I, Stephen R. Anastasio, certify that:</font></div>

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<div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">I have reviewed this report on Form 10-Q of Value Line, Inc. for the quarter ended July 31, 2011;</font></div>
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<div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2.</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Evaluated the effectiveness of the registrant&#8217;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Disclosed in this report any change in the registrant&#8217;s internal control over financial reporting that occurred during the registrant&#8217;s most recent fiscal quarter (the registrant&#8217;s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant&#8217;s internal control over financial reporting.</font></div>
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<div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">5.</font></div>
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<div style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The registrant&#8217;s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant&#8217;s auditors and the audit committee of the registrant&#8217;s board of directors (or persons performing the equivalent functions):</font></div>
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<div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">a)</font></div>
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<div style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant&#8217;s ability to record, process, summarize and report financial information; and</font></div>
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<div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">b)</font></div>
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<div style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&#8217;s internal control over financial reporting.</font></div>
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<td width="35%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Date:&#160;&#160;September 13, 2011</font></td>
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<td width="2%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td width="35%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td width="3%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td width="20%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Stephen R. Anastasio</font></td>
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<td width="2%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td width="35%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
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<td colspan="2" width="60%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Vice President and Treasurer</font></td>
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<td width="20%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Principal Accounting Officer)</font></td>
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<DOCUMENT>
<TYPE>EX-32.1
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<DESCRIPTION>EXHIBIT 32.1
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<div style="DISPLAY: block; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="FONT-WEIGHT: bold">Exhibit 32.1</font></font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Certification Pursuant to 18 U.S.C. Section 1350</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In accordance with 18 U.S.C. Section 1350, the undersigned hereby certify, in the indicated capacities with respect to Value Line, Inc. (the &#8220;Issuer&#8221;), that the report on Form 10-Q for the quarter ended July 31, 2011 of the Issuer fully complies with the requirements of section 13(a) of the Securities Exchange Act of 1934 and that the information contained in the quarterly report on Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Issuer.&#160;&#160;This certification is not to be deemed to be filed pursuant to the Securities Exchange Act of 1934 and does not constitute a part of the quarterly report on Form 10-Q of the Issuer accompanying this certification.</font></div>

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<td width="35%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
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<td width="35%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td width="5%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
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<td width="25%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(Principal Executive Officer)</font></td>
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<div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt">
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<td width="35%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Date:&#160;&#160;September 13, 2011</font></td>
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  <valu:ReserveForSettlementExpensesIncludingFairFund decimals="-3" contextRef="Context_As_Of_30-Apr-2011" unitRef="USD">1464000</valu:ReserveForSettlementExpensesIncludingFairFund>
  <valu:ReserveForSettlementExpensesIncludingFairFund decimals="-3" contextRef="Context_As_Of_31-Jul-2011" unitRef="USD">1384000</valu:ReserveForSettlementExpensesIncludingFairFund>
  <us-gaap:DueFromAffiliateCurrent decimals="-3" contextRef="Context_As_Of_30-Apr-2011" unitRef="USD">38000</us-gaap:DueFromAffiliateCurrent>
  <us-gaap:DueFromAffiliateCurrent decimals="-3" contextRef="Context_As_Of_31-Jul-2011" unitRef="USD">1000</us-gaap:DueFromAffiliateCurrent>
  <us-gaap:OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureAndSignificantAccountingPoliciesTextBlock contextRef="Context_3ME_31-Jul-2011">&lt;div&gt;
&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;font-weight:bold;"&gt;Note 1-Organization and Summary of Significant Accounting Policies: &lt;/font&gt;&lt;/div&gt;
&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"&gt;&amp;#160;&lt;/div&gt;
&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;The interim consolidated condensed financial statements of Value Line, Inc., together with its subsidiaries (collectively referred to as the &amp;#8220;Company&amp;#8221;, &amp;#8220;Value Line&amp;#8221;, or &amp;#8220;VLI&amp;#8221;), are unaudited. In the opinion of management, the accompanying unaudited consolidated condensed financial statements contain all adjustments (consisting of normal recurring accruals except as noted below) considered necessary for a fair presentation. This report should be read in conjunction with the financial statements and footnotes contained in the Company&amp;#8217;s annual report on Form 10-K, dated July 29, 2011 for the fiscal year ended April 30, 2011. Results of operations covered by this report may not be indicative of the results of operations for the entire year. &lt;/font&gt;&lt;/div&gt;
&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"&gt;&amp;#160;&lt;/div&gt;
&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"&gt;
&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;Value Line is incorporated in the State of New York.&amp;#160;&amp;#160;The Company&amp;#8217;s primary business is producing investment related periodical publications and making available copyright data including certain Value Line trademarks and Value Line proprietary ranking system information to third parties under written agreements for use in third party managed and marketed investment products.&amp;#160;&amp;#160;Prior to December 23, 2010 (the &amp;#8220;Restructuring Date&amp;#8221;), VLI, through its direct subsidiary EULAV Asset Management LLC (&amp;#8220;EAM LLC&amp;#8221;), provided investment management services to the Value Line Mutual Funds (&amp;#8220;Value Line Funds&amp;#8221; or the &amp;#8220;Funds&amp;#8221;), institutions and individual accounts, and, through EAM LLC&amp;#8217;s subsidiary EULAV Securities, Inc. (&amp;#8220;ESI&amp;#8221;), provided distribution, marketing, and administrative services to the Value Line Funds.&amp;#160;&amp;#160;On December 23, 2010, the Company deconsolidated the asset management and mutual fund distribution subsidiaries and exchanged its controlling interest in these subsidiaries for a non-voting revenues interest and a non-voting profits interest in EULAV Asset Management, a Delaware business trust (&amp;#8220;EAM&amp;#8221;), the successor to EAM LLC and the sole member of EULAV Securities LLC (&amp;#8220;ES&amp;#8221;), the successor to ESI, (the &amp;#8220;Restructuring Transaction&amp;#8221;).&amp;#160;&amp;#160;VLI also recorded as post-employment compensation expense the value of a voting profits interest in EAM granted to one of the Trustees of EAM, a former VLI employee.&amp;#160;&amp;#160;Pursuant to the EAM Declaration of Trust dated as of December 23, 2010 (the &amp;#8220;EAM Trust Agreement&amp;#8221;), VLI granted EAM the right to use the Value Line name for all existing Value Line Funds and agreed to supply, without charge or expense, the Value Line Proprietary Ranking information to EAM for use in managing the Value Line Funds.&amp;#160;&amp;#160;The name &amp;#8220;Value Line&amp;#8221; as used to describe the Company, its products, and its subsidiaries, is a registered trademark of the Company.&amp;#160;&amp;#160;Additional rights of the Company under the EAM Trust Agreement&amp;#160;are discussed in Note 11 - Legal Proceedings and Restructuring. &lt;/font&gt;&lt;/div&gt;&lt;/div&gt;
&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"&gt;&amp;#160;&lt;/div&gt;
&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"&gt;
&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;Principles of consolidation:&amp;#160;&amp;#160;The Company follows the guidance in the Financial Accounting Standards Board&amp;#8217;s (&amp;#8220;FASB&amp;#8221;) Topic 810 &amp;#8220;Consolidation&amp;#8221; to determine if it should consolidate its investment in a variable interest entity (&amp;#8220;VIE&amp;#8221;). 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&amp;#160;&amp;#160;(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&amp;#8217;s activities that most significantly affect the entity&amp;#8217;s economic performance.&amp;#160;&amp;#160;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.&amp;#160;&amp;#160;The determination of a controlling financial interest in a VIE is based on a qualitative assessment to indentify the variable interest holder, if any, that has (i) the power to direct the activities of the VIE that most significantly impact the VIE&amp;#8217;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.&amp;#160;&amp;#160;The accounting guidance requires the Company to perform an ongoing assessment of whether the Company is the primary beneficiary of a variable interest entity.&amp;#160;&amp;#160;For fiscal 2012, the Company has determined it is not the primary beneficiary of a VIE. &lt;/font&gt;&lt;/font&gt;&lt;/div&gt;
&lt;div style="text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;text-align:left;"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/div&gt;&lt;/div&gt;
&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;In accordance with FASB&amp;#8217;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 Restructuring Transaction and deconsolidated the related affiliates in accordance with FASB&amp;#8217;s Topic 810. As part of the Restructuring Transaction, the Company received a significant non-voting revenues interest (excluding distribution revenues) and a non-voting profits interest in the new entity, EAM. The Company relied on the guidance in FASB&amp;#8217;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 Statement of Income. &lt;/font&gt;&lt;/div&gt;
&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"&gt;&amp;#160;&lt;/div&gt;
&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;Accounting Standards Codification: &lt;/font&gt;&lt;/div&gt;
&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;During fiscal year 2010, the Company adopted the FASB&amp;#8217;s &lt;font style="font-style:italic;display:inline;font-family:times new roman;"&gt;Accounting Standards Codification (&amp;#8220;ASC&amp;#8221;). &lt;/font&gt;The FASB&amp;#8217;s ASC is the source of authoritative U.S. accounting and reporting standards for nongovernmental entities, in addition to guidance issued by the SEC. The FASB&amp;#8217;s ASC reorganized the thousands of U.S. GAAP pronouncements into roughly 90 accounting topics and displays all topics using a consistent structure. Although not the official source, it also includes relevant portions of authoritative SEC guidance that follows the same topical structure in separate sections in the Codification. The financial statements of the Company have been updated to reflect the relevant references to the FASB&amp;#8217;s ASC. &lt;/font&gt;&lt;/div&gt;
&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;font-weight:bold;"&gt;&amp;#160; &lt;/font&gt;&lt;/div&gt;
&lt;div style="text-indent:0pt;margin-left:0pt;margin-right:0pt;"&gt;
&lt;div&gt;
&lt;div style="width:100%;text-align:right;"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:8pt;"/&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;
&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:225pt;margin-right:0pt;"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;font-weight:bold;"&gt;&amp;#160; &lt;/font&gt;&lt;/div&gt;
&lt;div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"/&gt;
&lt;div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"/&gt;
&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"&gt;&amp;#160;&lt;/div&gt;
&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;Revenue Recognition: &lt;/font&gt;&lt;/div&gt;
&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;Depending upon the product, subscription fulfillment for Value Line publications is available in print, via internet access and CD-ROM. The length of a subscription varies by product and offer received by the subscriber. Generally, subscriptions are available as trial subscriptions, annual subscriptions and/or multi-year subscriptions. Subscription revenues are recognized on a straight line basis over the life of the subscription. Accordingly, the amount of subscription fees to be earned by fulfilling subscriptions after the date of the balance sheet is shown as unearned revenue within current and long-term liabilities. &lt;/font&gt;&lt;/div&gt;
&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"&gt;&amp;#160;&lt;/div&gt;
&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;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. 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.&amp;#160;&amp;#160; &lt;/font&gt;&lt;/div&gt;
&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;Prior to the Restructuring Date, the Company earned investment management fees that consisted of management fees from the Value Line Funds and from asset management clients. Investment management fees for the Funds were earned on a monthly basis as services were performed. The fees were calculated based on average daily net assets of the Funds in accordance with each Fund&amp;#8217;s advisory agreement (see Notes 7 and 11).&amp;#160;&amp;#160; &lt;/font&gt;&lt;/div&gt;
&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/div&gt;
&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;The management fees and average daily net assets for the Value Line Funds are calculated by State Street Bank, which serves as the fund accountant, fund administrator, and custodian of the Value Line Funds. &lt;/font&gt;&lt;/div&gt;
&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/div&gt;
&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;The Value Line Funds are open-end management companies registered under the Investment Company Act of 1940 (the &amp;#8220;1940 Act&amp;#8221;). Shareholder transactions for the Value Line Funds are processed each business day by the third party transfer agent of the Funds. Shares can be redeemed without advance notice upon request of the shareowners each day that the New York Stock Exchange is open. Prior to December 1, 2010, EAM LLC, in addition to managing the Value Line Funds, separately managed accounts of institutions and high net worth individuals for which it was paid an advisory fee. EAM had no separately managed accounts as of July 31, 2011. Assets within the separately managed accounts were held at third party custodians and were subject to the terms of the applicable advisory agreement and did not have any advance notice requirement for withdrawals. &lt;/font&gt;&lt;/div&gt;
&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"&gt;&amp;#160;&lt;/div&gt;
&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;Also, prior to the Restructuring Date, service and distribution fees were received from the Value Line Funds in accordance with service and distribution plans under rule 12b-1 of the Investment Company Act of 1940. These plans are compensation plans, which means that the distributor&amp;#8217;s fees under the plans are payable without regard to actual expenses incurred by the distributor, and therefore the distributor may earn a profit under the plan. Expenses incurred by ESI, the distributor of the Value Line Funds prior to the Restructuring Date, included payments to securities dealers, banks, financial institutions and other organizations that provided distribution, marketing, and administrative services with respect to the Value Line Funds. Service and distribution fees are received by the distributor on a monthly basis and calculated based upon the average daily net assets of the respective Fund in accordance with each Fund prospectus (see Notes 7 and 11).&amp;#160;&amp;#160; &lt;/font&gt;&lt;/div&gt;
&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/div&gt;
&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;Investment in Unconsolidated Entities:&amp;#160;&amp;#160; &lt;/font&gt;&lt;/div&gt;
&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;The Company accounts for its investments in unconsolidated entities (EAM) using the equity method of accounting in accordance with FASB&amp;#8217;s ASC 323. The equity method is an appropriate means of recognizing increases or decreases measured by generally accepted accounting principles (&amp;#8220;GAAP&amp;#8221;) 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. &lt;/font&gt;&lt;/div&gt;
&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"&gt;&amp;#160;&lt;/div&gt;
&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;The Company&amp;#8217;&amp;#8220; &lt;/font&gt;interests&lt;font style="display:inline;font-family:times new roman;"&gt;&amp;#8221; &lt;/font&gt;in EAM, the investment adviser to and the sole member of the distributor of the Value Line Funds, consist of a &lt;font style="display:inline;font-family:times new roman;"&gt;&amp;#8220; &lt;/font&gt;non-voting revenues interest&lt;font style="display:inline;font-family:times new roman;"&gt;&amp;#8221; &lt;/font&gt;and a &lt;font style="display:inline;font-family:times new roman;"&gt;&amp;#8220; &lt;/font&gt;non-voting profits interest&lt;font style="display:inline;font-family:times new roman;"&gt;&amp;#8221; &lt;/font&gt;in EAM. The non-voting revenues interest entitles the Company to receive a range of 41% to 55% (depending on the amount of revenues) of EAM&amp;#8217;s adjusted gross revenues (excluding ES&amp;#8217;s distribution revenues). The non-voting profits interest entitles the Company to receive 50% (subject to certain limited adjustments) of the profits (as defined in the EAM Trust Agreement) of EAM. The revenues interest and at least 90% of the profits interest are to be distributed each quarter to all interest holders of EAM, including Value Line. Subsequent to December 23, 2010, the Company&amp;#8217;s revenues interest in EAM excludes participation in the service and distribution fees of EAM&amp;#8217;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, it does have a contractual right to receive these revenues and profits.&lt;/div&gt;
&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"/&gt;
&lt;div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"/&gt;
&lt;div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"/&gt;
&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"&gt;&amp;#160;&lt;/div&gt;
&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;Valuation of Securities: &lt;/font&gt;&lt;/div&gt;
&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;The Company&amp;#8217;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 exchange traded equity funds, shares of equity securities in various publicly traded companies, government debt securities, and FDIC insured commercial paper and are valued in accordance with the requirements of the Fair Value Measurements Topic of the FASB&amp;#8217;s ASC 820. The securities available-for-sale reflected in the Consolidated Condensed Balance Sheets are valued at market and unrealized gains and losses on securities classified as available-for-sale, net of applicable taxes, are reported as a separate component of Shareholders&amp;#8217; Equity. Realized gains and losses on sales of the securities classified as available-for-sale are recorded in earnings on trade date and are determined on the identified cost method. &lt;/font&gt;&lt;/div&gt;
&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/div&gt;
&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;The Company classifies its securities available-for-sale as current assets. It does so to properly reflect its liquidity and to recognize the fact that it has liquid assets available-for-sale should the need arise. &lt;/font&gt;&lt;/div&gt;
&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"&gt;&amp;#160;&lt;/div&gt;
&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;Market valuation of securities listed on a securities exchange is based on the closing sales prices on the last business day of each month. Valuation of exchange traded funds shares is based upon the publicly quoted price of the shares listed on a securities exchange. The market value of the Company&amp;#8217;s fixed maturity government debt obligations is determined utilizing publicly quoted market prices. Cash equivalents consist of investments in Money Market Funds that invest primarily in U.S. Government securities valued at $1 per share in accordance with rule 2a-7 under the 1940 Act. &lt;/font&gt;&lt;/div&gt;
&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"&gt;&amp;#160;&lt;/div&gt;
&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;The Fair Value Measurements Topic of FASB&amp;#8217;s ASC 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&amp;#160;&amp;#160;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&amp;#8217;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. The three-tier hierarchy of inputs is summarized in the three broad levels listed below. &lt;/font&gt;&lt;/div&gt;
&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"&gt;&amp;#160;&lt;/div&gt;
&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;Level 1 &amp;#8211; quoted prices in active markets for identical investments &lt;/font&gt;&lt;/div&gt;
&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;Level 2 &amp;#8211; other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.) &lt;/font&gt;&lt;/div&gt;
&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;Level 3 &amp;#8211; significant unobservable inputs (including the Company&amp;#8217;s own assumptions in determining the fair value of investments) &lt;/font&gt;&lt;/div&gt;
&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"&gt;&amp;#160;&lt;/div&gt;
&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;The valuation techniques used by the Company to measure fair value for Level 1 securities consisted of quoted prices in active markets for identical assets. &lt;/font&gt;&lt;/div&gt;
&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;The following is a summary of the inputs used as of July 31, 2011 in valuing the Company&amp;#8217;s investments carried at fair value: &lt;/font&gt;&lt;/div&gt;
&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"&gt;&amp;#160;&lt;/div&gt;
&lt;div style="text-align:justify;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="text-align:justify;font-family:times new roman;font-size:10pt;" width="80%"&gt;
&lt;tr style="text-align:justify;"&gt;
&lt;td valign="bottom" style="text-align:justify;" width="44%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="text-align:justify;" width="1%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" colspan="10" style="text-align:center;" width="34%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;(in thousands) &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" nowrap="nowrap" style="text-align:center;" width="1%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
&lt;td valign="bottom" style="text-align:center;" width="44%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="text-align:center;" width="1%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" colspan="2" style="text-align:center;" width="10%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" nowrap="nowrap" style="text-align:center;" width="1%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="text-align:center;" width="1%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" colspan="2" style="text-align:center;" width="10%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" nowrap="nowrap" style="text-align:center;" width="1%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="text-align:center;" width="1%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" colspan="2" style="text-align:center;" width="10%"&gt;
&lt;div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;Investments in &lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td valign="bottom" nowrap="nowrap" style="text-align:center;" width="1%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
&lt;td valign="bottom" style="text-align:center;" width="44%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="text-align:center;" width="1%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" colspan="2" style="text-align:center;" width="10%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" nowrap="nowrap" style="text-align:center;" width="1%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="text-align:center;" width="1%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" colspan="2" style="text-align:center;" width="10%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" nowrap="nowrap" style="text-align:center;" width="1%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="text-align:center;" width="1%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" colspan="2" style="text-align:center;" width="10%"&gt;
&lt;div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;Securities &lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td valign="bottom" nowrap="nowrap" style="text-align:center;" width="1%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
&lt;td valign="bottom" style="text-align:center;" width="44%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="text-align:center;" width="1%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" colspan="2" style="text-align:center;" width="10%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" nowrap="nowrap" style="text-align:center;" width="1%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="text-align:center;" width="1%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" colspan="2" style="text-align:center;" width="10%"&gt;
&lt;div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;Cash &lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td valign="bottom" nowrap="nowrap" style="text-align:center;" width="1%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="text-align:center;" width="1%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" colspan="2" style="text-align:center;" width="10%"&gt;
&lt;div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;Available-for- &lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td valign="bottom" nowrap="nowrap" style="text-align:center;" width="1%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
&lt;td valign="bottom" style="border-bottom:black 2px solid;text-align:left;" width="44%"&gt;
&lt;div style="text-align:left;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;Valuation Inputs &lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td valign="bottom" style="border-bottom:black 2px solid;text-align:center;" width="1%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" nowrap="nowrap" colspan="2" style="border-bottom:black 2px solid;text-align:center;" width="10%"&gt;
&lt;div style="text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;Total Investments &lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td valign="bottom" nowrap="nowrap" style="border-bottom:black 2px solid;text-align:center;" width="1%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="border-bottom:black 2px solid;text-align:center;" width="1%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" colspan="2" style="border-bottom:black 2px solid;text-align:center;" width="10%"&gt;
&lt;div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;Equivalents &lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td valign="bottom" nowrap="nowrap" style="border-bottom:black 2px solid;text-align:center;" width="1%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="border-bottom:black 2px solid;text-align:center;" width="1%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" colspan="2" style="border-bottom:black 2px solid;text-align:center;" width="10%"&gt;
&lt;div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;Sale &lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td valign="bottom" nowrap="nowrap" style="border-bottom:black 2px solid;text-align:left;" width="1%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
&lt;td valign="bottom" style="text-align:justify;" width="44%"&gt;
&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;Level 1 - quoted prices &lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td valign="bottom" style="text-align:justify;" width="1%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="text-align:left;" width="1%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;$ &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="text-align:right;" width="9%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;16,211 &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" nowrap="nowrap" style="text-align:left;" width="1%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="text-align:justify;" width="1%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="text-align:left;" width="1%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;$ &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="text-align:right;" width="9%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;6,615 &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" nowrap="nowrap" style="text-align:left;" width="1%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="text-align:justify;" width="1%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="text-align:left;" width="1%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;$ &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="text-align:right;" width="9%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;9,596 &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" nowrap="nowrap" style="text-align:left;" width="1%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
&lt;td valign="bottom" style="text-align:justify;" width="44%"&gt;
&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;Level 2 - other significant observable inputs &lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td valign="bottom" style="text-align:justify;" width="1%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="text-align:left;" width="1%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="text-align:right;" width="9%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;- &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" nowrap="nowrap" style="text-align:left;" width="1%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="text-align:justify;" width="1%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="text-align:left;" width="1%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="text-align:right;" width="9%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;- &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" nowrap="nowrap" style="text-align:left;" width="1%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="text-align:justify;" width="1%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="text-align:left;" width="1%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="text-align:right;" width="9%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;- &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" nowrap="nowrap" style="text-align:left;" width="1%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
&lt;td valign="bottom" style="text-align:justify;" width="44%"&gt;
&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;Level 3 - significant unobservable inputs &lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td valign="bottom" style="text-align:justify;" width="1%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="text-align:left;" width="1%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="text-align:right;" width="9%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;- &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" nowrap="nowrap" style="text-align:left;" width="1%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="text-align:justify;" width="1%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="text-align:left;" width="1%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="text-align:right;" width="9%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;- &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" nowrap="nowrap" style="text-align:left;" width="1%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="text-align:justify;" width="1%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="text-align:left;" width="1%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="text-align:right;" width="9%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;- &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" nowrap="nowrap" style="text-align:left;" width="1%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
&lt;td valign="bottom" style="border-bottom:black 3px double;text-align:justify;border-top:black 2px solid;" width="44%"&gt;
&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;Total &lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td valign="bottom" style="border-bottom:black 3px double;text-align:justify;border-top:black 2px solid;" width="1%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="border-bottom:black 3px double;text-align:left;border-top:black 2px solid;" width="1%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;$ &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="border-bottom:black 3px double;text-align:right;border-top:black 2px solid;" width="9%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;16,211 &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" nowrap="nowrap" style="border-bottom:black 3px double;text-align:left;border-top:black 2px solid;" width="1%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="border-bottom:black 3px double;text-align:justify;border-top:black 2px solid;" width="1%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="border-bottom:black 3px double;text-align:left;border-top:black 2px solid;" width="1%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;$ &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="border-bottom:black 3px double;text-align:right;border-top:black 2px solid;" width="9%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;6,615 &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" nowrap="nowrap" style="border-bottom:black 3px double;text-align:left;border-top:black 2px solid;" width="1%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="border-bottom:black 3px double;text-align:justify;border-top:black 2px solid;" width="1%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="border-bottom:black 3px double;text-align:left;border-top:black 2px solid;" width="1%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;$ &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="border-bottom:black 3px double;text-align:right;border-top:black 2px solid;" width="9%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;9,596 &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" nowrap="nowrap" style="border-bottom:black 3px double;text-align:left;border-top:black 2px solid;" width="1%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
&lt;div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/div&gt;
&lt;div style="text-indent:0pt;margin-left:0pt;margin-right:0pt;"&gt;
&lt;div&gt;
&lt;div style="width:100%;text-align:right;"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:8pt;"/&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;
&lt;div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"/&gt;
&lt;div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"/&gt;
&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"&gt;&amp;#160;&lt;/div&gt;
&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;The following is a summary of the inputs used as of April 30, 2011 in valuing the Company&amp;#8217;s investments carried at fair value: &lt;/font&gt;&lt;/div&gt;
&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"&gt;&amp;#160;&lt;/div&gt;
&lt;div style="text-align:justify;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="text-align:justify;font-family:times new roman;font-size:10pt;" width="80%"&gt;
&lt;tr style="text-align:justify;"&gt;
&lt;td valign="bottom" style="text-align:justify;" width="44%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="text-align:center;" width="1%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" colspan="10" style="text-align:center;" width="10%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;(in thousands) &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" nowrap="nowrap" style="text-align:center;" width="1%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
&lt;td valign="bottom" style="text-align:center;" width="44%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="text-align:center;" width="1%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" colspan="2" style="text-align:center;" width="10%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" nowrap="nowrap" style="text-align:center;" width="1%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="text-align:center;" width="1%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" colspan="2" style="text-align:center;" width="10%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" nowrap="nowrap" style="text-align:center;" width="1%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="text-align:center;" width="1%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" colspan="2" style="text-align:center;" width="10%"&gt;
&lt;div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;Investments in &lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td valign="bottom" nowrap="nowrap" style="text-align:center;" width="1%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
&lt;td valign="bottom" style="text-align:center;" width="44%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="text-align:center;" width="1%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" colspan="2" style="text-align:center;" width="10%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" nowrap="nowrap" style="text-align:center;" width="1%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="text-align:center;" width="1%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" colspan="2" style="text-align:center;" width="10%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" nowrap="nowrap" style="text-align:center;" width="1%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="text-align:center;" width="1%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" colspan="2" style="text-align:center;" width="10%"&gt;
&lt;div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;Securities &lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td valign="bottom" nowrap="nowrap" style="text-align:center;" width="1%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
&lt;td valign="bottom" style="text-align:center;" width="44%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="text-align:center;" width="1%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" colspan="2" style="text-align:center;" width="10%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" nowrap="nowrap" style="text-align:center;" width="1%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="text-align:center;" width="1%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" colspan="2" style="text-align:center;" width="10%"&gt;
&lt;div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;Cash &lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td valign="bottom" nowrap="nowrap" style="text-align:center;" width="1%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="text-align:center;" width="1%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" colspan="2" style="text-align:center;" width="10%"&gt;
&lt;div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;Available-for- &lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td valign="bottom" nowrap="nowrap" style="text-align:center;" width="1%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
&lt;td valign="bottom" style="border-bottom:black 2px solid;text-align:left;" width="44%"&gt;
&lt;div style="text-align:left;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;Valuation Inputs &lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td valign="bottom" style="border-bottom:black 2px solid;text-align:center;" width="1%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" nowrap="nowrap" colspan="2" style="border-bottom:black 2px solid;text-align:center;" width="10%"&gt;
&lt;div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;Total Investments &lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td valign="bottom" nowrap="nowrap" style="border-bottom:black 2px solid;text-align:center;" width="1%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="border-bottom:black 2px solid;text-align:center;" width="1%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" colspan="2" style="border-bottom:black 2px solid;text-align:center;" width="10%"&gt;
&lt;div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;Equivalents &lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td valign="bottom" nowrap="nowrap" style="border-bottom:black 2px solid;text-align:center;" width="1%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="border-bottom:black 2px solid;text-align:center;" width="1%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" colspan="2" style="border-bottom:black 2px solid;text-align:center;" width="10%"&gt;
&lt;div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;Sale &lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td valign="bottom" nowrap="nowrap" style="border-bottom:black 2px solid;text-align:left;" width="1%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
&lt;td valign="bottom" style="text-align:justify;" width="44%"&gt;
&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;Level 1 - quoted prices &lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td valign="bottom" style="text-align:justify;" width="1%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="text-align:left;" width="1%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;$ &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="text-align:right;" width="9%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;18,832 &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" nowrap="nowrap" style="text-align:left;" width="1%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="text-align:justify;" width="1%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="text-align:left;" width="1%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;$ &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="text-align:right;" width="9%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;6,158 &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" nowrap="nowrap" style="text-align:left;" width="1%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="text-align:justify;" width="1%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="text-align:left;" width="1%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;$ &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="text-align:right;" width="9%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;12,674 &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" nowrap="nowrap" style="text-align:left;" width="1%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
&lt;td valign="bottom" style="text-align:justify;" width="44%"&gt;
&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;Level 2 - other significant observable inputs &lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td valign="bottom" style="text-align:justify;" width="1%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="text-align:left;" width="1%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="text-align:right;" width="9%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;- &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" nowrap="nowrap" style="text-align:left;" width="1%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="text-align:justify;" width="1%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="text-align:left;" width="1%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="text-align:right;" width="9%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;- &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" nowrap="nowrap" style="text-align:left;" width="1%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="text-align:justify;" width="1%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="text-align:left;" width="1%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="text-align:right;" width="9%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;- &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" nowrap="nowrap" style="text-align:left;" width="1%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
&lt;td valign="bottom" style="text-align:justify;" width="44%"&gt;
&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;Level 3 - significant unobservable inputs &lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td valign="bottom" style="text-align:justify;" width="1%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="text-align:left;" width="1%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="text-align:right;" width="9%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;- &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" nowrap="nowrap" style="text-align:left;" width="1%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="text-align:justify;" width="1%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="text-align:left;" width="1%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="text-align:right;" width="9%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;- &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" nowrap="nowrap" style="text-align:left;" width="1%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="text-align:justify;" width="1%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="text-align:left;" width="1%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="text-align:right;" width="9%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;- &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" nowrap="nowrap" style="text-align:left;" width="1%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
&lt;td valign="bottom" style="border-bottom:black 3px double;text-align:justify;border-top:black 2px solid;" width="44%"&gt;
&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;Total &lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td valign="bottom" style="border-bottom:black 3px double;text-align:justify;border-top:black 2px solid;" width="1%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="border-bottom:black 3px double;text-align:left;border-top:black 2px solid;" width="1%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;$ &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="border-bottom:black 3px double;text-align:right;border-top:black 2px solid;" width="9%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;18,832 &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" nowrap="nowrap" style="border-bottom:black 3px double;text-align:left;border-top:black 2px solid;" width="1%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="border-bottom:black 3px double;text-align:justify;border-top:black 2px solid;" width="1%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="border-bottom:black 3px double;text-align:left;border-top:black 2px solid;" width="1%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;$ &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="border-bottom:black 3px double;text-align:right;border-top:black 2px solid;" width="9%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;6,158 &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" nowrap="nowrap" style="border-bottom:black 3px double;text-align:left;border-top:black 2px solid;" width="1%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="border-bottom:black 3px double;text-align:justify;border-top:black 2px solid;" width="1%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="border-bottom:black 3px double;text-align:left;border-top:black 2px solid;" width="1%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;$ &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="border-bottom:black 3px double;text-align:right;border-top:black 2px solid;" width="9%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;12,674 &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" nowrap="nowrap" style="border-bottom:black 3px double;text-align:left;border-top:black 2px solid;" width="1%"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/div&gt;
&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;The Company had no other financial instruments including futures, forwards and swap contracts. For the periods ended July 31, 2011 and April 30, 2011, there were no Level 2 nor Level 3 investments. The Company does not have any liabilities subject to Fair Value Measurement. &lt;/font&gt;&lt;/div&gt;
&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"&gt;&amp;#160;&lt;/div&gt;
&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;Advertising expenses:&amp;#160;&amp;#160;The Company expenses advertising costs as incurred. &lt;/font&gt;&lt;/div&gt;
&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"&gt;&amp;#160;&lt;/div&gt;
&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;Reclassification: Certain items in the prior year financial statements have been reclassified to conform to the current year presentation. &lt;/font&gt;&lt;/div&gt;
&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/div&gt;
&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;Income Taxes: &lt;/font&gt;&lt;/div&gt;
&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;The Company computes its income tax provision in accordance with the Income Tax Topic of the FASB&amp;#8217;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. &lt;/font&gt;&lt;/div&gt;
&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"&gt;&amp;#160;&lt;/div&gt;
&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;The Income Tax Topic of the FASB&amp;#8217;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 July 31, 2011, 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&amp;#8217;s financial statements. &lt;/font&gt;&lt;/div&gt;
&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"&gt;&amp;#160;&lt;/div&gt;
&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;Earnings per share: Earnings per share are based on the weighted average number of shares of common stock and common stock equivalents outstanding during each period. &lt;/font&gt;&lt;/div&gt;
&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;Cash and Cash Equivalents: 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 July 31, 2011 and April 30, 2011, cash equivalents included $6,615,000 and $6,158,000, respectively, invested in mutual funds that invest in U.S. Government Securities and bank certificates of deposits. &lt;/font&gt;&lt;/div&gt;
&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"&gt;&amp;#160;&lt;/div&gt;
&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;Use of Estimates: The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates. &lt;/font&gt;&lt;/div&gt;
&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"&gt;&amp;#160;&lt;/div&gt;
&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;Expenses Associated with Restructuring: &lt;/font&gt;&lt;/div&gt;
&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;"&gt;The Company expensed all costs associated with the Restructuring Transaction as incurred (see Note 11 - Legal Proceedings and Restructuring). &lt;/font&gt;&lt;/div&gt;&lt;/div&gt;</us-gaap:OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureAndSignificantAccountingPoliciesTextBlock>
  <us-gaap:InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock contextRef="Context_3ME_31-Jul-2011">&lt;div&gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;font-weight:bold;" &gt;Note 2-Investments:
&lt;/font&gt;
&lt;/div&gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&amp;#160;
&lt;/div&gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="font-style:italic;display:inline;font-family:times new roman;font-size:10pt;" &gt;Securities Available-for-Sale:
&lt;/font&gt;
&lt;/div&gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&amp;#160;
&lt;/div&gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;Securities held by the Company and its subsidiaries are classified as available-for-sale securities in accordance with FASB&amp;#8217;s ASC 320, Investments - Debt and Equity Securities.
&lt;/font&gt;
&lt;/div&gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&amp;#160;
&lt;/div&gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="font-style:italic;display:inline;font-family:times new roman;font-size:10pt;" &gt;Equity Securities:
&lt;/font&gt;
&lt;/div&gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&amp;#160;
&lt;/div&gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;As of July 31, 2011 and April 30, 2011, the aggregate cost of the equity securities classified as available-for-sale, which consist of investments in the First Trust Value Line Dividend, PGF PowerShares preferred stock and S&amp;amp;P Dividend ETFs, and certain shares of equity securities was $1,360,000 for both periods&amp;#160;and the market value was $1,392,000 and $1,466,000, respectively. There were no sales or proceeds from sales of equity securities during the three months ended July 31, 2011 or July 31,&amp;#160;&amp;#160;2010.
&lt;/font&gt;
&lt;/div&gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&amp;#160;
&lt;/div&gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;
&lt;/div&gt;&lt;div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;
&lt;/div&gt;&lt;div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;
&lt;/div&gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&amp;#160;
&lt;/div&gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;The decrease in gross unrealized gains on equity securities classified as available-for-sale due to changes in market conditions of $74,000, net of deferred taxes of $26,000, was included in Shareholders&amp;#8217; Equity at July 31, 2011. The increase in gross unrealized gains on equity securities classified as available-for-sale due to changes in market conditions of $106,000, net of deferred taxes of $37,000, was included in Shareholders&amp;#8217; Equity at&amp;#160;&amp;#160;April 30, 2011.
&lt;/font&gt;
&lt;/div&gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&amp;#160;
&lt;/div&gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="font-style:italic;display:inline;font-family:times new roman;font-size:10pt;" &gt;Government Debt Securities (Fixed Income Securities):
&lt;/font&gt;
&lt;/div&gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&amp;#160;
&lt;/div&gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;Government debt securities consist of securities issued by the United States federal government. The aggregate cost and fair value at July 31, 2011 for government debt securities classified as available-for-sale were as follows:
&lt;/font&gt;
&lt;/div&gt;&lt;div style="text-align:justify;" &gt;&lt;table cellspacing="0" cellpadding="0" width="80%"  style="text-align:justify;font-family:times new roman;font-size:10pt;" &gt;&lt;tr style="text-align:justify;" &gt;&lt;td valign="bottom" width="42%" colspan="2"  style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%"  style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="10%" colspan="10"  style="text-align:center;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;(in thousands)
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap"  style="text-align:center;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;
&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" width="22%"  style="border-bottom:black 2px solid;text-align:left;" &gt;&lt;div style="text-align:left;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;Maturity
&lt;/font&gt;
&lt;/font&gt;
&lt;/div&gt;
&lt;/td&gt;&lt;td valign="bottom" width="20%"  style="text-align:left;padding-bottom:2px;" &gt;&lt;div style="text-align:left;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/div&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%"  style="text-align:center;padding-bottom:2px;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="10%" colspan="2"  style="border-bottom:black 2px solid;text-align:center;" &gt;&lt;div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;Historical
&lt;/font&gt;
&lt;/font&gt;
&lt;/div&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;Cost
&lt;/font&gt;
&lt;/div&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap"  style="border-bottom:black 2px solid;text-align:center;padding-bottom:2px;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%"  style="border-bottom:black 2px solid;text-align:center;padding-bottom:2px;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="10%" colspan="2"  style="border-bottom:black 2px solid;text-align:center;padding-bottom:2px;" &gt;&lt;div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;Fair Value
&lt;/font&gt;
&lt;/div&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap"  style="border-bottom:black 2px solid;text-align:center;padding-bottom:2px;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%"  style="border-bottom:black 2px solid;text-align:center;padding-bottom:2px;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="13%" colspan="2" nowrap="nowrap"  style="border-bottom:black 2px solid;text-align:center;padding-bottom:2px;" &gt;&lt;div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;Gross Unrealized
&lt;/font&gt;
&lt;/font&gt;
&lt;/div&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;Holding Gains/(Losses)
&lt;/font&gt;
&lt;/div&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap"  style="border-bottom:black 2px solid;text-align:left;padding-bottom:2px;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;
&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" width="42%" colspan="2"  style="text-align:justify;" &gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;Due within 1 year
&lt;/font&gt;
&lt;/div&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%"  style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%"  style="border-bottom:black 2px solid;text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;$
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="9%"  style="border-bottom:black 2px solid;text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;8,214
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap"  style="border-bottom:black 2px solid;text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%"  style="border-bottom:black 2px solid;text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%"  style="border-bottom:black 2px solid;text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;$
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="9%"  style="border-bottom:black 2px solid;text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;8,204
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap"  style="border-bottom:black 2px solid;text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%"  style="border-bottom:black 2px solid;text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%"  style="border-bottom:black 2px solid;text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;$
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="12%"  style="border-bottom:black 2px solid;text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;(10
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap"  style="border-bottom:black 2px solid;text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;)
&lt;/font&gt;
&lt;/td&gt;
&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" width="42%" colspan="2"  style="text-align:justify;padding-bottom:4px;" &gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;Total investment in government debt securities
&lt;/font&gt;
&lt;/div&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%"  style="text-align:justify;padding-bottom:4px;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%"  style="border-bottom:black 4px double;text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;$
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="9%"  style="border-bottom:black 4px double;text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;8,214
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap"  style="border-bottom:black 4px double;text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%"  style="border-bottom:black 4px double;text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%"  style="border-bottom:black 4px double;text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;$
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="9%"  style="border-bottom:black 4px double;text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;8,204
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap"  style="border-bottom:black 4px double;text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%"  style="border-bottom:black 4px double;text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%"  style="border-bottom:black 4px double;text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;$
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="12%"  style="border-bottom:black 4px double;text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;(10
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap"  style="border-bottom:black 4px double;text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;)
&lt;/font&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;/div&gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/div&gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;The aggregate cost and fair value at April 30, 2011 for government debt securities classified as available-for-sale were as follows:
&lt;/font&gt;
&lt;/div&gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&amp;#160;
&lt;/div&gt;&lt;div style="text-align:justify;" &gt;&lt;table cellspacing="0" cellpadding="0" width="80%"  style="text-align:justify;font-family:times new roman;font-size:10pt;" &gt;&lt;tr style="text-align:justify;" &gt;&lt;td valign="bottom" width="42%" colspan="2"  style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%"  style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="10%" colspan="10"  style="text-align:center;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;(in thousands)
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap"  style="text-align:center;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;
&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" width="22%"  style="border-bottom:black 2px solid;text-align:left;" &gt;&lt;div style="text-align:left;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;Maturity
&lt;/font&gt;
&lt;/font&gt;
&lt;/div&gt;
&lt;/td&gt;&lt;td valign="bottom" width="20%"  style="text-align:left;padding-bottom:2px;" &gt;&lt;div style="text-align:left;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/div&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%"  style="text-align:center;padding-bottom:2px;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="10%" colspan="2"  style="border-bottom:black 2px solid;text-align:center;" &gt;&lt;div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;Historical
&lt;/font&gt;
&lt;/font&gt;
&lt;/div&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;Cost
&lt;/font&gt;
&lt;/div&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap"  style="border-bottom:black 2px solid;text-align:center;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%"  style="border-bottom:black 2px solid;text-align:center;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="10%" colspan="2"  style="border-bottom:black 2px solid;text-align:center;" &gt;&lt;div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;Fair Value
&lt;/font&gt;
&lt;/div&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap"  style="border-bottom:black 2px solid;text-align:center;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%"  style="border-bottom:black 2px solid;text-align:center;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="13%" colspan="2" nowrap="nowrap"  style="border-bottom:black 2px solid;text-align:center;" &gt;&lt;div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;Gross Unrealized
&lt;/font&gt;
&lt;/font&gt;
&lt;/div&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;Holding Gains/(Losses)
&lt;/font&gt;
&lt;/div&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap"  style="border-bottom:black 2px solid;text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;
&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" width="42%" colspan="2"  style="text-align:justify;padding-bottom:2px;" &gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;Due within 1 year
&lt;/font&gt;
&lt;/div&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%"  style="text-align:justify;padding-bottom:2px;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%"  style="border-bottom:black 2px solid;text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;$
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="9%"  style="border-bottom:black 2px solid;text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;11,217
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap"  style="border-bottom:black 2px solid;text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%"  style="border-bottom:black 2px solid;text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%"  style="border-bottom:black 2px solid;text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;$
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="9%"  style="border-bottom:black 2px solid;text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;11,208
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap"  style="border-bottom:black 2px solid;text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%"  style="border-bottom:black 2px solid;text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%"  style="border-bottom:black 2px solid;text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;$
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="12%"  style="border-bottom:black 2px solid;text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;(9
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap"  style="border-bottom:black 2px solid;text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;)
&lt;/font&gt;
&lt;/td&gt;
&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" width="42%" colspan="2"  style="text-align:justify;padding-bottom:4px;" &gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;Total investment in government debt securities
&lt;/font&gt;
&lt;/div&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%"  style="text-align:justify;padding-bottom:4px;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%"  style="border-bottom:black 4px double;text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;$
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="9%"  style="border-bottom:black 4px double;text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;11,217
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap"  style="border-bottom:black 4px double;text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%"  style="border-bottom:black 4px double;text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%"  style="border-bottom:black 4px double;text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;$
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="9%"  style="border-bottom:black 4px double;text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;11,208
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap"  style="border-bottom:black 4px double;text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%"  style="border-bottom:black 4px double;text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%"  style="border-bottom:black 4px double;text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;$
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="12%"  style="border-bottom:black 4px double;text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;(9
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap"  style="border-bottom:black 4px double;text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;)
&lt;/font&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;/div&gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/div&gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;The increase in gross unrealized losses of $6,000 and $74,000 on fixed income securities classified as available-for-sale net of deferred income tax of $2,000 and $26,000, respectively, were included in Accumulated Other Comprehensive Income on the Consolidated Condensed Balance Sheets as of July 31, 2011 and April 30, 2011, respectively.
&lt;/font&gt;
&lt;/div&gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/div&gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;Proceeds from sales of government debt securities classified as available-for-sale during the three months ended July 31, 2011 and July 31, 2010 were $2,998,000 and $6,706,000, respectively. During the three months ended July 31, 2011, losses on sales of fixed income securities of $5,000 were reclassified from Accumulated Other Comprehensive Income in the Balance Sheet to the Consolidated Condensed Statement of Income. During the three months ended July 31, 2010 there were no realized gains or losses on fixed income securities.
&lt;/font&gt;
&lt;/div&gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&amp;#160;
&lt;/div&gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;The average yield on the Government debt securities classified as available-for-sale at July 31, 2011 and April 30, 2011 was 0.23% and 0.24%, respectively.
&lt;/font&gt;
&lt;/div&gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&amp;#160;
&lt;/div&gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;During the three months ended July 31, 2011 and 2010, income from securities transactions also included $12,000 and $0 of dividend income; $8,000 and $39,000 of interest income, respectively.
&lt;/font&gt;
&lt;/div&gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&amp;#160;
&lt;/div&gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:281.45pt;" &gt;&lt;font style="font-style:italic;display:inline;font-family:times new roman;font-size:10pt;" &gt;Investment in Unconsolidated Entities:
&lt;/font&gt;
&lt;/div&gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:281.45pt;" &gt;&lt;font style="font-style:italic;display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/div&gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:281.45pt;" &gt;&lt;font style="font-style:italic;display:inline;font-family:times new roman;font-size:10pt;" &gt;Equity Method Investment:
&lt;/font&gt;
&lt;/div&gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&amp;#160;
&lt;/div&gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;The Company recorded an asset, Investment in EAM, on its Consolidated Condensed Balance Sheet with an initial valuation as of December 23, 2010 of $55,805,000 as a result of the deconsolidation of EAM LLC and ESI, the former asset management and mutual fund distribution subsidiaries.&amp;#160;&amp;#160;In accordance with the Consolidation Topic of the FASB&amp;#8217;s ASC, the Company recognized a pre-tax gain in net income of $50,510,000 measured as the difference between the fair value of the consideration received, valued at $51,690,000, and the carrying value of the former subsidiaries&amp;#8217; assets and liabilities, which was comprised of $1,180,000 of working capital (cash), transferred pursuant to the Restructuring Transaction. The value of VLI&amp;#8217;s investment in EAM at July 31, 2011 and April 30, 2011 reflects the fair value at December 23, 2010 of the non-voting revenues and profits interest received in the Restructuring Transaction, plus $5,820,000 of cash and liquid securities in excess of working capital requirements contributed to EAM&amp;#8217;s capital account by VLI on December 23, 2010, plus earnings from EAM less earnings distributed to VLI by EAM, during the period from December 23, 2010 through the balance sheets dates.
&lt;/div&gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&amp;#160;
&lt;/div&gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;In accordance with the EAM Trust Agreement and as mentioned above, EAM received $7,000,000 in cash and liquid securities from VLI pursuant to the Restructuring Transaction which included $1,180,000 of working capital deemed needed for operations and $5,820,000 in excess of working capital needs. 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. Although the distributor had historically received, from the Value Line Funds under the compensation plans it had in place with the Funds, amounts in excess of its actual expenditures, in more recent years the distributor has been spending amounts on promotion of the Value Line Funds in excess of the compensation received from the Funds. Over time, EAM anticipates that its total future expenditures on such promotion will equal or exceed its total future revenues under the Funds&amp;#8217; distribution plans. However, if that should not occur, EAM has no obligation to reimburse the Value Line Funds.
&lt;/font&gt;
&lt;/div&gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&amp;#160;
&lt;/div&gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:513pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/div&gt;&lt;div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;font-weight:bold;" &gt;
&lt;/font&gt;
&lt;/div&gt;&lt;div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;
&lt;/div&gt;&lt;div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&amp;#160;
&lt;/div&gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;The Company monitors this asset 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&amp;#8217;s ability to continue as a going concern such as negative cash flows, working capital deficiencies, or noncompliance with statutory capital requirements.&amp;#160;&amp;#160;EAM did not record any impairment losses for its assets during the first quarter of fiscal year 2012.
&lt;/font&gt;
&lt;/div&gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&amp;#160;
&lt;/div&gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;The overall results of EAM&amp;#8217;s investment management operations during the three months ended July 31, 2011, before interest holder distributions, include total investment management fees earned from the Value Line Funds of $3,301,000, 12b-1 fees of $928,000 and other income of $4,000. For the same period, total investment management fee waivers were $230,000 and 12b-1 fee waivers were $618,000.&amp;#160;&amp;#160;During the three months ended July 31, 2011, EAM&amp;#8217;s net income was $162,000, after giving effect to Value Line&amp;#8217;s non-voting revenues interest of $1,491,000, but before distributions to voting profits interest holders and to the Company in respect of its non-voting profits interest. &lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;During the three months ended July 31, 2011, the Company recorded income of $1,491,000 and profits of $81,000 from its non-voting revenues and its non-voting profits interests in EAM without incurring any directly related expenses. Operating expenses of EAM during the three months ended July 31, 2011, were $2,580,000 and EAM&amp;#8217;s net income was $162,000 available for distribution to profit interest holders. At July 31, 2011, EAM&amp;#8217;s total assets were $58,091,000, total liabilities were $1,471,000 and total equity was $56,620,000.
&lt;/font&gt;
&lt;/font&gt;
&lt;/font&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;

</us-gaap:InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock>
  <valu:VariableInterestEntityTextBlock contextRef="Context_3ME_31-Jul-2011">&lt;div&gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;font-weight:bold;" &gt;Note 3: Variable Interest Entity
&lt;/font&gt;
&lt;/div&gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&amp;#160;
&lt;/div&gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;As discussed in Note 11 - Legal Proceedings and Restructuring, as part of the Restructuring Transaction, the Company retained a non-voting revenues interest and a 50% non-voting profits interest in EAM, which was formed to carry on the asset management and mutual fund distribution businesses formerly conducted by Value Line and its subsidiaries. EAM is considered to be a variable interest entity. The Company makes its determination for consolidation of EAM as a variable interest entity 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 variable interest entities.
&lt;/font&gt;
&lt;/div&gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&amp;#160;
&lt;/div&gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;Value Line 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.
&lt;/font&gt;
&lt;/div&gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&amp;#160;
&lt;/div&gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;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&amp;#8217;s operations risk, Value Line&amp;#8217;s revenue 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.
&lt;/font&gt;
&lt;/div&gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&amp;#160;
&lt;/div&gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;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 for its interest in EAM.
&lt;/font&gt;
&lt;/div&gt;&lt;div style="text-align:justify;" &gt;&lt;table cellspacing="0" cellpadding="0" width="100%"  style="font-family:times new roman;font-size:10pt;" &gt;&lt;tr&gt;&lt;td valign="bottom" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" colspan="2" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" nowrap="nowrap"  style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" colspan="2" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" nowrap="nowrap"  style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" colspan="2" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" nowrap="nowrap"  style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" colspan="2" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" nowrap="nowrap"  style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" nowrap="nowrap"  style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;
&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" colspan="2" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" nowrap="nowrap"  style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" colspan="2" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" nowrap="nowrap" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom"  style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" colspan="2"  style="text-align:center;" &gt;&lt;div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;(In thousands)
&lt;/font&gt;
&lt;/div&gt;
&lt;/td&gt;&lt;td valign="bottom" nowrap="nowrap"  style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" colspan="2" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" nowrap="nowrap"  style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" nowrap="nowrap"  style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;
&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" colspan="2" &gt;&lt;div style="text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;text-align:center;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/div&gt;
&lt;/td&gt;&lt;td valign="bottom" nowrap="nowrap"  style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" colspan="2" &gt;&lt;div style="text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;text-align:center;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;Maximum
&lt;/font&gt;
&lt;/div&gt;
&lt;/td&gt;&lt;td valign="bottom" nowrap="nowrap"  style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" colspan="2" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" nowrap="nowrap"  style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" colspan="2" &gt;&lt;div style="text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;text-align:center;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/div&gt;
&lt;/td&gt;&lt;td valign="bottom" nowrap="nowrap"  style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" nowrap="nowrap"  style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;
&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" colspan="2" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" nowrap="nowrap"  style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" colspan="2" &gt;&lt;div style="text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;text-align:center;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;Exposure to
&lt;/font&gt;
&lt;/div&gt;
&lt;/td&gt;&lt;td valign="bottom" nowrap="nowrap"  style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" colspan="2" &gt;&lt;div style="text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;text-align:center;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;Investment
&lt;/font&gt;
&lt;/div&gt;
&lt;/td&gt;&lt;td valign="bottom" nowrap="nowrap"  style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" colspan="2" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" nowrap="nowrap"  style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" nowrap="nowrap"  style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;
&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom"  style="padding-bottom:2px;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom"  style="padding-bottom:2px;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom"  style="padding-bottom:2px;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" colspan="2"  style="border-bottom:black 2px solid;" &gt;&lt;div style="text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;text-align:center;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;VIE Assets
&lt;/font&gt;
&lt;/font&gt;
&lt;/div&gt;
&lt;/td&gt;&lt;td valign="bottom" nowrap="nowrap"  style="border-bottom:black 2px solid;text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom"  style="border-bottom:black 2px solid;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" colspan="2"  style="border-bottom:black 2px solid;" &gt;&lt;div style="text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;text-align:center;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;Loss
&lt;/font&gt;
&lt;/div&gt;
&lt;/td&gt;&lt;td valign="bottom" nowrap="nowrap"  style="border-bottom:black 2px solid;text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom"  style="border-bottom:black 2px solid;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" colspan="2"  style="border-bottom:black 2px solid;text-align:center;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;(1) (2)
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" nowrap="nowrap"  style="border-bottom:black 2px solid;text-align:left;" &gt;&amp;#160;
&lt;/td&gt;&lt;td valign="bottom"  style="border-bottom:black 2px solid;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" colspan="2"  style="border-bottom:black 2px solid;" &gt;&lt;div style="text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;text-align:center;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;Liabilities
&lt;/font&gt;
&lt;/div&gt;
&lt;/td&gt;&lt;td valign="bottom" nowrap="nowrap"  style="text-align:left;padding-bottom:2px;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" nowrap="nowrap"  style="text-align:left;padding-bottom:2px;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;
&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" colspan="2" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" nowrap="nowrap"  style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" colspan="2" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" nowrap="nowrap"  style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom"  style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom"  style="text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" nowrap="nowrap"  style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" colspan="2" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" nowrap="nowrap"  style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" nowrap="nowrap"  style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;
&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom"  style="text-align:left;padding-left:0pt;margin-left:9pt;" &gt;&lt;div style="text-align:left;text-indent:0pt;display:block;margin-left:18pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;EAM Trust
&lt;/font&gt;
&lt;/div&gt;
&lt;/td&gt;&lt;td valign="bottom"  style="text-align:left;" &gt;&lt;div style="text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;at July 31, 2011
&lt;/font&gt;
&lt;/div&gt;
&lt;/td&gt;&lt;td valign="bottom" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom"  style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;$
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom"  style="text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;58,091
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" nowrap="nowrap"  style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom"  style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;$
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom"  style="text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;56,226
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" nowrap="nowrap"  style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom"  style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;$
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom"  style="text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;56,226
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" nowrap="nowrap"  style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom"  style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;$
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom"  style="text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;-
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" nowrap="nowrap"  style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" nowrap="nowrap"  style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;
&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom"  style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom"  style="text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" nowrap="nowrap"  style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom"  style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom"  style="text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" nowrap="nowrap"  style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom"  style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom"  style="text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" nowrap="nowrap"  style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom"  style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom"  style="text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" nowrap="nowrap"  style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" nowrap="nowrap"  style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;
&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" width="20%"  style="text-align:left;padding-left:0pt;margin-left:9pt;" &gt;&lt;div style="text-align:left;text-indent:0pt;display:block;margin-left:18pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;EAM Trust
&lt;/font&gt;
&lt;/div&gt;
&lt;/td&gt;&lt;td valign="bottom" width="20%"  style="text-align:left;" &gt;&lt;div style="text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;at April 30, 2011
&lt;/font&gt;
&lt;/div&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%"  style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;$
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="9%"  style="text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;57,780
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap"  style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%"  style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;$
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="9%"  style="text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;56,367
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap"  style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%"  style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;$
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="9%"  style="text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;56,367
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap"  style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%"  style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;$
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="9%"  style="text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;-
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap"  style="text-align:left;" &gt;&amp;#160;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap"  style="text-align:left;" &gt;&amp;#160;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;/div&gt;&lt;div style="text-align:justify;" &gt;&amp;#160;
&lt;/div&gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;(1)&amp;#160;&amp;#160;Reported within Long Term Assets on Consolidated Condensed Balance Sheets.
&lt;/font&gt;
&lt;/div&gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&amp;#160;
&lt;/div&gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;(2) Revenues receivable from EAM of $514,000 previously reported within Current Assets at April 30, 2011 on the Form 10-K, filed on July 29, 2011, were reclassified from Receivables from Affiliates to Investment in EAM Trust at July 31, 2011 on the Consolidated Condensed Balance Sheet.
&lt;/font&gt;
&lt;/div&gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&amp;#160;
&lt;/div&gt;
&lt;/div&gt;

</valu:VariableInterestEntityTextBlock>
  <us-gaap:CashFlowSupplementalDisclosuresTextBlock contextRef="Context_3ME_31-Jul-2011">&lt;div&gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-weight:bold;" &gt;Note 4-Supplementary Cash Flow Information:&lt;br&gt;&lt;/br&gt;
&lt;/font&gt;
&lt;/div&gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;
&lt;/div&gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;There were no income tax payments during the three months ended July 31, 2011. Cash payments for income taxes were $10,000 for the three months ended July 31, 2010. The Company also received $1,598,000 of federal income tax refunds during the first quarter of fiscal 2011.
&lt;/font&gt;
&lt;/div&gt;
&lt;/div&gt;</us-gaap:CashFlowSupplementalDisclosuresTextBlock>
  <us-gaap:DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock contextRef="Context_3ME_31-Jul-2011">&lt;div&gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;font-weight:bold;" &gt;Note 5-Employees&amp;#8217; Profit Sharing and Savings Plan:
&lt;/font&gt;
&lt;/div&gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&amp;#160;
&lt;/div&gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;Substantially all employees of the Company and its subsidiaries are members of the Value Line, Inc. Profit Sharing and Savings Plan (the &amp;#8220;Plan&amp;#8221;). 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. The estimated profit sharing plan contribution, which is included as an expense in salaries and employee benefits in the Consolidated Condensed Statement of Income, was $150,000&amp;#160;for the three months ended July 31, 2011.
&lt;/font&gt;
&lt;/div&gt;
&lt;/div&gt;

</us-gaap:DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock>
  <us-gaap:ComprehensiveIncomeNoteTextBlock contextRef="Context_3ME_31-Jul-2011">&lt;div&gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;font-weight:bold;" &gt;Note 6-Comprehensive Income:&lt;br&gt;&lt;/br&gt;
&lt;/font&gt;
&lt;/div&gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;
&lt;/div&gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;The FASB&amp;#8217;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.&lt;br&gt;&lt;/br&gt;
&lt;/font&gt;
&lt;/div&gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;As of July 31, 2011, the Company held both equity and U.S. Government debt securities that are classified as available-for-sale on the Consolidated Condensed Balance Sheets. At July 31, 2010, the Company held U.S. Government debt securities that are classified as 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&amp;#8217;s Consolidated Condensed Balance Sheets.&lt;br&gt;&lt;/br&gt;
&lt;/font&gt;
&lt;/div&gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;
&lt;/div&gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;The components of comprehensive income that are included in the Statement of Changes in Shareholders&amp;#8217; Equity are as follows:
&lt;/font&gt;
&lt;/div&gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;
&lt;/div&gt;&lt;div style="text-align:justify;" &gt;&lt;table cellspacing="0" cellpadding="0" width="80%" style="text-align:justify;font-family:times new roman;font-size:10pt;" &gt;&lt;tr style="text-align:justify;" &gt;&lt;td valign="bottom" width="44%" style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="10%" colspan="2" style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:center;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="10%" colspan="2" style="text-align:center;" &gt;&lt;div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;(in thousands)
&lt;/font&gt;
&lt;/div&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:center;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="10%" colspan="2" style="text-align:center;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;
&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" width="44%" style="text-align:center;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:center;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="10%" colspan="2" style="text-align:center;" &gt;&lt;div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;Before
&lt;/font&gt;
&lt;/div&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:center;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="10%" colspan="2" style="text-align:center;" &gt;&lt;div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;Tax
&lt;/font&gt;
&lt;/div&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:center;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="10%" colspan="2" style="text-align:center;" &gt;&lt;div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;Net of
&lt;/font&gt;
&lt;/div&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;
&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" width="44%" style="text-align:center;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:center;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="10%" colspan="2" style="text-align:center;" &gt;&lt;div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;Tax
&lt;/font&gt;
&lt;/div&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:center;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="10%" colspan="2" style="text-align:center;" &gt;&lt;div
 style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;(Expense)
&lt;/font&gt;
&lt;/div&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:center;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="10%" colspan="2" style="text-align:center;" &gt;&lt;div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;Tax
&lt;/font&gt;
&lt;/div&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;
&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" width="44%" style="text-align:center;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:center;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="10%" colspan="2" style="text-align:center;" &gt;&lt;div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;Amount
&lt;/font&gt;
&lt;/div&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:center;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="10%" colspan="2" style="text-align:center;" &gt;&lt;div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;or Benefit
&lt;/font&gt;
&lt;/div&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:center;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="10%" colspan="2" style="text-align:center;" &gt;&lt;div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;Amount
&lt;/font&gt;
&lt;/div&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;
&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" width="44%" style="text-align:justify;" &gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;Three months ended July 31, 2011
&lt;/font&gt;
&lt;/div&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="10%" colspan="2" style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="10%" colspan="2" style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="10%" colspan="2" style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;
&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" width="44%" style="text-align:justify;" &gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;Unrealized losses on securities:
&lt;/font&gt;
&lt;/div&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="10%" colspan="2" style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="10%" colspan="2" style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="10%" colspan="2" style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;
&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" width="44%" style="text-align:justify;" &gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;Unrealized holding losses arising during the
&lt;/font&gt;
&lt;/div&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="10%" colspan="2" style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom"
 width="1%" nowrap="nowrap" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="10%" colspan="2" style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="10%" colspan="2" style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;
&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" width="44%" style="text-align:justify;" &gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;period
&lt;/font&gt;
&lt;/div&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;$
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="9%" style="text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;(80
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;)
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;$
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="9%" style="text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;28
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;$
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="9%" style="text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;(52
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;)
&lt;/font&gt;
&lt;/td&gt;
&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" width="44%" style="text-align:justify;" &gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;Add: Reclassification adjustments
&lt;/font&gt;
&lt;/div&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="9%" style="text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="9%" style="text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="9%" style="text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;
&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" width="44%" style="text-align:justify;padding-bottom:2px;" &gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;for losses realized in net income
&lt;/font&gt;
&lt;/div&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:justify;padding-bottom:2px;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="border-bottom:black 2px solid;text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="9%" style="border-bottom:black 2px solid;text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;5
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap" style="border-bottom:black 2px solid;text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="border-bottom:black 2px solid;text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="border-bottom:black 2px solid;text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="9%" style="border-bottom:black 2px solid;text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;(2
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap"
 style="border-bottom:black 2px solid;text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;)
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="border-bottom:black 2px solid;text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="border-bottom:black 2px solid;text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="9%" style="border-bottom:black 2px solid;text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;3
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap" style="border-bottom:black 2px solid;text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;
&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" width="44%" style="text-align:justify;padding-bottom:4px;" &gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;Other comprehensive loss
&lt;/font&gt;
&lt;/div&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:justify;padding-bottom:4px;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="border-bottom:black 4px double;text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;$
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="9%" style="border-bottom:black 4px double;text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;(75
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap" style="border-bottom:black 4px double;text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;)
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="border-bottom:black 4px double;text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="border-bottom:black 4px double;text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;$
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="9%" style="border-bottom:black 4px double;text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;26
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap" style="border-bottom:black 4px double;text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="border-bottom:black 4px double;text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="border-bottom:black 4px double;text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;$
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="9%" style="border-bottom:black 4px double;text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;(49
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap" style="border-bottom:black 4px double;text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;)
&lt;/font&gt;
&lt;/td&gt;
&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" width="44%" style="text-align:justify;" &gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;Three months ended July 31, 2010
&lt;/font&gt;
&lt;/div&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="9%" style="text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="9%" style="text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="9%" style="text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;
&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" width="44%" style="text-align:justify;" &gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;Unrealized losses on securities:
&lt;/font&gt;
&lt;/div&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="9%" style="text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="9%" style="text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" &gt;&lt;font
 style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="9%" style="text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;
&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" width="44%" style="text-align:justify;" &gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;Unrealized holding losses arising during the
&lt;/font&gt;
&lt;/div&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="9%" style="text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="9%" style="text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="9%" style="text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;
&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" width="44%" style="text-align:justify;padding-bottom:2px;" &gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;period
&lt;/font&gt;
&lt;/div&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:justify;padding-bottom:2px;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="border-bottom:black 2px solid;text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;$
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="9%" style="border-bottom:black 2px solid;text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;(15
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap" style="border-bottom:black 2px solid;text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;)
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="border-bottom:black 2px solid;text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="border-bottom:black 2px solid;text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;$
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="9%" style="border-bottom:black 2px solid;text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;5
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap" style="border-bottom:black 2px solid;text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="border-bottom:black 2px solid;text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="border-bottom:black 2px solid;text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;$
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="9%" style="border-bottom:black 2px solid;text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;(10
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap" style="border-bottom:black 2px solid;text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;)
&lt;/font&gt;
&lt;/td&gt;
&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" width="44%" style="text-align:justify;padding-bottom:4px;" &gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;Other comprehensive loss
&lt;/font&gt;
&lt;/div&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:justify;padding-bottom:4px;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="border-bottom:black 4px double;text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;$
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="9%" style="border-bottom:black 4px double;text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;(15
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap" style="border-bottom:black 4px double;text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;)
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="border-bottom:black 4px double;text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="border-bottom:black 4px double;text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;$
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="9%" style="border-bottom:black 4px double;text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;5
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap" style="border-bottom:black 4px
 double;text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="border-bottom:black 4px double;text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="border-bottom:black 4px double;text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;$
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="9%" style="border-bottom:black 4px double;text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;(10
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap" style="border-bottom:black 4px double;text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;)
&lt;/font&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;</us-gaap:ComprehensiveIncomeNoteTextBlock>
  <us-gaap:AccruedSalariesCurrent decimals="-3" contextRef="Context_As_Of_30-Apr-2011" unitRef="USD">913000</us-gaap:AccruedSalariesCurrent>
  <us-gaap:AccruedSalariesCurrent decimals="-3" contextRef="Context_As_Of_31-Jul-2011" unitRef="USD">781000</us-gaap:AccruedSalariesCurrent>
  <us-gaap:DividendsPayableCurrent decimals="-3" contextRef="Context_As_Of_30-Apr-2011" unitRef="USD">1995000</us-gaap:DividendsPayableCurrent>
  <us-gaap:DividendsPayableCurrent decimals="-3" contextRef="Context_As_Of_31-Jul-2011" unitRef="USD">1993000</us-gaap:DividendsPayableCurrent>
  <us-gaap:RelatedPartyTransactionsDisclosureTextBlock contextRef="Context_3ME_31-Jul-2011">&lt;div&gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;font-weight:bold;" &gt;Note 7-Related Party Transactions:
&lt;/font&gt;
&lt;/div&gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&amp;#160;
&lt;/div&gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="font-style:italic;display:inline;font-family:times new roman;font-size:10pt;" &gt;Investment Management (overview):
&lt;/font&gt;
&lt;/div&gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&amp;#160;
&lt;/div&gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;div style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;As discussed previously in Note 1 - Organization and Summary of Significant Accounting Policies, prior to December 23, 2010, the Company&amp;#8217;s former direct subsidiary EAM LLC was the investment adviser and manager for the Value Line Funds, and EAM LLC&amp;#8217;s subsidiary ESI was the distributor for the Funds. EAM LLC earned investment management fees based upon the average daily net asset values of the respective Value Line Funds. Service and distribution fees were received by ESI from the Value Line Funds in accordance with service and distribution plans under rule 12b-1 of the Investment Company Act of 1940. These plans are compensation plans, which means that the distributor&amp;#8217;s fees under the plans are payable without regard to actual expenses incurred by the distributor, and therefore the distributor may earn a profit under the plans. Expenses incurred by ESI included payments to securities dealers, banks, financial institutions and other organizations which provided distribution, marketing, and administrative services (including payments by ESI to VLI for allocated compensation and administration expenses) with respect to the distribution of the Funds&amp;#8217; shares. Service and distribution fees were received on a monthly basis and calculated based upon the average daily net assets of the respective Fund in accordance with each Fund&amp;#8217;s prospectus.
&lt;/font&gt;
&lt;/div&gt;
&lt;/div&gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/div&gt;&lt;div style="text-indent:0pt;margin-left:0pt;margin-right:0pt;" &gt;&lt;div&gt;&lt;div style="width:100%;text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:8pt;" &gt;
&lt;/font&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;&lt;div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;font-weight:bold;" &gt;
&lt;/font&gt;
&lt;/div&gt;&lt;div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;
&lt;/div&gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&amp;#160;
&lt;/div&gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;As of the Restructuring Date, December 23, 2010, the Company deconsolidated its asset management and mutual fund distribution businesses and its interest in these businesses was restructured as a non-voting revenues and non-voting profits interest in EAM. Accordingly, the Company no longer reports this operation as a separate business segment, although it still maintains a significant interest in the cash flows generated by this business. Total assets in the Value Line Funds managed by EAM at July 31, 2011 were $2.15 billion, 2% above total assets of $2.1 billion in the Value Line Funds managed by EAM LLC, the predecessor of EAM, at July 31, 2010. Overall assets in the Value Line Funds at July 31, 2011 increased $50 million, or 2% since July 31, 2010 as a result of market appreciation that more than offset net redemptions within the equity funds.
&lt;/font&gt;
&lt;/div&gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&amp;#160;
&lt;/div&gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;During the three months ended July 31, 2010, investment management fees and distribution service fees (which we sometimes refer to as &amp;#8220;12b-1 fees&amp;#8221;) amounted to $4,215,000, after giving effect to account fee waivers for certain of the Value Line Funds. These amounts included 12b-1 fees of $910,000. For the same period total investment management fee waivers were $186,000 and total 12b-1 fee waivers were $620,000. With limited exceptions, the Company, EAM LLC and ESI had no right to recoup the previously waived amounts of investment management fees and 12b-1 fees. Any such recoupment of waived investment management fees is subject to the provisions of the applicable prospectus. During the three months ended July 31, 2010, separately managed accounts revenues were $51,000. Separately managed accounts had $44 million in assets as of July 31, 2010. Of the $44 million, $21 million was affiliated with Arnold Bernhard &amp;amp; Co., Inc. (&amp;#8220;AB&amp;amp;Co.&amp;#8221; or the &amp;#8220;Parent&amp;#8221;). During the third quarter of fiscal 2011, the affiliated entities cancelled their separately managed account agreements with EAM LLC.
&lt;/font&gt;
&lt;/div&gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&amp;#160;
&lt;/div&gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;The non-voting revenues and profits distributions due from EAM to the Company for income earned through the balance sheet date, which is included in the Investment in EAM Trust on the Consolidated Condensed Balance Sheets were $587,000 and $514,000 at July 31, 2011 and April 30, 2011, respectively. The non-voting revenues and non-voting profits interests due from EAM are payable quarterly under the provisions of the EAM Trust Agreement.
&lt;/font&gt;
&lt;/div&gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&amp;#160;
&lt;/div&gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="font-style:italic;display:inline;font-family:times new roman;font-size:10pt;" &gt;EAM Trust - VLI&amp;#8217;s non-voting revenues and profits interests:
&lt;/font&gt;
&lt;/div&gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&amp;#160;
&lt;/div&gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;As a result of the Restructuring Transaction, the Company no longer engages, through subsidiaries, in the investment management or mutual fund distribution businesses. The Company does hold 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&amp;#8217;s investment management fee revenues from its mutual fund and separate accounts business. EAM currently has no separately managed account clients. During the three months ended July 31, 2011, the Company recorded revenues of $1,491,000 and profits of $81,000 from its non-voting interests in EAM without incurring any directly related expenses. During the period from December 23, 2010 until May 28, 2011, EAM and ES occupied a portion of the premises that the Company leases from a third party. The Company received $44,000 for the month of May, 2011 for rent and certain accounting and other administrative support services provided to EAM and ES on a transitional basis during such period.
&lt;/font&gt;
&lt;/div&gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&amp;#160;
&lt;/div&gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="font-style:italic;display:inline;font-family:times new roman;font-size:10pt;" &gt;Transactions with Parent:
&lt;/font&gt;
&lt;/div&gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&amp;#160;
&lt;/div&gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;During the three months ended July 31, 2011 and 2010, the Company was reimbursed $101,000 and $75,000, respectively, for payments it made on behalf of and services it provided to the Parent. At July 31, 2011 and April 30, 2011, the Receivables from affiliates included&amp;#160;&amp;#160;receivables from the Parent of $1,000 and $38,000, respectively.&amp;#160;
&lt;/font&gt;
&lt;/div&gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/div&gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;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 no Federal tax payments to the Parent during the three months ended July 31, 2011. For the three months ended July 31, 2010, the Company received $1,598,000 from the Parent for prepaid Federal income taxes.&amp;#160;&amp;#160;
&lt;/font&gt;
&lt;/div&gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/div&gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;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, although the Parent has suspended purchases of Value Line shares until Value Line&amp;#8217;s share repurchase program is concluded (see Note 10 - Treasury Stock and Repurchase Program). As at July 31, 2011, the Parent owns approximately 86.7% of the issued and outstanding shares of common stock of the Company.
&lt;/font&gt;
&lt;/div&gt;
&lt;/div&gt;

</us-gaap:RelatedPartyTransactionsDisclosureTextBlock>
  <us-gaap:IncomeTaxDisclosureTextBlock contextRef="Context_3ME_31-Jul-2011">&lt;div&gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;font-weight:bold;" &gt;Note 8-Federal, State and Local Income Taxes:&lt;br&gt;&lt;/br&gt;
&lt;/font&gt;
&lt;/div&gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;
&lt;/div&gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;The Company computes its income tax provision in accordance with the requirements of the Income Tax Topic of the FASB&amp;#8217;s ASC.&lt;br&gt;&lt;/br&gt;
&lt;/font&gt;
&lt;/div&gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;
&lt;/div&gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;The provision for income taxes includes the following:&lt;br&gt;&lt;/br&gt;
&lt;/font&gt;
&lt;/div&gt;&lt;div style="text-align:justify;" &gt;&lt;div&gt;&lt;table cellspacing="0" cellpadding="0" width="60%" style="text-align:justify;font-family:times new roman;font-size:10pt;" &gt;&lt;tr style="text-align:justify;" &gt;&lt;td valign="bottom" width="36%" style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:center;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="22%" colspan="6" style="text-align:center;" &gt;&lt;div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;Three months ended July 31,
&lt;/font&gt;
&lt;/div&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;
&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" width="36%" style="text-align:center;padding-bottom:2px;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:center;padding-bottom:2px;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="10%" colspan="2" style="border-bottom:black 2px solid;text-align:center;" &gt;&lt;div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;2011
&lt;/font&gt;
&lt;/div&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap" style="border-bottom:black 2px solid;text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="border-bottom:black 2px solid;text-align:center;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="10%" colspan="2" style="border-bottom:black 2px solid;text-align:center;" &gt;&lt;div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;2010
&lt;/font&gt;
&lt;/div&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap" style="border-bottom:black 2px solid;text-align:left;padding-bottom:2px;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;
&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" width="36%" style="text-align:center;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:center;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="22%" colspan="6" style="text-align:center;" &gt;&lt;div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;(in thousands)
&lt;/font&gt;
&lt;/div&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;
&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" width="36%" style="text-align:justify;" &gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;Current tax expense/(benefit):
&lt;/font&gt;
&lt;/div&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="10%" colspan="2" style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="10%" colspan="2" style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;
&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" width="36%" style="text-align:justify;padding-left:0pt;margin-left:9pt;" &gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:9pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;Federal
&lt;/font&gt;
&lt;/div&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;$
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="9%" style="text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;50
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;$
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="9%" style="text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;125
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap"
 style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;
&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" width="36%" style="text-align:justify;padding-bottom:2px;padding-left:0pt;margin-left:9pt;" &gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:9pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;State and local
&lt;/font&gt;
&lt;/div&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:justify;padding-bottom:2px;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="border-bottom:black 2px solid;text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="9%" style="border-bottom:black 2px solid;text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;(92
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap" style="border-bottom:black 2px solid;text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;)
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="border-bottom:black 2px solid;text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="border-bottom:black 2px solid;text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="9%" style="border-bottom:black 2px solid;text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;-
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap" style="border-bottom:black 2px solid;text-align:left;padding-bottom:2px;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;
&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" width="36%" style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="9%" style="text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;(42
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;)
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="9%" style="text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;125
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;
&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" width="36%" style="text-align:justify;" &gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;Deferred tax expense:
&lt;/font&gt;
&lt;/div&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="9%" style="text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="9%" style="text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;
&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" width="36%" style="text-align:justify;padding-left:0pt;margin-left:9pt;" &gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:9pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;Federal
&lt;/font&gt;
&lt;/div&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="9%" style="text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;1,006
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="9%" style="text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;1,064
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;
&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" width="36%" style="text-align:justify;padding-bottom:2px;padding-left:0pt;margin-left:9pt;" &gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:9pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;State and local
&lt;/font&gt;
&lt;/div&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:justify;padding-bottom:2px;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="border-bottom:black 2px solid;text-align:left;" &gt;&lt;font
 style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="9%" style="border-bottom:black 2px solid;text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;181
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap" style="border-bottom:black 2px solid;text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="border-bottom:black 2px solid;text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="border-bottom:black 2px solid;text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="9%" style="border-bottom:black 2px solid;text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;77
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap" style="border-bottom:black 2px solid;text-align:left;padding-bottom:2px;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;
&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" width="36%" style="text-align:justify;padding-bottom:2px;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:justify;padding-bottom:2px;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="border-bottom:black 2px solid;text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="9%" style="border-bottom:black 2px solid;text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;1,187
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap" style="border-bottom:black 2px solid;text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="border-bottom:black 2px solid;text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="border-bottom:black 2px solid;text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="9%" style="border-bottom:black 2px solid;text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;1,141
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap" style="border-bottom:black 2px solid;text-align:left;padding-bottom:2px;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;
&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" width="36%" style="text-align:justify;padding-bottom:4px;" &gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;Income tax provision:
&lt;/font&gt;
&lt;/div&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:justify;padding-bottom:4px;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="border-bottom:black 4px double;text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;$
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="9%" style="border-bottom:black 4px double;text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;1,145
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap" style="border-bottom:black 4px double;text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="border-bottom:black 4px double;text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="border-bottom:black 4px double;text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;$
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="9%" style="border-bottom:black 4px double;text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;1,266
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap" style="border-bottom:black 4px double;text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;&lt;br /&gt;
&lt;/div&gt;
&lt;/div&gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/div&gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;Deferred income taxes are provided for temporary differences between the financial reporting basis and the tax basis of the Company&amp;#8217;s assets and liabilities. The tax effect of temporary differences giving rise to the Company&amp;#8217;s deferred tax asset and deferred tax liability are as follows:&lt;br&gt;&lt;/br&gt;
&lt;/font&gt;
&lt;/div&gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;
&lt;/div&gt;&lt;div style="text-align:justify;" &gt;&lt;div&gt;&lt;div&gt;&lt;table cellspacing="0" cellpadding="0" width="80%" style="text-align:justify;font-family:times new roman;font-size:10pt;" &gt;&lt;tr style="text-align:justify;" &gt;&lt;td valign="bottom" width="56%" style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:center;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="10%" colspan="2" style="text-align:center;" &gt;&lt;div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;July 31,
&lt;/font&gt;
&lt;/div&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:center;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="10%" colspan="2" style="text-align:center;" &gt;&lt;div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;April 30,
&lt;/font&gt;
&lt;/div&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new
 roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;
&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" width="56%" style="text-align:center;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:center;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="10%" colspan="2" style="text-align:center;" &gt;&lt;div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;2011
&lt;/font&gt;
&lt;/div&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:center;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="10%" colspan="2" style="text-align:center;" &gt;&lt;div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;2011
&lt;/font&gt;
&lt;/div&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;
&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" width="56%" style="text-align:center;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:center;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="22%" colspan="6" style="text-align:center;border-top:black 2px solid;" &gt;&lt;div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;(in thousands)
&lt;/font&gt;
&lt;/div&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;border-top:black 2px solid;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;
&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" width="56%" style="text-align:justify;" &gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;Short term deferred tax asset
&lt;/font&gt;
&lt;/div&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="10%" colspan="2" style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="10%" colspan="2" style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;
&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" width="56%" style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="10%" colspan="2" style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="10%" colspan="2" style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;
&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" width="56%" style="text-align:justify;" &gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;Federal tax benefit from net operating loss
&lt;/font&gt;
&lt;/div&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;$
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="9%" style="text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;1,220
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;$
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="9%" style="text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;2,226
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;
&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" width="56%" style="text-align:justify;" &gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;State and city tax benefit from net operating loss
&lt;/font&gt;
&lt;/div&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="9%" style="text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;87
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new
 roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="9%" style="text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;268
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;
&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" width="56%" style="text-align:justify;" &gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;Unrealized gains on securities held for sale
&lt;/font&gt;
&lt;/div&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="9%" style="text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;(34
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;)
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="9%" style="text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;(34
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;)
&lt;/font&gt;
&lt;/td&gt;
&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" width="56%" style="text-align:justify;" &gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;Depreciation and amortization
&lt;/font&gt;
&lt;/div&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="9%" style="text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;-
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="9%" style="text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;-
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;
&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" width="56%" style="text-align:justify;" &gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;Tax benefit on operating lease exit obligation
&lt;/font&gt;
&lt;/div&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="9%" style="text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;182
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="9%" style="text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;211
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;
&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" width="56%" style="text-align:justify;" &gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;Deferred professional fees
&lt;/font&gt;
&lt;/div&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="9%" style="text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;109
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="9%" style="text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;109
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;
&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" width="56%" style="text-align:justify;" &gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font
 style="display:inline;font-family:times new roman;font-size:10pt;" &gt;Deferred charges
&lt;/font&gt;
&lt;/div&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="9%" style="text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;192
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="9%" style="text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;192
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;
&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" width="56%" style="text-align:justify;padding-bottom:2px;" &gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;Other, net
&lt;/font&gt;
&lt;/div&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:justify;padding-bottom:2px;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="border-bottom:black 2px solid;text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="9%" style="border-bottom:black 2px solid;text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;50
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap" style="border-bottom:black 2px solid;text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="border-bottom:black 2px solid;text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="border-bottom:black 2px solid;text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="9%" style="border-bottom:black 2px solid;text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;50
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap" style="border-bottom:black 2px solid;text-align:left;padding-bottom:2px;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;
&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" width="56%" style="text-align:justify;padding-bottom:4px;" &gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;Deferred tax asset
&lt;/font&gt;
&lt;/div&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:justify;padding-bottom:4px;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="border-bottom:black 4px double;text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;$
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="9%" style="border-bottom:black 4px double;text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;1,806
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap" style="border-bottom:black 4px double;text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="border-bottom:black 4px double;text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="border-bottom:black 4px double;text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;$
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="9%" style="border-bottom:black 4px double;text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;3,022
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap" style="border-bottom:black 4px double;text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;
&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" width="56%" style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="9%" style="text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&lt;br /&gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="9%" style="text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;
&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" width="56%" style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="10%" colspan="2" style="text-align:center;" &gt;&lt;div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;July 31,
&lt;/font&gt;
&lt;/div&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap" style="text-align:center;" &gt;&lt;font style="display:inline;font-family:times new
 roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:center;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="10%" colspan="2" style="text-align:center;" &gt;&lt;div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;April 30,
&lt;/font&gt;
&lt;/div&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap" style="text-align:center;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;
&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" width="56%" style="text-align:center;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:center;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="10%" colspan="2" style="text-align:center;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;2011
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap" style="text-align:center;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:center;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="10%" colspan="2" style="text-align:center;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;2011
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap" style="text-align:center;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;
&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" width="56%" style="text-align:center;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:center;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="22%" colspan="6" style="text-align:center;border-top:black 2px solid;" &gt;&lt;div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;(in thousands)
&lt;/font&gt;
&lt;/div&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;border-top:black 2px solid;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;
&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" width="56%" style="text-align:justify;" &gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;Long term deferred tax liability
&lt;/font&gt;
&lt;/div&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="9%" style="text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="9%" style="text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;
&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" width="56%" style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="9%" style="text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="9%" style="text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;
&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" width="56%" style="text-align:justify;" &gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;Federal tax liability for deferred gain on EAM
&lt;/font&gt;
&lt;/div&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;$
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="9%" style="text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;17,679
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;$
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="9%" style="text-align:right;" &gt;&lt;font style="display:inline;font-family:times new
 roman;font-size:10pt;" &gt;17,679
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;
&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" width="56%" style="text-align:justify;" &gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;Federal tax benefit deferred non-cash compensation
&lt;/font&gt;
&lt;/div&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="9%" style="text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;(619
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;)
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="9%" style="text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;(619
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;)
&lt;/font&gt;
&lt;/td&gt;
&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" width="56%" style="text-align:justify;" &gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;Federal tax benefit on lease exit obligation
&lt;/font&gt;
&lt;/div&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="9%" style="text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;(108
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;)
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="9%" style="text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;(108
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;)
&lt;/font&gt;
&lt;/td&gt;
&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" width="56%" style="text-align:justify;" &gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;Federal tax benefit on depreciation and amortization
&lt;/font&gt;
&lt;/div&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="9%" style="text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;(390
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;)
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="9%" style="text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;(364
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;)
&lt;/font&gt;
&lt;/td&gt;
&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" width="56%" style="text-align:justify;" &gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;State and local tax liability for deferred gain on EAM
&lt;/font&gt;
&lt;/div&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="9%" style="text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;2,132
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="9%" style="text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;2,132
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;
&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" width="56%" style="text-align:justify;" &gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;State and local tax benefit deferred non-cash compensation
&lt;/font&gt;
&lt;/div&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times
 new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="9%" style="text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;(62
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;)
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="9%" style="text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;(62
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;)
&lt;/font&gt;
&lt;/td&gt;
&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" width="56%" style="text-align:justify;" &gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;State and local tax benefit on lease exit obligation
&lt;/font&gt;
&lt;/div&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="9%" style="text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;(25
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;)
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="9%" style="text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;(25
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;)
&lt;/font&gt;
&lt;/td&gt;
&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" width="56%" style="text-align:justify;" &gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;State and local tax benefit on depreciation and amortization
&lt;/font&gt;
&lt;/div&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="9%" style="text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;(45
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;)
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="9%" style="text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;(45
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;)
&lt;/font&gt;
&lt;/td&gt;
&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" width="56%" style="text-align:justify;padding-bottom:2px;" &gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;State and local tax benefit on deferred professional fees
&lt;/font&gt;
&lt;/div&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:justify;padding-bottom:2px;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="border-bottom:black 2px solid;text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="9%" style="border-bottom:black 2px solid;text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;(14
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap" style="border-bottom:black 2px solid;text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;)
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="border-bottom:black 2px solid;text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="border-bottom:black 2px solid;text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="9%" style="border-bottom:black 2px solid;text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;(14
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap" style="border-bottom:black 2px solid;text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;)
&lt;/font&gt;
&lt;/td&gt;
&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" width="56%" style="text-align:justify;padding-bottom:4px;" &gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;Deferred tax liability
&lt;/font&gt;
&lt;/div&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:justify;padding-bottom:4px;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="border-bottom:black 4px double;text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;$
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="9%" style="border-bottom:black 4px double;text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;18,548
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap" style="border-bottom:black 4px double;text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="border-bottom:black 4px
 double;text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="border-bottom:black 4px double;text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;$
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="9%" style="border-bottom:black 4px double;text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;18,574
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap" style="border-bottom:black 4px double;text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;&lt;br /&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/div&gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;The Company&amp;#8217;s net operating loss carryforward of approximately $6,361,000 is expected to be fully utilized during the fiscal year ending April 30, 2012. The tax effect of temporary differences giving rise to the Company&amp;#8217;s long-term deferred tax liability is primarily a result of the federal, state, and local taxes related to the $50,510,000 gain from deconsolidation of the Company&amp;#8217;s asset management and mutual fund distribution subsidiaries partially offset by the long-term tax benefit related to the non-cash post-employment compensation of $1,770,000 granted to VLI&amp;#8217;s former employee and the benefit related to the Company&amp;#8217;s exit lease obligation of $914,000 all recognized in fiscal 2011.
&lt;/font&gt;
&lt;/div&gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;
&lt;/div&gt;&lt;div style="text-indent:0pt;margin-left:0pt;margin-right:0pt;" &gt;&lt;div&gt;&lt;div style="width:100%;text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:8pt;" &gt;
&lt;/font&gt;
&lt;/div&gt;
&lt;/div&gt;&lt;div style="page-break-after:always;width:100%;" &gt;&lt;div style="text-align:center;width:100%;" &gt;
&lt;/div&gt;
&lt;/div&gt;&lt;div&gt;&lt;div style="width:100%;text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:8pt;" &gt;
&lt;/font&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;
&lt;/div&gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;
&lt;/div&gt;&lt;div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;
&lt;/div&gt;
&lt;/div&gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;
&lt;/div&gt;&lt;div style="text-align:left;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;At the end of each interim reporting period, the Company estimates the effective income tax rate to apply for the full year. The Company uses the effective income tax rate determined to provide for income taxes on a year-to-date basis and reflect the tax effect of any tax law changes and certain other discrete events in the period in which they occur.&lt;br&gt;&lt;/br&gt;
&lt;/font&gt;
&lt;/div&gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;font-weight:bold;" &gt;
&lt;/font&gt;
&lt;/div&gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;The annual effective tax rate during fiscal 2012 changes due to a number of factors including but not limited to an increase or decrease in the ratio of income or loss to pre-tax income for items that do not have tax consequences, the Company&amp;#8217;s geographic profit mix between tax jurisdictions, new tax laws, new interpretations of existing tax law and rulings by and settlements with tax authorities. &lt;br&gt;&lt;/br&gt;
&lt;/font&gt;
&lt;/div&gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;
&lt;/div&gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;The overall effective income tax rate, as a percentage of pre-tax income, during the three months ended July 31, 2011 and 2010, were 35.55% and 35.33%, respectively.&lt;br&gt;&lt;/br&gt;
&lt;/font&gt;
&lt;/div&gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/div&gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;The Company believes that, as at July 31, 2011, there were no material uncertain tax positions that would require disclosure under GAAP.&lt;br&gt;&lt;/br&gt;
&lt;/font&gt;
&lt;/div&gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;
&lt;/div&gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;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:
&lt;/font&gt;
&lt;/div&gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;
&lt;/div&gt;&lt;div style="text-align:justify;" &gt;&lt;div&gt;&lt;table cellspacing="0" cellpadding="0" width="100%" style="text-align:justify;font-family:times new roman;font-size:10pt;" &gt;&lt;tr style="text-align:justify;" &gt;&lt;td valign="bottom" style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" colspan="6" style="text-align:center;" &gt;&lt;div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;Three months ended July 31,
&lt;/font&gt;
&lt;/div&gt;
&lt;/td&gt;&lt;td valign="bottom" nowrap="nowrap" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;
&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="text-align:justify;padding-bottom:2px;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom"
 style="text-align:justify;padding-bottom:2px;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" colspan="2" style="border-bottom:black 2px solid;text-align:center;" &gt;&lt;div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;2011
&lt;/font&gt;
&lt;/div&gt;
&lt;/td&gt;&lt;td valign="bottom" nowrap="nowrap" style="border-bottom:black 2px solid;text-align:center;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" style="border-bottom:black 2px solid;text-align:center;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" colspan="2" style="border-bottom:black 2px solid;text-align:center;" &gt;&lt;div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;2010
&lt;/font&gt;
&lt;/div&gt;
&lt;/td&gt;&lt;td valign="bottom" nowrap="nowrap" style="border-bottom:black 2px solid;text-align:left;padding-bottom:2px;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;
&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" colspan="2" style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" nowrap="nowrap" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" colspan="2" style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" nowrap="nowrap" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;
&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" width="76%" style="text-align:justify;" &gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;U.S. statutory federal rate
&lt;/font&gt;
&lt;/div&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="9%" style="text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;35.00
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;%
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="9%" style="text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;35.00
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;%
&lt;/font&gt;
&lt;/td&gt;
&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" width="76%" style="text-align:justify;" &gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;Increase/(decrease) in tax rate from:
&lt;/font&gt;
&lt;/div&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="9%" style="text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="9%" style="text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;
&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" width="76%" style="text-align:justify;padding-left:0pt;margin-left:9pt;" &gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:9pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;State and local income taxes, net of federal income tax benefit
&lt;/font&gt;
&lt;/div&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="9%" style="text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;1.58
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;%
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="9%" style="text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;1.39
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;%
&lt;/font&gt;
&lt;/td&gt;
&lt;/tr&gt;&lt;tr&gt;&lt;td
 valign="bottom" width="76%" style="text-align:justify;padding-left:0pt;margin-left:9pt;" &gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:9pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;Effect of tax exempt income and dividend deductions
&lt;/font&gt;
&lt;/div&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="9%" style="text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;-0.09
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;%
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="9%" style="text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;0
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;%
&lt;/font&gt;
&lt;/td&gt;
&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" width="76%" style="text-align:justify;padding-left:0pt;margin-left:9pt;" &gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:9pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;Domestic production tax credit
&lt;/font&gt;
&lt;/div&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="9%" style="text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;-0.94
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;%
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="9%" style="text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;0
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;%
&lt;/font&gt;
&lt;/td&gt;
&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" width="76%" style="text-align:justify;padding-bottom:2px;padding-left:0pt;margin-left:9pt;" &gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:9pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;Other, net
&lt;/font&gt;
&lt;/div&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:justify;padding-bottom:2px;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="border-bottom:black 2px solid;text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="9%" style="border-bottom:black 2px solid;text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;0
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap" style="border-bottom:black 2px solid;text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;%
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="border-bottom:black 2px solid;text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="border-bottom:black 2px solid;text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="9%" style="border-bottom:black 2px solid;text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;-1.06
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap" style="border-bottom:black 2px solid;text-align:left;padding-bottom:2px;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;%
&lt;/font&gt;
&lt;/td&gt;
&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" width="76%" style="text-align:justify;padding-bottom:4px;" &gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;Effective income tax rate
&lt;/font&gt;
&lt;/div&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:justify;padding-bottom:4px;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="border-bottom:black 4px double;text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="9%" style="border-bottom:black 4px double;text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;35.55
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap" style="border-bottom:black 4px double;text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;%
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="border-bottom:black 4px double;text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="border-bottom:black 4px double;text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="9%" style="border-bottom:black 4px double;text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;35.33
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap" style="border-bottom:black 4px double;text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;%
&lt;/font&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;&lt;br /&gt;
&lt;/div&gt;
&lt;/div&gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/div&gt;&lt;div
 style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;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&amp;#8217;s liability/(benefit) as if it filed a separate return. &lt;br&gt;&lt;/br&gt;
&lt;/font&gt;
&lt;/div&gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/div&gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;The Company&amp;#8217;s federal income tax returns (included in the Parent&amp;#8217;s consolidated returns) and state and city tax returns for fiscal years ended April 30, 2008, 2009, and 2010 are subject to examination by the tax authorities, generally for three years after they were filed. The IRS and New York State tax authorities have recently concluded an examination for the years ended through April 30, 2008, which resulted in no changes that had any adverse effect on the Company&amp;#8217;s financial statements. More recently, the IRS commenced an audit of the fiscal year 2010.
&lt;/font&gt;
&lt;/div&gt;
&lt;/div&gt;</us-gaap:IncomeTaxDisclosureTextBlock>
  <us-gaap:SegmentReportingDisclosureTextBlock contextRef="Context_3ME_31-Jul-2011">&lt;div&gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;font-weight:bold;" &gt;Note 9-Business Segments:
&lt;/font&gt;
&lt;/div&gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&amp;#160;
&lt;/div&gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;Prior to December 23, 2010, the Company operated two reportable business segments: (1) Investment Periodicals, Publishing &amp;amp; Copyright Data and (2) Investment Management. The Investment Periodicals, Publishing &amp;amp; Copyright Data segment produces investment related periodical publications (retail and institutional) in both print and electronic form, and includes copyright data fees for Value Line proprietary ranking system information and other proprietary information. Prior to December 23, 2010, the Investment Management segment provided advisory services to the Value Line Funds, as well as institutional and individual accounts. The segments are differentiated by the products and services they offer. The accounting policies of the segments are the same as those described in the summary of significant accounting policies.
&lt;/font&gt;
&lt;/div&gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&amp;#160;
&lt;/div&gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;As more fully described in Note 1 - Organization and Summary of Significant Accounting Policies, the Company deconsolidated its investment management business on December 23, 2010 and therefore no longer reports the investment management operation as a separate business unit. Although VLI will continue to receive significant cash flows from these operations through its non-controlling investment in EAM, it no longer considers this to be a reportable business segment due to its lack of control over the operating and financial policies of EAM. Accordingly, the investment management segment reflects activity only through the date of the Restructuring Transaction.
&lt;/font&gt;
&lt;/div&gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:225pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;font-weight:bold;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/div&gt;&lt;div style="text-indent:0pt;margin-left:0pt;margin-right:0pt;" &gt;&lt;div&gt;&lt;div style="width:100%;text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:8pt;" &gt;
&lt;/font&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:225pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;font-weight:bold;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/div&gt;&lt;div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;
&lt;/div&gt;&lt;div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;
&lt;/div&gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&amp;#160;
&lt;/div&gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;Disclosure of Reportable Segment information for the quarter ended July 31, 2010 is as follows:
&lt;/font&gt;
&lt;/div&gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:63pt;margin-right:0pt;" &gt;&amp;#160;
&lt;/div&gt;&lt;div style="text-align:justify;margin-left:63pt;" &gt;&lt;table cellspacing="0" cellpadding="0" width="70%"  style="text-align:justify;font-family:times new roman;font-size:10pt;" &gt;&lt;tr&gt;&lt;td valign="bottom" width="34%"  style="text-align:center;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%"  style="text-align:center;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="10%" colspan="2"  style="text-align:center;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap"  style="text-align:center;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%"  style="text-align:center;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="10%" colspan="2"  style="text-align:center;" &gt;&lt;div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;(in thousands)
&lt;/font&gt;
&lt;/div&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap"  style="text-align:center;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%"  style="text-align:center;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="10%" colspan="2"  style="text-align:center;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap"  style="text-align:center;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;
&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" width="34%"  style="text-align:center;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%"  style="text-align:center;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="10%" colspan="2"  style="text-align:center;" &gt;&lt;div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;Investment
&lt;/font&gt;
&lt;/div&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap"  style="text-align:center;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%"  style="text-align:center;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="10%" colspan="2"  style="text-align:center;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap"  style="text-align:center;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%"  style="text-align:center;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="10%" colspan="2"  style="text-align:center;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap"  style="text-align:center;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;
&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" width="34%"  style="text-align:center;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%"  style="text-align:center;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="10%" colspan="2"  style="text-align:center;" &gt;&lt;div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;Periodicals,
&lt;/font&gt;
&lt;/div&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap"  style="text-align:center;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%"  style="text-align:center;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="10%" colspan="2"  style="text-align:center;" &gt;&lt;div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/div&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap"  style="text-align:center;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%"  style="text-align:center;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="10%" colspan="2"  style="text-align:center;" &gt;&lt;div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/div&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap"  style="text-align:center;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;
&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" width="34%"  style="text-align:center;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%"  style="text-align:center;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="10%" colspan="2"  style="text-align:center;" &gt;&lt;div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;Publishing &amp;amp;
&lt;/font&gt;
&lt;/div&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap"  style="text-align:center;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%"  style="text-align:center;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="10%" colspan="2"  style="text-align:center;" &gt;&lt;div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;Investment
&lt;/font&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap"  style="text-align:center;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%"  style="text-align:center;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="10%" colspan="2"  style="text-align:center;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap"  style="text-align:center;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;
&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" width="34%"  style="text-align:center;padding-bottom:2px;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%"  style="text-align:center;padding-bottom:2px;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="10%" colspan="2"  style="border-bottom:black 2px solid;text-align:center;" &gt;&lt;div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;Copyright Data
&lt;/font&gt;
&lt;/div&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap"  style="border-bottom:black 2px solid;text-align:center;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%"  style="border-bottom:black 2px solid;text-align:center;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="10%" colspan="2"  style="border-bottom:black 2px solid;text-align:center;" &gt;&lt;div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;Management
&lt;/font&gt;
&lt;/font&gt;
&lt;/div&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap"  style="border-bottom:black 2px solid;text-align:center;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%"  style="border-bottom:black 2px solid;text-align:center;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="10%" colspan="2"  style="border-bottom:black 2px solid;text-align:justify;" &gt;&lt;div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;Total
&lt;/font&gt;
&lt;/font&gt;
&lt;/div&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap"  style="border-bottom:black 2px solid;text-align:left;padding-bottom:2px;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;
&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" width="34%"  style="text-align:justify;" &gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;Revenues from external customers
&lt;/font&gt;
&lt;/div&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%"  style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%"  style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;$
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="9%"  style="text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;9,394
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap"  style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%"  style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%"  style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;$
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="9%"  style="text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;4,215
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap"  style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%"  style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%"  style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;$
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="9%"  style="text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;13,609
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap"  style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;
&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" width="34%"  style="text-align:justify;" &gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;Intersegment revenues
&lt;/font&gt;
&lt;/div&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%"  style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%"  style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="9%"  style="text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;2
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap"  style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%"  style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%"  style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="9%"  style="text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;-
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap"  style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%"  style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%"  style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="9%"  style="text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;2
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap"  style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;
&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" width="34%"  style="text-align:justify;" &gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;Income/(loss) from securities transactions
&lt;/font&gt;
&lt;/div&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%"  style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%"  style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="9%"  style="text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;-
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap"  style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%"  style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%"  style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="9%"  style="text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;3
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap"  style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%"  style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%"  style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="9%"  style="text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;3
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap"  style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;
&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" width="34%"  style="text-align:justify;" &gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;Depreciation and amortization
&lt;/font&gt;
&lt;/div&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%"  style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="9%"  style="text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;146
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap"  style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%"  style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%"  style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="9%"  style="text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;6
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap"  style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%"  style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%"  style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="9%"  style="text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;152
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap"  style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;
&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" width="34%"  style="text-align:justify;" &gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;Segment profit/(loss) from operations*
&lt;/font&gt;
&lt;/div&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%"  style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%"  style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="9%"  style="text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;3,238
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap"  style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%"  style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%"  style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="9%"  style="text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;308
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap"  style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%"  style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%"  style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="9%"  style="text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;3,546
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap"  style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;
&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" width="34%"  style="text-align:justify;" &gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;Segment assets
&lt;/font&gt;
&lt;/div&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%"  style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%"  style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="9%"  style="text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;13,969
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap"  style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%"  style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%"  style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="9%"  style="text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;7,430
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap"  style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%"  style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%"  style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="9%"  style="text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;21,399
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap"  style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;
&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" width="34%"  style="text-align:justify;" &gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;Expenditures for segment assets
&lt;/font&gt;
&lt;/div&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%"  style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%"  style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="9%"  style="text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;63
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap"  style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%"  style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%"  style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="9%"  style="text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;-
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap"  style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%"  style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%"  style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="9%"  style="text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;63
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap"  style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;/div&gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/div&gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;A reconciliation of reportable segment revenues, operating profit and assets for the quarter ended July 31, 2010 is as follows:
&lt;/font&gt;
&lt;/div&gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&amp;#160;
&lt;/div&gt;&lt;div style="text-align:justify;" &gt;&lt;table cellspacing="0" cellpadding="0" width="70%"  style="text-align:justify;font-family:times new roman;font-size:10pt;" &gt;&lt;tr style="text-align:justify;" &gt;&lt;td valign="bottom" width="58%"  style="text-align:justify;" &gt;&lt;div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;(in thousands)
&lt;/font&gt;
&lt;/font&gt;
&lt;/div&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%"  style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="10%" colspan="2"  style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap"  style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;
&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" width="58%"  style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%"  style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="10%" colspan="2"  style="border-bottom:black 2px solid;text-align:right;" &gt;&lt;div style="text-align:right;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;2010
&lt;/font&gt;
&lt;/div&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap"  style="border-bottom:black 2px solid;text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;
&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" width="58%"  style="text-align:justify;" &gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;font-weight:bold;" &gt;Revenues
&lt;/font&gt;
&lt;/div&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%"  style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="10%" colspan="2"  style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap"  style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;
&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" width="58%"  style="text-align:justify;" &gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;Total revenues for reportable segments
&lt;/font&gt;
&lt;/div&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%"  style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%"  style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;$
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="9%"  style="text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;13,611
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap"  style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;
&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" width="58%"  style="text-align:justify;padding-bottom:2px;" &gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;Elimination of intersegment revenues
&lt;/font&gt;
&lt;/div&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%"  style="text-align:justify;padding-bottom:2px;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%"  style="border-bottom:black 2px solid;text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="9%"  style="border-bottom:black 2px solid;text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;(2
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap"  style="border-bottom:black 2px solid;text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;)
&lt;/font&gt;
&lt;/td&gt;
&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" width="58%"  style="text-align:justify;padding-bottom:4px;padding-left:0pt;margin-left:9pt;" &gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:9pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;Total consolidated revenues
&lt;/font&gt;
&lt;/div&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:justify;padding-bottom:4px;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%"  style="border-bottom:black 4px double;text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;$
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="9%"  style="border-bottom:black 4px double;text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;13,609
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap"  style="border-bottom:black 4px double;text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;
&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" width="58%"  style="text-align:justify;" &gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;font-weight:bold;" &gt;Profit/(loss) before income taxes *
&lt;/font&gt;
&lt;/div&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%"  style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%"  style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="9%"  style="text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap"  style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;
&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" width="58%"  style="text-align:justify;" &gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;Total profit/(loss) for reportable segments
&lt;/font&gt;
&lt;/div&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%"  style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%"  style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;$
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="9%"  style="text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;3,549
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap"  style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;
&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" width="58%"  style="text-align:justify;padding-bottom:2px;" &gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;Add: Income from securities transactions related to corporate assets
&lt;/font&gt;
&lt;/div&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%"  style="text-align:justify;padding-bottom:2px;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%"  style="border-bottom:black 2px solid;text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="9%"  style="border-bottom:black 2px solid;text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;34
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap"  style="border-bottom:black 2px solid;text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;
&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" width="58%"  style="text-align:justify;padding-bottom:4px;padding-left:0pt;margin-left:9pt;" &gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:9pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;Profit/(loss) before income taxes
&lt;/font&gt;
&lt;/div&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%"  style="text-align:justify;padding-bottom:4px;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%"  style="border-bottom:black 4px double;text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;$
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="9%"  style="border-bottom:black 4px double;text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;3,583
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap"  style="border-bottom:black 4px double;text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;
&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" width="58%"  style="text-align:justify;" &gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;font-weight:bold;" &gt;Assets
&lt;/font&gt;
&lt;/div&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%"  style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%"  style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="9%"  style="text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap"  style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;
&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" width="58%"  style="text-align:justify;" &gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;Total assets for reportable segments
&lt;/font&gt;
&lt;/div&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%"  style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%"  style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;$
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="9%"  style="text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;21,399
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap"  style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;
&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" width="58%"  style="text-align:justify;padding-bottom:2px;" &gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;Corporate assets
&lt;/font&gt;
&lt;/div&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:justify;padding-bottom:2px;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%"  style="border-bottom:black 2px solid;text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="9%"  style="border-bottom:black 2px solid;text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;38,349
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap"  style="border-bottom:black 2px solid;text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;
&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" width="58%"  style="text-align:justify;padding-bottom:4px;padding-left:0pt;margin-left:9pt;" &gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:9pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;Consolidated total assets
&lt;/font&gt;
&lt;/div&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%"  style="text-align:justify;padding-bottom:4px;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%"  style="border-bottom:black 4px double;text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;$
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="9%"  style="border-bottom:black 4px double;text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;59,748
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap"  style="border-bottom:black 4px double;text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;&amp;#160;
&lt;/font&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;

</us-gaap:SegmentReportingDisclosureTextBlock>
  <us-gaap:TreasuryStockTextBlock contextRef="Context_3ME_31-Jul-2011">&lt;div&gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;font-weight:bold;" &gt;Note 10 - Treasury Stock and Repurchase Program:&lt;br&gt;&lt;/br&gt;
&lt;/font&gt;
&lt;/div&gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;
&lt;/div&gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;On January 20, 2011, the Company&amp;#8217;s Board of Directors approved the repurchase of shares of the Company&amp;#8217;s common stock, at such times and prices as management determined to be advisable up to an aggregate purchase price of $3,200,000. During fiscal 2011, the Company repurchased an aggregate of 6,719 shares of the Company&amp;#8217;s common stock for $89,812, at an average price of $13.37 per share. During the three months ended July 31, 2011, the Company repurchased 11,700 shares of the Company&amp;#8217;s common stock for $158,353, at an average price of $13.53 per share. Under the January 20, 2011 authorization, $2,951,835 remains available for additional share repurchases. The repurchase authorization extends through January 15, 2012, unless further extended or earlier terminated by the Board of Directors.&lt;br&gt;&lt;/br&gt;
&lt;/font&gt;
&lt;/div&gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;
&lt;/div&gt;&lt;div style="text-align:justify;" &gt;&lt;table cellspacing="0" cellpadding="0" width="100%" style="text-align:justify;font-family:times new roman;font-size:10pt;" &gt;&lt;tr style="text-align:justify;" &gt;&lt;td valign="bottom" style="text-align:justify;" &gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;Treasury stock, at cost, consists of the following:
&lt;/font&gt;
&lt;/div&gt;
&lt;/td&gt;&lt;td valign="bottom" style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" colspan="2" style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" nowrap="nowrap" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" colspan="2" style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" nowrap="nowrap" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" colspan="2" style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" nowrap="nowrap" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;
&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="text-align:justify;" &gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;(in thousands except for
&lt;/font&gt;
&lt;/div&gt;
&lt;/td&gt;&lt;td valign="bottom" style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" colspan="2" style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" nowrap="nowrap" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" colspan="2" style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" nowrap="nowrap" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" colspan="2" style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" nowrap="nowrap" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;
&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="text-align:justify;" &gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;shares and cost per
&lt;/font&gt;
&lt;/div&gt;
&lt;/td&gt;&lt;td valign="bottom" style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" colspan="2" style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" nowrap="nowrap" style="text-align:center;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" colspan="3" style="text-align:center;" &gt;&lt;div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;Total Average
&lt;/font&gt;
&lt;/div&gt;
&lt;/td&gt;&lt;td valign="bottom" nowrap="nowrap" style="text-align:center;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" colspan="3" style="text-align:center;" &gt;&lt;div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;Average Cost
&lt;/font&gt;
&lt;/div&gt;
&lt;/td&gt;&lt;td valign="bottom" nowrap="nowrap" style="text-align:center;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;
&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="text-align:left;padding-bottom:2px;" &gt;&lt;div style="text-align:left;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;share)
&lt;/font&gt;
&lt;/div&gt;
&lt;/td&gt;&lt;td valign="bottom" style="text-align:center;padding-bottom:2px;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" colspan="2" style="border-bottom:black
 2px solid;text-align:center;" &gt;&lt;div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;Shares
&lt;/font&gt;
&lt;/div&gt;
&lt;/td&gt;&lt;td valign="bottom" nowrap="nowrap" style="border-bottom:black 2px solid;text-align:center;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" colspan="3" style="border-bottom:black 2px solid;text-align:center;" &gt;&lt;div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;Cost Assigned
&lt;/font&gt;
&lt;/div&gt;
&lt;/td&gt;&lt;td valign="bottom" nowrap="nowrap" style="border-bottom:black 2px solid;text-align:center;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" style="border-bottom:black 2px solid;text-align:center;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" colspan="2" style="border-bottom:black 2px solid;text-align:center;" &gt;&lt;div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;per Share
&lt;/font&gt;
&lt;/div&gt;
&lt;/td&gt;&lt;td valign="bottom" nowrap="nowrap" style="border-bottom:black 2px solid;text-align:left;padding-bottom:2px;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;
&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="text-align:justify;" &gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;Balance April 30, 2011
&lt;/font&gt;
&lt;/div&gt;
&lt;/td&gt;&lt;td valign="bottom" style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" style="text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;25,119
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" nowrap="nowrap" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;$
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" style="text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;444
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" nowrap="nowrap" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" colspan="2" style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" nowrap="nowrap" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;
&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" width="64%" style="text-align:justify;padding-bottom:2px;" &gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;Purchases effected in open market
&lt;/font&gt;
&lt;/div&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:justify;padding-bottom:2px;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="border-bottom:black 2px solid;text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="9%" style="border-bottom:black 2px solid;text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;11,700
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap" style="border-bottom:black 2px solid;text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="border-bottom:black 2px solid;text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="border-bottom:black 2px solid;text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="9%" style="border-bottom:black 2px solid;text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;158
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap" style="border-bottom:black 2px solid;text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="border-bottom:black 2px solid;text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="border-bottom:black 2px solid;text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;$
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="9%" style="border-bottom:black 2px solid;text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;13.53
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap" style="border-bottom:black 2px solid;text-align:left;padding-bottom:2px;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;
&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" width="64%" style="text-align:justify;" &gt;&lt;div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;Balance July 31, 2011
&lt;/font&gt;
&lt;/div&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="9%" style="text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;36,819
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new
 roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;$
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="9%" style="text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;602
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="9%" style="text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;&lt;td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;
&lt;/font&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;/div&gt;&lt;div style="text-align:justify;" &gt;
&lt;/div&gt;
&lt;/div&gt;</us-gaap:TreasuryStockTextBlock>
  <us-gaap:LegalMattersAndContingenciesTextBlock contextRef="Context_3ME_31-Jul-2011">&lt;div&gt;&lt;div style="text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;font-weight:bold;" &gt;Note 11-Legal Proceedings and Restructuring:&lt;br&gt;&lt;/br&gt;
&lt;/font&gt;
&lt;/div&gt;&lt;div style="text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;text-align:justify;" &gt;
&lt;/div&gt;&lt;div style="text-indent:36pt;display:block;margin-left:0pt;margin-right:0pt;text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;As more fully disclosed under the caption Legal Proceedings and Restructuring under Part I, item 3 in the Company&amp;#8217;s Form 10-K filed with the SEC on July 29, 2011, the Company concluded a negotiated settlement with the SEC as a result of an investigation into former brokerage practices (the &amp;#8220;Settlement&amp;#8221;). Value Line had voluntarily suspended the brokerage activity in 2004, five years prior to the Settlement, so the Settlement will not result in any change in such revenue compared to more recent fiscal years. As further described below, the Settlement also resulted in the investment adviser business (including the distributor) being transferred to EAM. Value Line continues to have both a non-voting revenues interest and a non-voting profits interest in EAM. As a result of the Restructuring Transaction, Value Line ceased to &amp;#8220;control&amp;#8221; (as that term is defined in the 1940 Act) the Adviser or the Distributor. Under the terms of the Settlement with the SEC, two individuals who participated in the Settlement were barred from association with any broker, dealer, or investment adviser and were prohibited from serving or acting in various capacities, including as an &amp;#8220;affiliated person&amp;#8221; (as that term is defined in the 1940 Act) of the Funds, the Adviser or the Distributor subject to a limited exception until December 24, 2010. The required &amp;#8220;disassociation&amp;#8221; was accomplished on December 23, 2010 upon the closing of the Restructuring Transaction whereby EAM, a Delaware business trust, succeeded to the regulated businesses and the Company transferred 100% of the voting control over the regulated investment adviser and broker-dealer subsidiaries formerly conducted by the Company to five individual voting profits interest holders of EAM, none of whom is under the control of the Company or its direct or indirect majority shareholder.&lt;br&gt;&lt;/br&gt;
&lt;/font&gt;
&lt;/div&gt;&lt;div style="text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;text-align:justify;" &gt;
&lt;/div&gt;&lt;div style="text-indent:36pt;display:block;margin-left:0pt;margin-right:0pt;text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;In connection with the Settlement, the Company without admitting or denying the SEC charges, paid $43,706,000 to the SEC in November 2009. Subsequent to the Settlement and pursuant to Section 308(a) of the Sarbanes-Oxley Act of 2002, the Company&amp;#8217;s disgorgement, interest and penalty payments were placed into a Fair Fund created by the SEC. The Fair Fund will be used to reimburse shareholders who owned shares in the affected Value Line Funds in the period covered by the Settlement. The Company is required to bear all costs associated with the Fair Fund distribution, including compensating a third party consultant appointed by the SEC to administer the Fair Fund distribution. During fiscal 2011, the SEC appointed A.B. Data, Ltd. as the Administrator of the Fair Fund. A.B. Data, Ltd. has no affiliation with the Company. In connection with its ongoing administration of the Fair Fund, A.B. Data, Ltd and the Company estimated that the costs of administration for settlement of the Fair Fund and other costs associated with the Settlement and the Restructuring Transaction would be approximately $2,633,000 of which the unpaid amount of $1,384,000 and $1,464,000 are reflected as a liability in the consolidated condensed balance sheets as of and July 31, 2011 and April 30, 2011, respectively.&lt;br&gt;&lt;/br&gt;
&lt;/font&gt;
&lt;/div&gt;&lt;div style="text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;text-align:justify;" &gt;
&lt;/div&gt;&lt;div style="text-indent:36pt;display:block;margin-left:0pt;margin-right:0pt;text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;In connection with the Restructuring Transaction, in accordance with the requirements of the 1940 Act, at the time of the Restructuring Transaction, each Fund&amp;#8217;s prior investment advisory agreement terminated and EAM entered into a new investment advisory agreement with each Fund. The services provided by EAM under each new agreement and the rates at which fees are paid by each Fund under its new agreement are the same as under that Fund&amp;#8217;s prior investment advisory agreement. In addition, the other terms of each Fund&amp;#8217;s new investment advisory agreement are the same as that Fund&amp;#8217;s prior investment advisory agreement, except for the date of execution, the two-year initial term, immaterial updating changes and immaterial changes in form.
&lt;/font&gt;
&lt;/div&gt;&lt;div style="text-indent:0pt;display:block;" &gt;&lt;br /&gt;
&lt;/div&gt;&lt;div style="text-indent:36pt;display:block;margin-left:0pt;margin-right:0pt;text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;Each Fund had a distribution agreement with ESI (the &amp;#8220;Distributor&amp;#8221;), a wholly-owned subsidiary of EAM LLC, pursuant to which the Distributor acted as principal underwriter and distributor of the Funds. As part of the Restructuring Transaction ESI was restructured as a Delaware limited liability company and changed its name to EULAV Securities LLC (which we sometimes refer to as &amp;#8220;ES&amp;#8221;). No other changes were made to the Distributor&amp;#8217;s organization, including its operations and personnel. For its services under the agreements, the Distributor is not entitled to receive any compensation, although it is entitled to receive fees under each Fund&amp;#8217;s Service and Distribution Plan.&lt;br&gt;&lt;/br&gt;
&lt;/font&gt;
&lt;/div&gt;&lt;div style="text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;text-align:justify;" &gt;
&lt;/div&gt;&lt;div style="text-indent:36pt;display:block;margin-left:0pt;margin-right:0pt;text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;As part of the Restructuring Transaction, EAM&amp;#8217;s capital structure was revised so that Value Line owns only a non-voting revenues interest and a non-voting profits interest in EAM and five individuals each own 20% of the voting profits interests of the Adviser (&amp;#8220;EAM&amp;#8221;). The holders of EAM&amp;#8217;s voting profits interests elect five individual trustees and a Delaware resident trustee of EAM. The trustees of EAM other than the Delaware trustee manage the combined company consisting of the Adviser and the Distributor much like a board of directors. EAM&amp;#8217;s holders of the voting profits
 interests elected themselves as the five initial individual trustees of the Adviser and the Corporation Trust Company as the Delaware resident trustee. The Trustees initially delegated the authority to manage the day-to-day business of the Adviser and the Distributor to the Adviser&amp;#8217;s senior executive, Mitchell E. Appel, who is one of the Trustees and is also a Director of the Funds.&lt;br&gt;&lt;/br&gt;
&lt;/font&gt;
&lt;/div&gt;&lt;div style="text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;text-align:justify;" &gt;
&lt;/div&gt;&lt;div style="text-indent:36pt;display:block;margin-left:0pt;margin-right:0pt;text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;Each of the five individuals holding voting profits interests in EAM was granted 20% of the voting power for the election of trustees and other matters submitted for approval by the holders of the profits interests of the Adviser in exchange for the agreement by such individual to act as an initial voting profits interest holder and, in the case of Mr. Appel, as the initial senior executive officer, of EAM in order to enable Value Line to complete the required disassociation from the Company&amp;#8217;s regulated entities. Collectively, the holders of the voting profits interests are entitled to receive 50% of the residual profits of the business, in which the share of Mr. Appel is 45% and the others each 1.25%, subject to temporary adjustments in certain circumstances. Value Line retains a non-voting profits interest representing 50% of residual profits, subject to temporary adjustments in certain circumstances and has no power to vote for the election, removal or replacement of the trustees of EAM. Value Line also has a non-voting revenues interest in EAM pursuant to which it is entitled to receive a portion of the non-distribution revenues of the business ranging from 41% at non-distribution fee revenue levels of $9 million or less to 55% at such revenue levels of $35 million or more. In the event the business is sold or liquidated, the first $56.1 million of net proceeds (the value of the business at the time the Restructuring Transaction was approved as determined by the directors of Value Line after reviewing a valuation report by the directors&amp;#8217; financial advisors) plus any additional capital contributions (Value Line or any holder of a voting profits interest, at its discretion, may make future contributions to its capital account in EAM), which contributions would increase its capital account but not its percentage interest in operating profits, will be distributed in accordance with capital accounts; 20% of the next $56.1 million will be distributed to the holders of the voting profits interests and 80% to the holders of the non-voting profits interests (initially Value Line); and the excess will be distributed 45% to the holders of the voting profits interests and 55% to the holders of the non-voting profits interests.
&lt;/font&gt;
&lt;/div&gt;&lt;div style="text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;text-align:justify;" &gt;
&lt;/div&gt;&lt;div style="text-indent:0pt;margin-left:0pt;margin-right:0pt;" &gt;&lt;div&gt;&lt;div style="width:100%;text-align:left;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:8pt;" &gt;
&lt;/font&gt;
&lt;/div&gt;
&lt;/div&gt;&lt;div style="page-break-after:always;width:100%;" &gt;&lt;div style="text-align:center;width:100%;" &gt;
&lt;/div&gt;
&lt;/div&gt;&lt;div&gt;&lt;div style="width:100%;text-align:right;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:8pt;" &gt;
&lt;/font&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;&lt;div style="text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;text-align:justify;" &gt;
&lt;/div&gt;&lt;div style="text-indent:36pt;display:block;margin-left:0pt;margin-right:0pt;text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;In connection with the Restructuring Transaction, Value Line (1) granted the Adviser, the Distributor and each Fund use of the name &amp;#8220;Value Line&amp;#8221; so long as the Adviser remains the Fund&amp;#8217;s adviser and on the condition that the Fund does not alter its investment objectives or fundamental policies as they exist on the date of the investment advisory agreement, provided also the Funds do not use leverage for investment purposes, short selling or other complex or unusual investment strategies that create a risk profile similar to that of so-called hedge funds, (2) agreed to provide the Adviser its ranking information without charge on as favorable a basis as to its best institutional customers and (3) agreed to capitalize the business with $7 million of cash and cash equivalents.&lt;br&gt;&lt;/br&gt;
&lt;/font&gt;
&lt;/div&gt;&lt;div style="text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;text-align:justify;" &gt;
&lt;/div&gt;&lt;div style="text-indent:36pt;display:block;margin-left:0pt;margin-right:0pt;text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;The EAM trust entity has no fixed term, but in the event that control of the Company&amp;#8217;s majority shareholder changes, or in the event that the majority shareholder no longer beneficially owns 5% or more of the voting securities of the Company, then the Company has the right, but not the obligation, to buy the voting profits interests in EAM at a fair market value to be determined by an independent valuation firm in accordance with the terms of the EAM Trust Agreement.&lt;br&gt;&lt;/br&gt;
&lt;/font&gt;
&lt;/div&gt;&lt;div style="text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;text-align:justify;" &gt;
&lt;/div&gt;&lt;div style="text-indent:36pt;display:block;margin-left:0pt;margin-right:0pt;text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;Value Line also has certain consent rights with respect to extraordinary events involving EAM, such as a proposed sale of all or a significant part of EAM, material acquisitions, entering into businesses other than asset management and fund distribution, paying compensation in excess of the mandated limit of 22.5%-30% of non-distribution fee revenues (depending on the level of such revenues), declaring voluntary bankruptcy, making material changes in tax or accounting policies or making substantial borrowings, and entering into related party transactions. These rights were established to protect Value Line&amp;#8217;s non-voting revenues and non-voting profits interests in EAM.&lt;br&gt;&lt;/br&gt;
&lt;/font&gt;
&lt;/div&gt;&lt;div style="text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;text-align:justify;" &gt;
&lt;/div&gt;&lt;div style="text-indent:36pt;display:block;margin-left:0pt;margin-right:0pt;text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;On a short-term transitional basis, EAM and the Distributor occupied a portion of the premises that the Company leases from a third party. The Company received rental payments from EAM and provided certain accounting and other administrative support services to EAM on a transitional
 basis. In accordance with the terms of the Restructuring Transaction, EAM vacated the Company&amp;#8217;s premises before June 1, 2011.&lt;br&gt;&lt;/br&gt;
&lt;/font&gt;
&lt;/div&gt;&lt;div style="text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;text-align:justify;" &gt;
&lt;/div&gt;&lt;div style="text-indent:36pt;display:block;margin-left:0pt;margin-right:0pt;text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;On September 3, 2008, the Company was served with a derivative shareholder&amp;#8217;s suit filed in New York County Supreme Court (the &amp;#8220;Court&amp;#8221;) naming certain current and former directors of the Company and alleging breach of fiduciary duty and related allegations, most of which arise from the SEC matter. The complaint sought return of remuneration by the directors and other remedies. A second derivative shareholder&amp;#8217;s suit was filed in New York County Supreme Court on or about November 9, 2009, naming certain current and former Value Line Directors and the Parent as defendants. This suit primarily restates the same or similar allegations and seeks similar remedies as were sought in the earlier derivative shareholder&amp;#8217;s suit served in September 2008. By order dated January 8, 2010, the Court granted plaintiffs&amp;#8217; motion to consolidate the two cases. The Company has advised its insurance carriers of these developments. It is not possible to estimate accurately an amount or range of loss on the Company&amp;#8217;s financial statements.&lt;br&gt;&lt;/br&gt;
&lt;/font&gt;
&lt;/div&gt;&lt;div style="text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;text-align:justify;" &gt;
&lt;/div&gt;&lt;div style="text-indent:36pt;display:block;margin-left:0pt;margin-right:0pt;text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;The present and former directors who are defendants in the consolidated cases filed in 2008 and 2009 are Howard A. Brecher, Edgar A. Buttner, Jean B. Buttner and David T. Henigson. The complaints do not specify a basis for calculating remuneration that the actions seek to have returned to the Company, nor do the original or amended complaints state a total of such remuneration.&lt;br&gt;&lt;/br&gt;
&lt;/font&gt;
&lt;/div&gt;&lt;div style="text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;text-align:justify;" &gt;
&lt;/div&gt;&lt;div style="text-indent:36pt;display:block;margin-left:0pt;margin-right:0pt;text-align:justify;" &gt;&lt;font style="display:inline;font-family:times new roman;font-size:10pt;" &gt;Following mediation under the auspices of the Court, on March 22, 2011, an agreement in principle was reached by the parties to settle the litigation. The settlement in principle is subject to the parties&amp;#8217; execution of a settlement agreement and Court approval. Provided the settlement agreement is consummated and approved, the settlement in principle calls for payment of settlement funds in an aggregate sum of $2.9 million for the benefit of the Company&amp;#8217;s minority shareholders (the Company&amp;#8217;s shareholders other than AB&amp;amp;Co., all other named defendants and members of their immediate families). That sum is inclusive of any and all costs and expenses of the plaintiffs in relation to the case, including but not limited to legal fees and other charges and court costs. Since the settlement in principle calls for payment of settlement funds by parties other than the Company, the settlement of these cases on the terms contemplated by the settlement in principle, if completed, will have no material effect on the financial condition, results of operations or cash flows of the Company.
&lt;/font&gt;
&lt;/div&gt;
&lt;/div&gt;</us-gaap:LegalMattersAndContingenciesTextBlock>
  <valu:RevenuesAndProfitsInterestInEamTrustOperatingActivities decimals="-3" contextRef="Context_3ME_31-Jul-2011" unitRef="USD">1572000</valu:RevenuesAndProfitsInterestInEamTrustOperatingActivities>
  <us-gaap:AvailableForSaleSecuritiesGrossRealizedGains decimals="-3" contextRef="Context_3ME_31-Jul-2011" unitRef="USD">-5000</us-gaap:AvailableForSaleSecuritiesGrossRealizedGains>
  <valu:IncreaseDecreaseInReserveForSettlement decimals="-3" contextRef="Context_3ME_31-Jul-2010" unitRef="USD">-229000</valu:IncreaseDecreaseInReserveForSettlement>
  <valu:IncreaseDecreaseInReserveForSettlement decimals="-3" contextRef="Context_3ME_31-Jul-2011" unitRef="USD">-80000</valu:IncreaseDecreaseInReserveForSettlement>
  <valu:IncreaseDecreaseInOperatingLeaseExitObligation decimals="-3" contextRef="Context_3ME_31-Jul-2011" unitRef="USD">-145000</valu:IncreaseDecreaseInOperatingLeaseExitObligation>
  <valu:IncreaseDecreaseInPrepaidAndRefundableIncomeTaxes decimals="-3" contextRef="Context_3ME_31-Jul-2010" unitRef="USD">-1598000</valu:IncreaseDecreaseInPrepaidAndRefundableIncomeTaxes>
  <valu:IncreaseDecreaseInPrepaidAndRefundableIncomeTaxes decimals="-3" contextRef="Context_3ME_31-Jul-2011" unitRef="USD">70000</valu:IncreaseDecreaseInPrepaidAndRefundableIncomeTaxes>
  <valu:RevenuesAndProfitsDistributionFromEamTrustInvestingActivities xsi:nil="true" contextRef="Context_3ME_31-Jul-2010" unitRef="USD"/>
  <valu:RevenuesAndProfitsDistributionFromEamTrustInvestingActivities decimals="-3" contextRef="Context_3ME_31-Jul-2011" unitRef="USD">1626000</valu:RevenuesAndProfitsDistributionFromEamTrustInvestingActivities>
  <us-gaap:AssetManagementFees decimals="-3" contextRef="Context_3ME_31-Jul-2010" unitRef="USD">4215000</us-gaap:AssetManagementFees>
  <valu:RevenuesAndProfitsDistributionFromEamTrust decimals="-3" contextRef="Context_3ME_31-Jul-2011" unitRef="USD">-1572000</valu:RevenuesAndProfitsDistributionFromEamTrust>
  <valu:WeightedAverageNumberOfCommonShares decimals="0" contextRef="Context_3ME_31-Jul-2010" unitRef="Shares">9981600</valu:WeightedAverageNumberOfCommonShares>
  <valu:WeightedAverageNumberOfCommonShares decimals="0" contextRef="Context_3ME_31-Jul-2011" unitRef="Shares">9965021</valu:WeightedAverageNumberOfCommonShares>
  <us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest decimals="-3" contextRef="Context_As_Of_30-Apr-2010_StatementEquityComponentsAxis_CommonStockMember" unitRef="USD">1000000</us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest>
  <us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest decimals="-3" contextRef="Context_As_Of_31-Jul-2010_StatementEquityComponentsAxis_CommonStockMember" unitRef="USD">1000000</us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest>
  <us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest decimals="-3" contextRef="Context_As_Of_30-Apr-2011_StatementEquityComponentsAxis_CommonStockMember" unitRef="USD">1000000</us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest>
  <us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest decimals="-3" contextRef="Context_As_Of_31-Jul-2011_StatementEquityComponentsAxis_CommonStockMember" unitRef="USD">1000000</us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest>
  <us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest decimals="-3" contextRef="Context_As_Of_30-Apr-2010_StatementEquityComponentsAxis_AdditionalPaidInCapitalMember" unitRef="USD">991000</us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest>
  <us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest decimals="-3" contextRef="Context_As_Of_31-Jul-2010_StatementEquityComponentsAxis_AdditionalPaidInCapitalMember" unitRef="USD">991000</us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest>
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<DOCUMENT>
<TYPE>EX-101.SCH
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        <link:definition>01 - Document - Document and Entity Information</link:definition>
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        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
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      <link:roleType roleURI="http://www.valueline.com/role/StatementOfFinancialPositionClassified" id="StatementOfFinancialPositionClassified">
        <link:definition>02 - Statement - Consolidated Condensed Balance Sheets</link:definition>
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        <link:usedOn>link:definitionLink</link:usedOn>
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      <link:roleType roleURI="http://www.valueline.com/role/ConsolidatedBalanceSheetsParentheicals" id="ConsolidatedBalanceSheetsParentheicals">
        <link:definition>03 - Statement - Consolidated Condensed Balance Sheets (Parentheicals)</link:definition>
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        <link:usedOn>link:definitionLink</link:usedOn>
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      <link:roleType roleURI="http://www.valueline.com/role/StatementOfIncomeAlternative" id="StatementOfIncomeAlternative">
        <link:definition>04 - Statement - Consolidated Condensed Statements of Income</link:definition>
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      <link:roleType roleURI="http://www.valueline.com/role/StatementOfCashFlowsIndirect" id="StatementOfCashFlowsIndirect">
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        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
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      <link:roleType roleURI="http://www.valueline.com/role/StatementOfShareholdersEquityAndOtherComprehensiveIncome" id="StatementOfShareholdersEquityAndOtherComprehensiveIncome">
        <link:definition>06 - Statement - Consolidated Condensed Statement of Changes in Shareholders' Equity</link:definition>
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        <link:usedOn>link:definitionLink</link:usedOn>
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        <link:usedOn>link:definitionLink</link:usedOn>
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        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
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        <link:usedOn>link:definitionLink</link:usedOn>
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        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
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        <link:usedOn>link:calculationLink</link:usedOn>
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      <link:roleType roleURI="http://www.valueline.com/role/LegalProceedingsAndRestructuring" id="LegalProceedingsAndRestructuring">
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        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
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<DOCUMENT>
<TYPE>EX-101.CAL
<SEQUENCE>10
<FILENAME>valu-20110731_cal.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION CALCULATION LINKBASE
<TEXT>
<XBRL>
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<DOCUMENT>
<TYPE>EX-101.DEF
<SEQUENCE>11
<FILENAME>valu-20110731_def.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION DEFINITION LINKBASE
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    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_TreasuryStockSharesAcquired" xlink:label="loc_us-gaap_TreasuryStockSharesAcquired_21"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_IncreaseDecreaseInStockholdersEquityRollForward_12" xlink:to="loc_us-gaap_TreasuryStockSharesAcquired_21" use="optional" order="40.0"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_DividendsCommonStock" xlink:label="loc_us-gaap_DividendsCommonStock_22"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_IncreaseDecreaseInStockholdersEquityRollForward_12" xlink:to="loc_us-gaap_DividendsCommonStock_22" use="optional" order="50.0"/>
  </definitionLink>
</linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.LAB
<SEQUENCE>12
<FILENAME>valu-20110731_lab.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION LABEL LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="UTF-8"?>
<linkbase xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd" xmlns="http://www.xbrl.org/2003/linkbase" xmlns:xlink="http://www.w3.org/1999/xlink">
  <roleRef roleURI="http://xbrl.us/us-gaap/role/label/negated" xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2008-03-31.xsd#negated"/>
  <roleRef roleURI="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedLabel"/>
  <roleRef roleURI="http://www.xbrl.org/2009/role/negatedPeriodEndLabel" xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedPeriodEndLabel"/>
  <roleRef roleURI="http://www.xbrl.org/2009/role/negatedPeriodStartLabel" xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedPeriodStartLabel"/>
  <roleRef roleURI="http://www.xbrl.org/2009/role/negatedTotalLabel" xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedTotalLabel"/>
  <roleRef roleURI="http://www.xbrl.org/2009/role/negatedNetLabel" xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedNetLabel"/>
  <roleRef roleURI="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedTerseLabel"/>
  <roleRef roleURI="http://www.xbrl.org/2009/role/netLabel" xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/net-2009-12-16.xsd#netLabel"/>
  <labelLink xlink:type="extended" xlink:role="http://www.xbrl.org/2003/role/link">
    <loc xlink:type="locator" xlink:href="valu-20110731.xsd#valu_DocumentAndEntityInformationAbstract" xlink:label="loc_valu_DocumentAndEntityInformationAbstract"/>
    <label xlink:type="resource" xlink:label="lab_valu_DocumentAndEntityInformationAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Document and Entity Information [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_valu_DocumentAndEntityInformationAbstract" xlink:to="lab_valu_DocumentAndEntityInformationAbstract"/>
    <label xlink:type="resource" xlink:label="lab_valu_DocumentAndEntityInformationAbstract" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US">Document and Entity Information [Abstract]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2011/dei-2011-01-31.xsd#dei_EntityRegistrantName" xlink:label="loc_dei_EntityRegistrantName"/>
    <label xlink:type="resource" xlink:label="lab_dei_EntityRegistrantName" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Entity Registrant Name</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityRegistrantName" xlink:to="lab_dei_EntityRegistrantName"/>
    <label xlink:type="resource" xlink:label="lab_dei_EntityRegistrantName" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US">Entity Registrant Name</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2011/dei-2011-01-31.xsd#dei_EntityCentralIndexKey" xlink:label="loc_dei_EntityCentralIndexKey"/>
    <label xlink:type="resource" xlink:label="lab_dei_EntityCentralIndexKey" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Entity Central Index Key</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityCentralIndexKey" xlink:to="lab_dei_EntityCentralIndexKey"/>
    <label xlink:type="resource" xlink:label="lab_dei_EntityCentralIndexKey" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US">Entity Central Index Key</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2011/dei-2011-01-31.xsd#dei_TradingSymbol" xlink:label="loc_dei_TradingSymbol"/>
    <label xlink:type="resource" xlink:label="lab_dei_TradingSymbol" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Trading Symbol</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_TradingSymbol" xlink:to="lab_dei_TradingSymbol"/>
    <label xlink:type="resource" xlink:label="lab_dei_TradingSymbol" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US">Trading Symbol</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2011/dei-2011-01-31.xsd#dei_EntityCurrentReportingStatus" xlink:label="loc_dei_EntityCurrentReportingStatus"/>
    <label xlink:type="resource" xlink:label="lab_dei_EntityCurrentReportingStatus" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Entity Current Reporting Status</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityCurrentReportingStatus" xlink:to="lab_dei_EntityCurrentReportingStatus"/>
    <label xlink:type="resource" xlink:label="lab_dei_EntityCurrentReportingStatus" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US">Entity Current Reporting Status</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2011/dei-2011-01-31.xsd#dei_EntityVoluntaryFilers" xlink:label="loc_dei_EntityVoluntaryFilers"/>
    <label xlink:type="resource" xlink:label="lab_dei_EntityVoluntaryFilers" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Entity Voluntary Filers</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityVoluntaryFilers" xlink:to="lab_dei_EntityVoluntaryFilers"/>
    <label xlink:type="resource" xlink:label="lab_dei_EntityVoluntaryFilers" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US">Entity Voluntary Filers</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2011/dei-2011-01-31.xsd#dei_CurrentFiscalYearEndDate" xlink:label="loc_dei_CurrentFiscalYearEndDate"/>
    <label xlink:type="resource" xlink:label="lab_dei_CurrentFiscalYearEndDate" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Current Fiscal Year End Date</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_CurrentFiscalYearEndDate" xlink:to="lab_dei_CurrentFiscalYearEndDate"/>
    <label xlink:type="resource" xlink:label="lab_dei_CurrentFiscalYearEndDate" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US">Current Fiscal Year End Date</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2011/dei-2011-01-31.xsd#dei_EntityFilerCategory" xlink:label="loc_dei_EntityFilerCategory"/>
    <label xlink:type="resource" xlink:label="lab_dei_EntityFilerCategory" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Entity Filer Category</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityFilerCategory" xlink:to="lab_dei_EntityFilerCategory"/>
    <label xlink:type="resource" xlink:label="lab_dei_EntityFilerCategory" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US">Entity Filer Category</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2011/dei-2011-01-31.xsd#dei_EntityCommonStockSharesOutstanding" xlink:label="loc_dei_EntityCommonStockSharesOutstanding"/>
    <label xlink:type="resource" xlink:label="lab_dei_EntityCommonStockSharesOutstanding" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Entity Common Stock, Shares Outstanding</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityCommonStockSharesOutstanding" xlink:to="lab_dei_EntityCommonStockSharesOutstanding"/>
    <label xlink:type="resource" xlink:label="lab_dei_EntityCommonStockSharesOutstanding" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US">Entity Common Stock, Shares Outstanding</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2011/dei-2011-01-31.xsd#dei_DocumentType" xlink:label="loc_dei_DocumentType"/>
    <label xlink:type="resource" xlink:label="lab_dei_DocumentType" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Document Type</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_DocumentType" xlink:to="lab_dei_DocumentType"/>
    <label xlink:type="resource" xlink:label="lab_dei_DocumentType" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US">Document Type</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2011/dei-2011-01-31.xsd#dei_DocumentPeriodEndDate" xlink:label="loc_dei_DocumentPeriodEndDate"/>
    <label xlink:type="resource" xlink:label="lab_dei_DocumentPeriodEndDate" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Document Period End Date</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_DocumentPeriodEndDate" xlink:to="lab_dei_DocumentPeriodEndDate"/>
    <label xlink:type="resource" xlink:label="lab_dei_DocumentPeriodEndDate" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US">Document Period End Date</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2011/dei-2011-01-31.xsd#dei_AmendmentFlag" xlink:label="loc_dei_AmendmentFlag"/>
    <label xlink:type="resource" xlink:label="lab_dei_AmendmentFlag" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Amendment Flag</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_AmendmentFlag" xlink:to="lab_dei_AmendmentFlag"/>
    <label xlink:type="resource" xlink:label="lab_dei_AmendmentFlag" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US">Amendment Flag</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2011/dei-2011-01-31.xsd#dei_DocumentFiscalYearFocus" xlink:label="loc_dei_DocumentFiscalYearFocus"/>
    <label xlink:type="resource" xlink:label="lab_dei_DocumentFiscalYearFocus" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Document Fiscal Year Focus</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_DocumentFiscalYearFocus" xlink:to="lab_dei_DocumentFiscalYearFocus"/>
    <label xlink:type="resource" xlink:label="lab_dei_DocumentFiscalYearFocus" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US">Document Fiscal Year Focus</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2011/dei-2011-01-31.xsd#dei_DocumentFiscalPeriodFocus" xlink:label="loc_dei_DocumentFiscalPeriodFocus"/>
    <label xlink:type="resource" xlink:label="lab_dei_DocumentFiscalPeriodFocus" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Document Fiscal Period Focus</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_DocumentFiscalPeriodFocus" xlink:to="lab_dei_DocumentFiscalPeriodFocus"/>
    <label xlink:type="resource" xlink:label="lab_dei_DocumentFiscalPeriodFocus" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US">Document Fiscal Period Focus</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StatementOfFinancialPositionAbstract" xlink:label="loc_us-gaap_StatementOfFinancialPositionAbstract"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_StatementOfFinancialPositionAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Statement Of Financial Position [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StatementOfFinancialPositionAbstract" xlink:to="lab_us-gaap_StatementOfFinancialPositionAbstract"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_StatementOfFinancialPositionAbstract" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US">Statement of Financial Position [Abstract]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StatementTable" xlink:label="loc_us-gaap_StatementTable"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_StatementTable" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Statement [Table]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StatementTable" xlink:to="lab_us-gaap_StatementTable"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_StatementTable" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US">Statement [Table]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StatementLineItems" xlink:label="loc_us-gaap_StatementLineItems"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_StatementLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Statement [Line Items]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StatementLineItems" xlink:to="lab_us-gaap_StatementLineItems"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_StatementLineItems" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US">Statement [Line Items]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AssetsAbstract" xlink:label="loc_us-gaap_AssetsAbstract"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_AssetsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Assets [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AssetsAbstract" xlink:to="lab_us-gaap_AssetsAbstract"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_AssetsAbstract" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US">Assets</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AssetsCurrentAbstract" xlink:label="loc_us-gaap_AssetsCurrentAbstract"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_AssetsCurrentAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Assets, Current [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AssetsCurrentAbstract" xlink:to="lab_us-gaap_AssetsCurrentAbstract"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_AssetsCurrentAbstract" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US">Current Assets:</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:label="loc_us-gaap_CashAndCashEquivalentsAtCarryingValue"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Cash and Cash Equivalents, At Carrying Value</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:to="lab_us-gaap_CashAndCashEquivalentsAtCarryingValue"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US">Cash and cash equivalents (including short term investments of $6,615 and $6,158, respectively)</label>
    <label xlink:type="resource" xlink:label="lab_us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xml:lang="en-US">Cash and cash equivalents (including short term investments of $6,615 and $6,158, respectively)</label>
    <label xlink:type="resource" xlink:label="lab_us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xml:lang="en-US">Cash and cash equivalents at beginning of year</label>
    <label xlink:type="resource" xlink:label="lab_us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xml:lang="en-US">Cash and cash equivalents at end of period</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AvailableForSaleSecuritiesCurrent" xlink:label="loc_us-gaap_AvailableForSaleSecuritiesCurrent"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_AvailableForSaleSecuritiesCurrent" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Available-For-Sale Securities, Current</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AvailableForSaleSecuritiesCurrent" xlink:to="lab_us-gaap_AvailableForSaleSecuritiesCurrent"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_AvailableForSaleSecuritiesCurrent" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US">Securities available-for-sale</label>
    <label xlink:type="resource" xlink:label="lab_us-gaap_AvailableForSaleSecuritiesCurrent" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xml:lang="en-US">Securities available-for-sale</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AccountsReceivableNetCurrent" xlink:label="loc_us-gaap_AccountsReceivableNetCurrent"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_AccountsReceivableNetCurrent" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Accounts Receivable, Net, Current</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AccountsReceivableNetCurrent" xlink:to="lab_us-gaap_AccountsReceivableNetCurrent"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_AccountsReceivableNetCurrent" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US">Accounts receivable, net of allowance for doubtful accounts of $45 and $45, respectively</label>
    <label xlink:type="resource" xlink:label="lab_us-gaap_AccountsReceivableNetCurrent" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xml:lang="en-US">Accounts receivable, net of allowance for doubtful accounts of $45 and $45, respectively</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_DueFromAffiliateCurrent" xlink:label="loc_us-gaap_DueFromAffiliateCurrent"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_DueFromAffiliateCurrent" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Due From Affiliate, Current</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DueFromAffiliateCurrent" xlink:to="lab_us-gaap_DueFromAffiliateCurrent"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_DueFromAffiliateCurrent" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US">Receivable from affiliates</label>
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    <label xlink:type="resource" xlink:label="lab_valu_PrepaidAndRefundableIncomeTaxes" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Prepaid and Refundable Income Taxes</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_valu_PrepaidAndRefundableIncomeTaxes" xlink:to="lab_valu_PrepaidAndRefundableIncomeTaxes"/>
    <label xlink:type="resource" xlink:label="lab_valu_PrepaidAndRefundableIncomeTaxes" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US">Prepaid and refundable income taxes</label>
    <label xlink:type="resource" xlink:label="lab_valu_PrepaidAndRefundableIncomeTaxes" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US">Carrying amount as of the balance sheet date of payments made in advance for income and other taxes, which will be charged against earnings within one year or the normal operating cycle, if longer. It also includes carrying amount due within one year of the balance sheet date (or one operating cycle, if longer) from tax authorities as of the balance sheet date representing refunds of overpayments or recoveries based on agreed-upon resolutions of disputes.</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_PrepaidExpenseAndOtherAssetsCurrent" xlink:label="loc_us-gaap_PrepaidExpenseAndOtherAssetsCurrent"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_PrepaidExpenseAndOtherAssetsCurrent" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Prepaid Expense and Other Assets, Current</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PrepaidExpenseAndOtherAssetsCurrent" xlink:to="lab_us-gaap_PrepaidExpenseAndOtherAssetsCurrent"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_PrepaidExpenseAndOtherAssetsCurrent" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US">Prepaid expenses and other current assets</label>
    <label xlink:type="resource" xlink:label="lab_us-gaap_PrepaidExpenseAndOtherAssetsCurrent" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xml:lang="en-US">Prepaid expenses and other current assets</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_DeferredTaxAssetsNetCurrent" xlink:label="loc_us-gaap_DeferredTaxAssetsNetCurrent"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_DeferredTaxAssetsNetCurrent" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Deferred Tax Assets, Net, Current</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredTaxAssetsNetCurrent" xlink:to="lab_us-gaap_DeferredTaxAssetsNetCurrent"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_DeferredTaxAssetsNetCurrent" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US">Deferred income taxes</label>
    <label xlink:type="resource" xlink:label="lab_us-gaap_DeferredTaxAssetsNetCurrent" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xml:lang="en-US">Deferred Tax Assets, Net, Current, Total</label>
    <label xlink:type="resource" xlink:label="lab_us-gaap_DeferredTaxAssetsNetCurrent" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xml:lang="en-US">Deferred Tax Assets, Net, Current, Beginning Balance</label>
    <label xlink:type="resource" xlink:label="lab_us-gaap_DeferredTaxAssetsNetCurrent" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xml:lang="en-US">Deferred Tax Assets, Net, Current, Ending Balance</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AssetsCurrent" xlink:label="loc_us-gaap_AssetsCurrent"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_AssetsCurrent" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Assets, Current</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AssetsCurrent" xlink:to="lab_us-gaap_AssetsCurrent"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_AssetsCurrent" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US">Total current assets</label>
    <label xlink:type="resource" xlink:label="lab_us-gaap_AssetsCurrent" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xml:lang="en-US">Total current assets</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AssetsNoncurrentAbstract" xlink:label="loc_us-gaap_AssetsNoncurrentAbstract"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_AssetsNoncurrentAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Assets, Noncurrent [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AssetsNoncurrentAbstract" xlink:to="lab_us-gaap_AssetsNoncurrentAbstract"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_AssetsNoncurrentAbstract" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US">Long term assets:</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_LongTermInvestments" xlink:label="loc_us-gaap_LongTermInvestments"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_LongTermInvestments" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Long-Term Investments</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LongTermInvestments" xlink:to="lab_us-gaap_LongTermInvestments"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_LongTermInvestments" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US">Investment in EAM Trust</label>
    <label xlink:type="resource" xlink:label="lab_us-gaap_LongTermInvestments" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xml:lang="en-US">Investment in EAM Trust</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_PropertyPlantAndEquipmentNet" xlink:label="loc_us-gaap_PropertyPlantAndEquipmentNet"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentNet" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Property, Plant and Equipment, Net</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PropertyPlantAndEquipmentNet" xlink:to="lab_us-gaap_PropertyPlantAndEquipmentNet"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentNet" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US">Property and equipment, net</label>
    <label xlink:type="resource" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentNet" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xml:lang="en-US">Property and equipment, net</label>
    <label xlink:type="resource" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentNet" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xml:lang="en-US">Property, Plant and Equipment, Net, Beginning Balance</label>
    <label xlink:type="resource" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentNet" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xml:lang="en-US">Property, Plant and Equipment, Net, Ending Balance</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_IntangibleAssetsNetExcludingGoodwill" xlink:label="loc_us-gaap_IntangibleAssetsNetExcludingGoodwill"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_IntangibleAssetsNetExcludingGoodwill" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Intangible Assets, Net (Excluding Goodwill)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IntangibleAssetsNetExcludingGoodwill" xlink:to="lab_us-gaap_IntangibleAssetsNetExcludingGoodwill"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_IntangibleAssetsNetExcludingGoodwill" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US">Capitalized software and other intangible assets, net</label>
    <label xlink:type="resource" xlink:label="lab_us-gaap_IntangibleAssetsNetExcludingGoodwill" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xml:lang="en-US">Capitalized software and other intangible assets, net</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AssetsNoncurrent" xlink:label="loc_us-gaap_AssetsNoncurrent"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_AssetsNoncurrent" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Assets, Noncurrent</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AssetsNoncurrent" xlink:to="lab_us-gaap_AssetsNoncurrent"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_AssetsNoncurrent" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US">Total long term assets</label>
    <label xlink:type="resource" xlink:label="lab_us-gaap_AssetsNoncurrent" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xml:lang="en-US">Total long term assets</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_Assets" xlink:label="loc_us-gaap_Assets"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_Assets" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Assets</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_Assets" xlink:to="lab_us-gaap_Assets"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_Assets" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US">Total assets</label>
    <label xlink:type="resource" xlink:label="lab_us-gaap_Assets" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xml:lang="en-US">Total assets</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquityAbstract" xlink:label="loc_us-gaap_LiabilitiesAndStockholdersEquityAbstract"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_LiabilitiesAndStockholdersEquityAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Liabilities and Equity [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LiabilitiesAndStockholdersEquityAbstract" xlink:to="lab_us-gaap_LiabilitiesAndStockholdersEquityAbstract"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_LiabilitiesAndStockholdersEquityAbstract" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US">Liabilities and Shareholders' Equity</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_LiabilitiesCurrentAbstract" xlink:label="loc_us-gaap_LiabilitiesCurrentAbstract"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_LiabilitiesCurrentAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Liabilities, Current [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LiabilitiesCurrentAbstract" xlink:to="lab_us-gaap_LiabilitiesCurrentAbstract"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_LiabilitiesCurrentAbstract" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US">Current Liabilities:</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AccountsPayableAndAccruedLiabilitiesCurrent" xlink:label="loc_us-gaap_AccountsPayableAndAccruedLiabilitiesCurrent"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_AccountsPayableAndAccruedLiabilitiesCurrent" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Accounts Payable and Accrued Liabilities, Current</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AccountsPayableAndAccruedLiabilitiesCurrent" xlink:to="lab_us-gaap_AccountsPayableAndAccruedLiabilitiesCurrent"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_AccountsPayableAndAccruedLiabilitiesCurrent" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US">Accounts payable and accrued liabilities</label>
    <label xlink:type="resource" xlink:label="lab_us-gaap_AccountsPayableAndAccruedLiabilitiesCurrent" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xml:lang="en-US">Accounts payable and accrued liabilities</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AccruedSalariesCurrent" xlink:label="loc_us-gaap_AccruedSalariesCurrent"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_AccruedSalariesCurrent" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Accrued Salaries, Current</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AccruedSalariesCurrent" xlink:to="lab_us-gaap_AccruedSalariesCurrent"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_AccruedSalariesCurrent" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US">Accrued salaries</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_DividendsPayableCurrent" xlink:label="loc_us-gaap_DividendsPayableCurrent"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_DividendsPayableCurrent" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Dividends Payable, Current</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DividendsPayableCurrent" xlink:to="lab_us-gaap_DividendsPayableCurrent"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_DividendsPayableCurrent" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US">Dividends payable</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AccruedIncomeTaxesCurrent" xlink:label="loc_us-gaap_AccruedIncomeTaxesCurrent"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_AccruedIncomeTaxesCurrent" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Accrued Income Taxes, Current</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AccruedIncomeTaxesCurrent" xlink:to="lab_us-gaap_AccruedIncomeTaxesCurrent"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_AccruedIncomeTaxesCurrent" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US">Accrued taxes payable</label>
    <loc xlink:type="locator" xlink:href="valu-20110731.xsd#valu_ReserveForSettlementExpensesIncludingFairFund" xlink:label="loc_valu_ReserveForSettlementExpensesIncludingFairFund"/>
    <label xlink:type="resource" xlink:label="lab_valu_ReserveForSettlementExpensesIncludingFairFund" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Reserve For Settlement Expenses Including Fair Fund</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_valu_ReserveForSettlementExpensesIncludingFairFund" xlink:to="lab_valu_ReserveForSettlementExpensesIncludingFairFund"/>
    <label xlink:type="resource" xlink:label="lab_valu_ReserveForSettlementExpensesIncludingFairFund" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US">Reserve for settlement expenses</label>
    <label xlink:type="resource" xlink:label="lab_valu_ReserveForSettlementExpensesIncludingFairFund" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US">Alternate concept name for the aggregate amount of Reserve for settlement expenses including fair fund as of the balance sheet date.</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_DeferredRevenueCurrent" xlink:label="loc_us-gaap_DeferredRevenueCurrent"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_DeferredRevenueCurrent" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Deferred Revenue, Current</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredRevenueCurrent" xlink:to="lab_us-gaap_DeferredRevenueCurrent"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_DeferredRevenueCurrent" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US">Unearned revenue</label>
    <label xlink:type="resource" xlink:label="lab_us-gaap_DeferredRevenueCurrent" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xml:lang="en-US">Deferred Revenue, Current, Total</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_LiabilitiesCurrent" xlink:label="loc_us-gaap_LiabilitiesCurrent"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_LiabilitiesCurrent" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Liabilities, Current</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LiabilitiesCurrent" xlink:to="lab_us-gaap_LiabilitiesCurrent"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_LiabilitiesCurrent" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US">Total current liabilities</label>
    <label xlink:type="resource" xlink:label="lab_us-gaap_LiabilitiesCurrent" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xml:lang="en-US">Total current liabilities</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_LiabilitiesNoncurrentAbstract" xlink:label="loc_us-gaap_LiabilitiesNoncurrentAbstract"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_LiabilitiesNoncurrentAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Liabilities, Noncurrent [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LiabilitiesNoncurrentAbstract" xlink:to="lab_us-gaap_LiabilitiesNoncurrentAbstract"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_LiabilitiesNoncurrentAbstract" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US">Long term liabilities:</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_DeferredRevenueNoncurrent" xlink:label="loc_us-gaap_DeferredRevenueNoncurrent"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_DeferredRevenueNoncurrent" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Deferred Revenue, Noncurrent</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredRevenueNoncurrent" xlink:to="lab_us-gaap_DeferredRevenueNoncurrent"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_DeferredRevenueNoncurrent" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US">Unearned revenue</label>
    <label xlink:type="resource" xlink:label="lab_us-gaap_DeferredRevenueNoncurrent" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xml:lang="en-US">Deferred Revenue, Noncurrent, Total</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_DeferredTaxLiabilitiesNoncurrent" xlink:label="loc_us-gaap_DeferredTaxLiabilitiesNoncurrent"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_DeferredTaxLiabilitiesNoncurrent" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Deferred Tax Liabilities, Noncurrent</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredTaxLiabilitiesNoncurrent" xlink:to="lab_us-gaap_DeferredTaxLiabilitiesNoncurrent"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_DeferredTaxLiabilitiesNoncurrent" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US">Deferred income taxes</label>
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    <label xlink:type="resource" xlink:label="lab_us-gaap_LiabilitiesNoncurrent" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US">Total long term liabilities</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract" xlink:label="loc_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract"/>
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    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract" xlink:to="lab_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US">Shareholders' Equity:</label>
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    <label xlink:type="resource" xlink:label="lab_us-gaap_CommonStockValue" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Common Stock, Value, Issued</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommonStockValue" xlink:to="lab_us-gaap_CommonStockValue"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_CommonStockValue" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US">Common stock, $.10 par value; authorized 30,000,000 shares; issued 10,000,000 shares</label>
    <label xlink:type="resource" xlink:label="lab_us-gaap_CommonStockValue" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xml:lang="en-US">Common Stock, Value, Issued, Total</label>
    <label xlink:type="resource" xlink:label="lab_us-gaap_CommonStockValue" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xml:lang="en-US">Common Stock, Value, Issued, Beginning Balance</label>
    <label xlink:type="resource" xlink:label="lab_us-gaap_CommonStockValue" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xml:lang="en-US">Common Stock, Value, Issued, Ending Balance</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AdditionalPaidInCapitalCommonStock" xlink:label="loc_us-gaap_AdditionalPaidInCapitalCommonStock"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_AdditionalPaidInCapitalCommonStock" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Additional Paid In Capital, Common Stock</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AdditionalPaidInCapitalCommonStock" xlink:to="lab_us-gaap_AdditionalPaidInCapitalCommonStock"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_AdditionalPaidInCapitalCommonStock" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US">Additional paid-in capital</label>
    <label xlink:type="resource" xlink:label="lab_us-gaap_AdditionalPaidInCapitalCommonStock" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xml:lang="en-US">Additional Paid in Capital, Common Stock, Beginning Balance</label>
    <label xlink:type="resource" xlink:label="lab_us-gaap_AdditionalPaidInCapitalCommonStock" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xml:lang="en-US">Additional Paid in Capital, Common Stock, Ending Balance</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_RetainedEarningsAccumulatedDeficit" xlink:label="loc_us-gaap_RetainedEarningsAccumulatedDeficit"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_RetainedEarningsAccumulatedDeficit" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Retained Earnings (Accumulated Deficit)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RetainedEarningsAccumulatedDeficit" xlink:to="lab_us-gaap_RetainedEarningsAccumulatedDeficit"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_RetainedEarningsAccumulatedDeficit" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US">Retained earnings</label>
    <label xlink:type="resource" xlink:label="lab_us-gaap_RetainedEarningsAccumulatedDeficit" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xml:lang="en-US">Retained earnings</label>
    <label xlink:type="resource" xlink:label="lab_us-gaap_RetainedEarningsAccumulatedDeficit" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xml:lang="en-US">Retained Earnings (Accumulated Deficit), Beginning Balance</label>
    <label xlink:type="resource" xlink:label="lab_us-gaap_RetainedEarningsAccumulatedDeficit" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xml:lang="en-US">Retained Earnings (Accumulated Deficit), Ending Balance</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_TreasuryStockValue" xlink:label="loc_us-gaap_TreasuryStockValue"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_TreasuryStockValue" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Treasury Stock, Value</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TreasuryStockValue" xlink:to="lab_us-gaap_TreasuryStockValue"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_TreasuryStockValue" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US">Treasury stock, at cost (36,819 shares on 7/31/11 and 25,119 shares on 4/30/11)</label>
    <label xlink:type="resource" xlink:label="lab_us-gaap_TreasuryStockValue" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xml:lang="en-US">Treasury Stock, Value, Beginning Balance</label>
    <label xlink:type="resource" xlink:label="lab_us-gaap_TreasuryStockValue" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xml:lang="en-US">Treasury Stock, Value, Ending Balance</label>
    <label xlink:type="resource" xlink:label="lab_us-gaap_TreasuryStockValue" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xml:lang="en-US">Treasury stock, at cost (36,819 shares on 7/31/11 and 25,119 shares on 4/30/11)</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax" xlink:label="loc_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Accumulated Other Comprehensive Income (Loss), Net Of Tax</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax" xlink:to="lab_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US">Accumulated other comprehensive income, net of tax</label>
    <label xlink:type="resource" xlink:label="lab_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xml:lang="en-US">Accumulated other comprehensive income, net of tax</label>
    <label xlink:type="resource" xlink:label="lab_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xml:lang="en-US">Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning Balance</label>
    <label xlink:type="resource" xlink:label="lab_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xml:lang="en-US">Accumulated Other Comprehensive Income (Loss), Net of Tax, Ending Balance</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:label="loc_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Stockholders Equity, Including Portion Attributable To Noncontrolling Interest</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:to="lab_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US">Total shareholders' equity</label>
    <label xlink:type="resource" xlink:label="lab_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xml:lang="en-US">Total shareholders' equity</label>
    <label xlink:type="resource" xlink:label="lab_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xml:lang="en-US">Balance</label>
    <label xlink:type="resource" xlink:label="lab_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xml:lang="en-US">Balance</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquity" xlink:label="loc_us-gaap_LiabilitiesAndStockholdersEquity"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_LiabilitiesAndStockholdersEquity" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Liabilities and Equity</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LiabilitiesAndStockholdersEquity" xlink:to="lab_us-gaap_LiabilitiesAndStockholdersEquity"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_LiabilitiesAndStockholdersEquity" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US">Total liabilities and shareholders' equity</label>
    <label xlink:type="resource" xlink:label="lab_us-gaap_LiabilitiesAndStockholdersEquity" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xml:lang="en-US">Total liabilities and shareholders' equity</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ShortTermInvestments" xlink:label="loc_us-gaap_ShortTermInvestments"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_ShortTermInvestments" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Short-Term Investments</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShortTermInvestments" xlink:to="lab_us-gaap_ShortTermInvestments"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_ShortTermInvestments" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US">Short term investments (in dollars)</label>
    <label xlink:type="resource" xlink:label="lab_us-gaap_ShortTermInvestments" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xml:lang="en-US">Short-term Investments, Total</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent" xlink:label="loc_us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Allowance For Doubtful Accounts Receivable, Current</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent" xlink:to="lab_us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US">Allowance for doubtful accounts (in dollars)</label>
    <label xlink:type="resource" xlink:label="lab_us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xml:lang="en-US">Allowance for Doubtful Accounts Receivable, Current, Beginning Balance</label>
    <label xlink:type="resource" xlink:label="lab_us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xml:lang="en-US">Allowance for Doubtful Accounts Receivable, Current, Ending Balance</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CommonStockParOrStatedValuePerShare" xlink:label="loc_us-gaap_CommonStockParOrStatedValuePerShare"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_CommonStockParOrStatedValuePerShare" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Common Stock, Par Or Stated Value Per Share</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommonStockParOrStatedValuePerShare" xlink:to="lab_us-gaap_CommonStockParOrStatedValuePerShare"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_CommonStockParOrStatedValuePerShare" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US">Common stock, Par value (in dollars per share)</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CommonStockSharesAuthorized" xlink:label="loc_us-gaap_CommonStockSharesAuthorized"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_CommonStockSharesAuthorized" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Common Stock, Shares Authorized</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommonStockSharesAuthorized" xlink:to="lab_us-gaap_CommonStockSharesAuthorized"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_CommonStockSharesAuthorized" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US">Common stock, shares authorized</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CommonStockSharesIssued" xlink:label="loc_us-gaap_CommonStockSharesIssued"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_CommonStockSharesIssued" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Common Stock, Shares, Issued</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommonStockSharesIssued" xlink:to="lab_us-gaap_CommonStockSharesIssued"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_CommonStockSharesIssued" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US">Common stock, shares issued</label>
    <label xlink:type="resource" xlink:label="lab_us-gaap_CommonStockSharesIssued" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xml:lang="en-US">Common Stock, Shares, Issued, Total</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_TreasuryStockShares" xlink:label="loc_us-gaap_TreasuryStockShares"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_TreasuryStockShares" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Treasury Stock, Shares</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TreasuryStockShares" xlink:to="lab_us-gaap_TreasuryStockShares"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_TreasuryStockShares" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US">Treasury stock, at cost</label>
    <label xlink:type="resource" xlink:label="lab_us-gaap_TreasuryStockShares" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xml:lang="en-US">Treasury Stock, Shares, Beginning Balance</label>
    <label xlink:type="resource" xlink:label="lab_us-gaap_TreasuryStockShares" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xml:lang="en-US">Treasury Stock, Shares, Ending Balance</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_IncomeStatementAbstract" xlink:label="loc_us-gaap_IncomeStatementAbstract"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_IncomeStatementAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Income Statement [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeStatementAbstract" xlink:to="lab_us-gaap_IncomeStatementAbstract"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_IncomeStatementAbstract" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US">Income Statement [Abstract]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_RevenuesAbstract" xlink:label="loc_us-gaap_RevenuesAbstract"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_RevenuesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Revenues [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RevenuesAbstract" xlink:to="lab_us-gaap_RevenuesAbstract"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_RevenuesAbstract" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US">Revenues:</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_SubscriptionRevenue" xlink:label="loc_us-gaap_SubscriptionRevenue"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_SubscriptionRevenue" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Subscription Revenue</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SubscriptionRevenue" xlink:to="lab_us-gaap_SubscriptionRevenue"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_SubscriptionRevenue" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US">Investment periodicals and related publications</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_LicensesRevenue" xlink:label="loc_us-gaap_LicensesRevenue"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_LicensesRevenue" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Licenses Revenue</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LicensesRevenue" xlink:to="lab_us-gaap_LicensesRevenue"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_LicensesRevenue" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US">Copyright data fees</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_Revenues" xlink:label="loc_us-gaap_Revenues"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_Revenues" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Revenues</label>
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    <label xlink:type="resource" xlink:label="lab_us-gaap_AssetManagementFees" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Asset Management Fees</label>
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    <label xlink:type="resource" xlink:label="lab_us-gaap_MarketingAndAdvertisingExpense" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Marketing and Advertising Expense</label>
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    <label xlink:type="resource" xlink:label="lab_us-gaap_MarketingAndAdvertisingExpense" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US">Advertising and promotion</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_LaborAndRelatedExpense" xlink:label="loc_us-gaap_LaborAndRelatedExpense"/>
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    <label xlink:type="resource" xlink:label="lab_us-gaap_LaborAndRelatedExpense" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US">Salaries and employee benefits</label>
    <label xlink:type="resource" xlink:label="lab_us-gaap_LaborAndRelatedExpense" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xml:lang="en-US">Salaries and employee benefits</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_OtherSellingAndMarketingExpense" xlink:label="loc_us-gaap_OtherSellingAndMarketingExpense"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_OtherSellingAndMarketingExpense" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Other Selling and Marketing Expense</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherSellingAndMarketingExpense" xlink:to="lab_us-gaap_OtherSellingAndMarketingExpense"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_OtherSellingAndMarketingExpense" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US">Production and distribution</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_OtherGeneralAndAdministrativeExpense" xlink:label="loc_us-gaap_OtherGeneralAndAdministrativeExpense"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_OtherGeneralAndAdministrativeExpense" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Other General and Administrative Expense</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherGeneralAndAdministrativeExpense" xlink:to="lab_us-gaap_OtherGeneralAndAdministrativeExpense"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_OtherGeneralAndAdministrativeExpense" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US">Office and administration</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_OperatingExpenses" xlink:label="loc_us-gaap_OperatingExpenses"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_OperatingExpenses" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Operating Expenses</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OperatingExpenses" xlink:to="lab_us-gaap_OperatingExpenses"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_OperatingExpenses" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US">Total expenses</label>
    <label xlink:type="resource" xlink:label="lab_us-gaap_OperatingExpenses" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xml:lang="en-US">Total expenses</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_OperatingIncomeLoss" xlink:label="loc_us-gaap_OperatingIncomeLoss"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_OperatingIncomeLoss" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Operating Income (Loss)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OperatingIncomeLoss" xlink:to="lab_us-gaap_OperatingIncomeLoss"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_OperatingIncomeLoss" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US">Income from operations</label>
    <label xlink:type="resource" xlink:label="lab_us-gaap_OperatingIncomeLoss" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xml:lang="en-US">Income from operations</label>
    <loc xlink:type="locator" xlink:href="valu-20110731.xsd#valu_RevenuesAndProfitsDistributionFromEamTrust" xlink:label="loc_valu_RevenuesAndProfitsDistributionFromEamTrust"/>
    <label xlink:type="resource" xlink:label="lab_valu_RevenuesAndProfitsDistributionFromEamTrust" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Revenues and Profits Distribution From Eam Trust</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_valu_RevenuesAndProfitsDistributionFromEamTrust" xlink:to="lab_valu_RevenuesAndProfitsDistributionFromEamTrust"/>
    <label xlink:type="resource" xlink:label="lab_valu_RevenuesAndProfitsDistributionFromEamTrust" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US">Revenues and profits interests in EAM Trust</label>
    <label xlink:type="resource" xlink:label="lab_valu_RevenuesAndProfitsDistributionFromEamTrust" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US">The aggregate amount of other income amounts, the components of which are not separately disclosed on the income statement, resulting from Revenues and profits distribution from EAM Trust.</label>
    <label xlink:type="resource" xlink:label="lab_valu_RevenuesAndProfitsDistributionFromEamTrust" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xml:lang="en-US">Revenues and profits interests in EAM Trust</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_InvestmentIncomeNet" xlink:label="loc_us-gaap_InvestmentIncomeNet"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_InvestmentIncomeNet" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Investment Income, Net</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InvestmentIncomeNet" xlink:to="lab_us-gaap_InvestmentIncomeNet"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_InvestmentIncomeNet" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US">Income from securities transactions, net</label>
    <label xlink:type="resource" xlink:label="lab_us-gaap_InvestmentIncomeNet" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xml:lang="en-US">Income from securities transactions, net</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" xlink:label="loc_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Income (Loss) From Continuing Operations Before Income Taxes, Extraordinary Items, Noncontrolling Interest</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" xlink:to="lab_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US">Income before income taxes</label>
    <label xlink:type="resource" xlink:label="lab_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xml:lang="en-US">Income before income taxes</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_IncomeTaxExpenseBenefit" xlink:label="loc_us-gaap_IncomeTaxExpenseBenefit"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_IncomeTaxExpenseBenefit" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Income Tax Expense (Benefit)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeTaxExpenseBenefit" xlink:to="lab_us-gaap_IncomeTaxExpenseBenefit"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_IncomeTaxExpenseBenefit" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US">Income tax provision</label>
    <label xlink:type="resource" xlink:label="lab_us-gaap_IncomeTaxExpenseBenefit" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xml:lang="en-US">Income tax provision</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ProfitLoss" xlink:label="loc_us-gaap_ProfitLoss"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_ProfitLoss" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Net Income (Loss), Including Portion Attributable To Noncontrolling Interest</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProfitLoss" xlink:to="lab_us-gaap_ProfitLoss"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_ProfitLoss" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US">Net income</label>
    <label xlink:type="resource" xlink:label="lab_us-gaap_ProfitLoss" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xml:lang="en-US">Net income</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_EarningsPerShareBasicAndDiluted" xlink:label="loc_us-gaap_EarningsPerShareBasicAndDiluted"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_EarningsPerShareBasicAndDiluted" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Earnings Per Share, Basic and Diluted</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EarningsPerShareBasicAndDiluted" xlink:to="lab_us-gaap_EarningsPerShareBasicAndDiluted"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_EarningsPerShareBasicAndDiluted" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US">Earnings per share, basic &amp; fully diluted (in dollars per share)</label>
    <label xlink:type="resource" xlink:label="lab_us-gaap_EarningsPerShareBasicAndDiluted" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xml:lang="en-US">Earnings per share, basic &amp; fully diluted</label>
    <loc xlink:type="locator" xlink:href="valu-20110731.xsd#valu_WeightedAverageNumberOfCommonShares" xlink:label="loc_valu_WeightedAverageNumberOfCommonShares"/>
    <label xlink:type="resource" xlink:label="lab_valu_WeightedAverageNumberOfCommonShares" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Weighted Average Number Of Common Shares</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_valu_WeightedAverageNumberOfCommonShares" xlink:to="lab_valu_WeightedAverageNumberOfCommonShares"/>
    <label xlink:type="resource" xlink:label="lab_valu_WeightedAverageNumberOfCommonShares" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US">Weighted average number of common shares (in shares)</label>
    <label xlink:type="resource" xlink:label="lab_valu_WeightedAverageNumberOfCommonShares" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US">Number of [basic] shares, after adjustment for contingently issuable shares and other shares not deemed outstanding, determined by relating the portion of time within a reporting period that common shares have been outstanding.</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StatementOfCashFlowsAbstract" xlink:label="loc_us-gaap_StatementOfCashFlowsAbstract"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_StatementOfCashFlowsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Statement Of Cash Flows [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StatementOfCashFlowsAbstract" xlink:to="lab_us-gaap_StatementOfCashFlowsAbstract"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_StatementOfCashFlowsAbstract" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US">Statement of Cash Flows [Abstract]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CashAndCashEquivalentsPeriodIncreaseDecreaseAbstract" xlink:label="loc_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecreaseAbstract"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecreaseAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Cash and Cash Equivalents, Period Increase (Decrease) [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecreaseAbstract" xlink:to="lab_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecreaseAbstract"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecreaseAbstract" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US">Cash and Cash Equivalents, Period Increase (Decrease) [Abstract]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:label="loc_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Net Cash Provided By (Used In) Operating Activities [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:to="lab_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US">Cash flows from operating activities:</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:label="loc_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Adjustments To Reconcile Net Income (Loss) To Cash Provided By (Used In) Operating Activities [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:to="lab_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US">Adjustments to reconcile net income to net cash provided by operating activities:</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_DepreciationDepletionAndAmortization" xlink:label="loc_us-gaap_DepreciationDepletionAndAmortization"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_DepreciationDepletionAndAmortization" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Depreciation, Depletion and Amortization</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DepreciationDepletionAndAmortization" xlink:to="lab_us-gaap_DepreciationDepletionAndAmortization"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_DepreciationDepletionAndAmortization" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US">Depreciation and amortization</label>
    <label xlink:type="resource" xlink:label="lab_us-gaap_DepreciationDepletionAndAmortization" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xml:lang="en-US">Depreciation and amortization</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AmortizationOfDebtDiscountPremium" xlink:label="loc_us-gaap_AmortizationOfDebtDiscountPremium"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_AmortizationOfDebtDiscountPremium" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Amortization Of Debt Discount (Premium)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AmortizationOfDebtDiscountPremium" xlink:to="lab_us-gaap_AmortizationOfDebtDiscountPremium"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_AmortizationOfDebtDiscountPremium" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US">Amortization of bond premium</label>
    <loc xlink:type="locator" xlink:href="valu-20110731.xsd#valu_RevenuesAndProfitsInterestInEamTrustOperatingActivities" xlink:label="loc_valu_RevenuesAndProfitsInterestInEamTrustOperatingActivities"/>
    <label xlink:type="resource" xlink:label="lab_valu_RevenuesAndProfitsInterestInEamTrustOperatingActivities" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Revenues and Profits Interest In Eam Trust,Operating Activities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_valu_RevenuesAndProfitsInterestInEamTrustOperatingActivities" xlink:to="lab_valu_RevenuesAndProfitsInterestInEamTrustOperatingActivities"/>
    <label xlink:type="resource" xlink:label="lab_valu_RevenuesAndProfitsInterestInEamTrustOperatingActivities" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US">Revenues and profits interests in EAM Trust</label>
    <label xlink:type="resource" xlink:label="lab_valu_RevenuesAndProfitsInterestInEamTrustOperatingActivities" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US">The net amount Revenues and profits interest in EAM Trust, at a point in time.</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AvailableForSaleSecuritiesGrossRealizedGains" xlink:label="loc_us-gaap_AvailableForSaleSecuritiesGrossRealizedGains"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_AvailableForSaleSecuritiesGrossRealizedGains" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Available-For-Sale Securities, Gross Realized Gains</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AvailableForSaleSecuritiesGrossRealizedGains" xlink:to="lab_us-gaap_AvailableForSaleSecuritiesGrossRealizedGains"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_AvailableForSaleSecuritiesGrossRealizedGains" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US">Realized losses on sales of securities available for sale</label>
    <label xlink:type="resource" xlink:label="lab_us-gaap_AvailableForSaleSecuritiesGrossRealizedGains" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xml:lang="en-US">Realized losses on sales of securities available for sale</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_DeferredIncomeTaxExpenseBenefit" xlink:label="loc_us-gaap_DeferredIncomeTaxExpenseBenefit"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_DeferredIncomeTaxExpenseBenefit" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Deferred Income Tax Expense (Benefit)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredIncomeTaxExpenseBenefit" xlink:to="lab_us-gaap_DeferredIncomeTaxExpenseBenefit"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_DeferredIncomeTaxExpenseBenefit" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US">Deferred income taxes</label>
    <label xlink:type="resource" xlink:label="lab_us-gaap_DeferredIncomeTaxExpenseBenefit" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xml:lang="en-US">Deferred Income Tax Expense (Benefit), Total</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_IncreaseDecreaseInOperatingCapitalAbstract" xlink:label="loc_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Increase (Decrease) In Operating Capital [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract" xlink:to="lab_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US">Changes in assets and liabilities:</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_IncreaseDecreaseInDeferredRevenue" xlink:label="loc_us-gaap_IncreaseDecreaseInDeferredRevenue"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_IncreaseDecreaseInDeferredRevenue" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Increase (Decrease) In Deferred Revenue</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInDeferredRevenue" xlink:to="lab_us-gaap_IncreaseDecreaseInDeferredRevenue"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_IncreaseDecreaseInDeferredRevenue" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US">(Decrease) in unearned revenue</label>
    <loc xlink:type="locator" xlink:href="valu-20110731.xsd#valu_IncreaseDecreaseInReserveForSettlement" xlink:label="loc_valu_IncreaseDecreaseInReserveForSettlement"/>
    <label xlink:type="resource" xlink:label="lab_valu_IncreaseDecreaseInReserveForSettlement" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Increase (Decrease) In Reserve For Settlement</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_valu_IncreaseDecreaseInReserveForSettlement" xlink:to="lab_valu_IncreaseDecreaseInReserveForSettlement"/>
    <label xlink:type="resource" xlink:label="lab_valu_IncreaseDecreaseInReserveForSettlement" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US">(Decrease) in reserve for settlement</label>
    <label xlink:type="resource" xlink:label="lab_valu_IncreaseDecreaseInReserveForSettlement" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US">The change in the reserve for settlement recorded on the balance sheet, which is needed to adjust net income to arrive at net cash flows provided by or used in operations.</label>
    <loc xlink:type="locator" xlink:href="valu-20110731.xsd#valu_IncreaseDecreaseInOperatingLeaseExitObligation" xlink:label="loc_valu_IncreaseDecreaseInOperatingLeaseExitObligation"/>
    <label xlink:type="resource" xlink:label="lab_valu_IncreaseDecreaseInOperatingLeaseExitObligation" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Increase (Decrease) In Operating Lease Exit Obligation</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_valu_IncreaseDecreaseInOperatingLeaseExitObligation" xlink:to="lab_valu_IncreaseDecreaseInOperatingLeaseExitObligation"/>
    <label xlink:type="resource" xlink:label="lab_valu_IncreaseDecreaseInOperatingLeaseExitObligation" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US">(Decrease) in operating lease exit obligation</label>
    <label xlink:type="resource" xlink:label="lab_valu_IncreaseDecreaseInOperatingLeaseExitObligation" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US">The change in the operating lease exit obligation recorded on the balance sheet, which is needed to adjust net income to arrive at net cash flows provided by or used in operations.</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities" xlink:label="loc_us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Increase (Decrease) In Accounts Payable and Accrued Liabilities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities" xlink:to="lab_us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US">(Decrease) in accounts payable &amp; accrued expenses</label>
    <label xlink:type="resource" xlink:label="lab_us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xml:lang="en-US">(Decrease) in accounts payable &amp; accrued expenses</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_IncreaseDecreaseInAccruedSalaries" xlink:label="loc_us-gaap_IncreaseDecreaseInAccruedSalaries"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_IncreaseDecreaseInAccruedSalaries" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Increase (Decrease) In Accrued Salaries</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInAccruedSalaries" xlink:to="lab_us-gaap_IncreaseDecreaseInAccruedSalaries"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_IncreaseDecreaseInAccruedSalaries" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US">(Decrease) in accrued salaries</label>
    <loc xlink:type="locator" xlink:href="valu-20110731.xsd#valu_IncreaseDecreaseInPrepaidAndRefundableIncomeTaxes" xlink:label="loc_valu_IncreaseDecreaseInPrepaidAndRefundableIncomeTaxes"/>
    <label xlink:type="resource" xlink:label="lab_valu_IncreaseDecreaseInPrepaidAndRefundableIncomeTaxes" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Increase (Decrease) In Prepaid and Refundable Income Taxes</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_valu_IncreaseDecreaseInPrepaidAndRefundableIncomeTaxes" xlink:to="lab_valu_IncreaseDecreaseInPrepaidAndRefundableIncomeTaxes"/>
    <label xlink:type="resource" xlink:label="lab_valu_IncreaseDecreaseInPrepaidAndRefundableIncomeTaxes" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US">(Increase)/decrease in prepaid and refundable income taxes</label>
    <label xlink:type="resource" xlink:label="lab_valu_IncreaseDecreaseInPrepaidAndRefundableIncomeTaxes" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US">The increase (decrease) during the reporting period in the amount of payments made in advance and refundable for income taxes, which will be charged against earnings in future periods.</label>
    <label xlink:type="resource" xlink:label="lab_valu_IncreaseDecreaseInPrepaidAndRefundableIncomeTaxes" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xml:lang="en-US">(Increase)/decrease in prepaid and refundable income taxes</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" xlink:label="loc_us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Increase (Decrease) In Prepaid Expense and Other Assets</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" xlink:to="lab_us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US">(Increase)/decrease in prepaid expenses and other current assets</label>
    <label xlink:type="resource" xlink:label="lab_us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xml:lang="en-US">(Increase)/decrease in prepaid expenses and other current assets</label>
    <label xlink:type="resource" xlink:label="lab_us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xml:lang="en-US">(Increase)/decrease in prepaid expenses and other current assets</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_IncreaseDecreaseInAccountsReceivable" xlink:label="loc_us-gaap_IncreaseDecreaseInAccountsReceivable"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_IncreaseDecreaseInAccountsReceivable" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Increase (Decrease) In Accounts Receivable</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInAccountsReceivable" xlink:to="lab_us-gaap_IncreaseDecreaseInAccountsReceivable"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_IncreaseDecreaseInAccountsReceivable" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US">Decrease in accounts receivable</label>
    <label xlink:type="resource" xlink:label="lab_us-gaap_IncreaseDecreaseInAccountsReceivable" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xml:lang="en-US">Decrease in accounts receivable</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_IncreaseDecreaseInDueFromAffiliatesCurrent" xlink:label="loc_us-gaap_IncreaseDecreaseInDueFromAffiliatesCurrent"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_IncreaseDecreaseInDueFromAffiliatesCurrent" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Increase (Decrease) In Due From Affiliates, Current</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInDueFromAffiliatesCurrent" xlink:to="lab_us-gaap_IncreaseDecreaseInDueFromAffiliatesCurrent"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_IncreaseDecreaseInDueFromAffiliatesCurrent" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US">Decrease in receivable from affiliates</label>
    <label xlink:type="resource" xlink:label="lab_us-gaap_IncreaseDecreaseInDueFromAffiliatesCurrent" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xml:lang="en-US">Decrease in receivable from affiliates</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities" xlink:label="loc_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Adjustments To Reconcile Net Income (Loss) To Cash Provided By (Used In) Operating Activities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities" xlink:to="lab_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US">Total adjustments</label>
    <label xlink:type="resource" xlink:label="lab_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xml:lang="en-US">Total adjustments</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:label="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Net Cash Provided By (Used In) Operating Activities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:to="lab_us-gaap_NetCashProvidedByUsedInOperatingActivities"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US">Net cash (used in)/provided by operating activities</label>
    <label xlink:type="resource" xlink:label="lab_us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xml:lang="en-US">Net cash (used in)/provided by operating activities</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:label="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Net Cash Provided By (Used In) Investing Activities [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:to="lab_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US">Cash flows from investing activities:</label>
    <loc xlink:type="locator" xlink:href="valu-20110731.xsd#valu_PurchasessalesOfSecuritiesClassifiedAsAvailableForSaleAbstract" xlink:label="loc_valu_PurchasessalesOfSecuritiesClassifiedAsAvailableForSaleAbstract"/>
    <label xlink:type="resource" xlink:label="lab_valu_PurchasessalesOfSecuritiesClassifiedAsAvailableForSaleAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Purchasessales Of Securities Classified As Available For Sale [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_valu_PurchasessalesOfSecuritiesClassifiedAsAvailableForSaleAbstract" xlink:to="lab_valu_PurchasessalesOfSecuritiesClassifiedAsAvailableForSaleAbstract"/>
    <label xlink:type="resource" xlink:label="lab_valu_PurchasessalesOfSecuritiesClassifiedAsAvailableForSaleAbstract" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US">Purchases and sales of securities classified as available for sale:</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ProceedsFromSaleOfAvailableForSaleSecuritiesDebt" xlink:label="loc_us-gaap_ProceedsFromSaleOfAvailableForSaleSecuritiesDebt"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_ProceedsFromSaleOfAvailableForSaleSecuritiesDebt" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Proceeds From Sale Of Available-For-Sale Securities, Debt</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProceedsFromSaleOfAvailableForSaleSecuritiesDebt" xlink:to="lab_us-gaap_ProceedsFromSaleOfAvailableForSaleSecuritiesDebt"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_ProceedsFromSaleOfAvailableForSaleSecuritiesDebt" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US">Proceeds from sales of fixed income securities</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_PaymentsToAcquireAvailableForSaleSecuritiesDebt" xlink:label="loc_us-gaap_PaymentsToAcquireAvailableForSaleSecuritiesDebt"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_PaymentsToAcquireAvailableForSaleSecuritiesDebt" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Payments To Acquire Available-For-Sale Securities, Debt</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PaymentsToAcquireAvailableForSaleSecuritiesDebt" xlink:to="lab_us-gaap_PaymentsToAcquireAvailableForSaleSecuritiesDebt"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_PaymentsToAcquireAvailableForSaleSecuritiesDebt" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US">Purchase of fixed income securities</label>
    <label xlink:type="resource" xlink:label="lab_us-gaap_PaymentsToAcquireAvailableForSaleSecuritiesDebt" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xml:lang="en-US">Purchase of fixed income securities</label>
    <loc xlink:type="locator" xlink:href="valu-20110731.xsd#valu_RevenuesAndProfitsDistributionFromEamTrustInvestingActivities" xlink:label="loc_valu_RevenuesAndProfitsDistributionFromEamTrustInvestingActivities"/>
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    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_PaymentsForSoftware" xlink:label="loc_us-gaap_PaymentsForSoftware"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_PaymentsForSoftware" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Payments For Software</label>
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    <label xlink:type="resource" xlink:label="lab_us-gaap_PaymentsForSoftware" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US">Expenditures for capitalized software</label>
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    <label xlink:type="resource" xlink:label="lab_us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Net Cash Provided By (Used In) Investing Activities</label>
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    <label xlink:type="resource" xlink:label="lab_us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US">Net cash provided by /(used in) investing activities</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:label="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract"/>
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    <label xlink:type="resource" xlink:label="lab_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US">Cash flows from financing activities:</label>
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    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PaymentsForRepurchaseOfCommonStock" xlink:to="lab_us-gaap_PaymentsForRepurchaseOfCommonStock"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_PaymentsForRepurchaseOfCommonStock" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US">Purchase of treasury stock at cost</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_PaymentsOfDividendsCommonStock" xlink:label="loc_us-gaap_PaymentsOfDividendsCommonStock"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_PaymentsOfDividendsCommonStock" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Payments Of Dividends, Common Stock</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PaymentsOfDividendsCommonStock" xlink:to="lab_us-gaap_PaymentsOfDividendsCommonStock"/>
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    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:label="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Net Cash Provided By (Used In) Financing Activities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:to="lab_us-gaap_NetCashProvidedByUsedInFinancingActivities"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US">Net cash used in financing activities</label>
    <label xlink:type="resource" xlink:label="lab_us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xml:lang="en-US">Net cash used in financing activities</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:label="loc_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Cash and Cash Equivalents, Period Increase (Decrease)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:to="lab_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US">Net increase /(decrease) in cash and cash equivalents</label>
    <label xlink:type="resource" xlink:label="lab_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xml:lang="en-US">Net increase /(decrease) in cash and cash equivalents</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StatementOfStockholdersEquityAbstract" xlink:label="loc_us-gaap_StatementOfStockholdersEquityAbstract"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_StatementOfStockholdersEquityAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Statement Of Stockholders Equity [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StatementOfStockholdersEquityAbstract" xlink:to="lab_us-gaap_StatementOfStockholdersEquityAbstract"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_StatementOfStockholdersEquityAbstract" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US">Statement of Stockholders' Equity [Abstract]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StatementEquityComponentsAxis" xlink:label="loc_us-gaap_StatementEquityComponentsAxis"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_StatementEquityComponentsAxis" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Statement, Equity Components [Axis]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StatementEquityComponentsAxis" xlink:to="lab_us-gaap_StatementEquityComponentsAxis"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_StatementEquityComponentsAxis" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US">Statement, Equity Components [Axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_EquityComponentDomain" xlink:label="loc_us-gaap_EquityComponentDomain"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_EquityComponentDomain" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Equity Component [Domain]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EquityComponentDomain" xlink:to="lab_us-gaap_EquityComponentDomain"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_EquityComponentDomain" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US">Equity Component [Domain]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CommonStockMember" xlink:label="loc_us-gaap_CommonStockMember"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_CommonStockMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Common stock</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommonStockMember" xlink:to="lab_us-gaap_CommonStockMember"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AdditionalPaidInCapitalMember" xlink:label="loc_us-gaap_AdditionalPaidInCapitalMember"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_AdditionalPaidInCapitalMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Additional paid-in capital</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AdditionalPaidInCapitalMember" xlink:to="lab_us-gaap_AdditionalPaidInCapitalMember"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_TreasuryStockMember" xlink:label="loc_us-gaap_TreasuryStockMember"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_TreasuryStockMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Treasury Stock</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TreasuryStockMember" xlink:to="lab_us-gaap_TreasuryStockMember"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ComprehensiveIncomeMember" xlink:label="loc_us-gaap_ComprehensiveIncomeMember"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_ComprehensiveIncomeMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Comprehensive income</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_RetainedEarningsMember" xlink:label="loc_us-gaap_RetainedEarningsMember"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_RetainedEarningsMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Retained earnings</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RetainedEarningsMember" xlink:to="lab_us-gaap_RetainedEarningsMember"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AccumulatedOtherComprehensiveIncomeMember" xlink:label="loc_us-gaap_AccumulatedOtherComprehensiveIncomeMember"/>
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    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AccumulatedOtherComprehensiveIncomeMember" xlink:to="lab_us-gaap_AccumulatedOtherComprehensiveIncomeMember"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_IncreaseDecreaseInStockholdersEquityRollForward" xlink:label="loc_us-gaap_IncreaseDecreaseInStockholdersEquityRollForward"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_IncreaseDecreaseInStockholdersEquityRollForward" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Increase (Decrease) In Stockholders Equity [Roll Forward]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInStockholdersEquityRollForward" xlink:to="lab_us-gaap_IncreaseDecreaseInStockholdersEquityRollForward"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_IncreaseDecreaseInStockholdersEquityRollForward" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US">Increase (Decrease) in Stockholders' Equity [Roll Forward]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CommonStockSharesOutstanding" xlink:label="loc_us-gaap_CommonStockSharesOutstanding"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_CommonStockSharesOutstanding" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Common Stock, Shares, Outstanding</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommonStockSharesOutstanding" xlink:to="lab_us-gaap_CommonStockSharesOutstanding"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_CommonStockSharesOutstanding" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US">Balance (shares)</label>
    <label xlink:type="resource" xlink:label="lab_us-gaap_CommonStockSharesOutstanding" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xml:lang="en-US">Balance (shares)</label>
    <label xlink:type="resource" xlink:label="lab_us-gaap_CommonStockSharesOutstanding" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xml:lang="en-US">Balance (shares)</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterestAbstract" xlink:label="loc_us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterestAbstract"/>
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    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterestAbstract" xlink:to="lab_us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterestAbstract"/>
    <label xlink:type="resource" xlink:label="lab_us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterestAbstract" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US">Comprehensive income</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecreaseAbstract" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecreaseAbstract"/>
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<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>13
<FILENAME>valu-20110731_pre.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE
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  <body><span style="display: none;">v2.3.0.11</span><table class="report" border="0" cellspacing="2" id="ID0E6OAC">
      <tr>
        <th class="tl" colspan="1" rowspan="1">
          <div style="width: 200px;"><strong>Consolidated Condensed Balance Sheets (Parentheicals) (USD $)<br>In Thousands, except Share data</strong></div>
        </th>
        <th class="th">
          <div>Jul. 31, 2011</div>
        </th>
        <th class="th">
          <div>Apr. 30, 2011</div>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementOfFinancialPositionAbstract', window );"><strong>Statement Of Financial Position [Abstract]</strong></a></td>
        <td class="text"> <span></span></td>
        <td class="text"> <span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShortTermInvestments', window );">Short term investments (in dollars)</a></td>
        <td class="nump">$ 6,615<span></span></td>
        <td class="nump">$ 6,158<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent', window );">Allowance for doubtful accounts (in dollars)</a></td>
        <td class="nump">$ 45<span></span></td>
        <td class="nump">$ 45<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockParOrStatedValuePerShare', window );">Common stock, Par value (in dollars per share)</a></td>
        <td class="nump">$ 0.10<span></span></td>
        <td class="nump">$ 0.10<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesAuthorized', window );">Common stock, shares authorized</a></td>
        <td class="nump">30,000,000<span></span></td>
        <td class="nump">30,000,000<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesIssued', window );">Common stock, shares issued</a></td>
        <td class="nump">10,000,000<span></span></td>
        <td class="nump">10,000,000<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TreasuryStockShares', window );">Treasury stock, at cost</a></td>
        <td class="nump">36,819<span></span></td>
        <td class="nump">25,119<span></span></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>A valuation allowance for trade and other receivables due to an Entity within one year (or the normal operating cycle, whichever is longer) that are expected to be uncollectible.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 02<br> -Paragraph 4<br> -Article 5<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 310<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=6965416&amp;loc=d3e5074-111524<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.4)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br></p>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Face amount or stated value of common stock per share; generally not indicative of the fair market value per share.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 02<br> -Paragraph 30<br> -Article 5<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Statement of Financial Accounting Standard (FAS)<br> -Number 129<br> -Paragraph 4<br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.29)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The maximum number of common shares permitted to be issued by an entity's charter and bylaws.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 02<br> -Paragraph 30<br> -Article 5<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.29)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br></p>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury.</p>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShortTermInvestments">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Investments which are intended to be sold in the short term (usually less than one year or the normal operating cycle, whichever is longer) including trading securities, available-for-sale securities, held-to-maturity securities, and other short-term investments not otherwise listed in the existing taxonomy.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Article 7<br> -Section 03<br> -Paragraph 1<br> -Subparagraph g<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.2)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ShortTermInvestments</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementOfFinancialPositionAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_StatementOfFinancialPositionAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_TreasuryStockShares">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Number of common and preferred shares that were previously issued and that were repurchased by the issuing entity and held in treasury on the financial statement date. This stock has no voting rights and receives no dividends.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 02<br> -Paragraph 29, 30<br> -Article 5<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.28,29)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_TreasuryStockShares</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
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<DESCRIPTION>IDEA: XBRL DOCUMENT
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﻿<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=utf-8">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.3.0.11</span><table class="report" border="0" cellspacing="2" id="ID0EFXAE">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Consolidated Condensed Statements of Income (USD $)<br>In Thousands, except Share data</strong></div>
        </th>
        <th class="th" colspan="2">3 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Jul. 31, 2011</div>
        </th>
        <th class="th">
          <div>Jul. 31, 2010</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RevenuesAbstract', window );"><strong>Revenues:</strong></a></td>
        <td class="text"> <span></span></td>
        <td class="text"> <span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SubscriptionRevenue', window );">Investment periodicals and related publications</a></td>
        <td class="nump">$ 8,398<span></span></td>
        <td class="nump">$ 8,617<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LicensesRevenue', window );">Copyright data fees</a></td>
        <td class="nump">972<span></span></td>
        <td class="nump">777<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetManagementFees', window );">Investment management fees &amp; services</a></td>
        <td class="text"> <span></span></td>
        <td class="nump">4,215<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Revenues', window );">Total revenues</a></td>
        <td class="nump">9,370<span></span></td>
        <td class="nump">13,609<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingExpensesAbstract', window );"><strong>Expenses:</strong></a></td>
        <td class="text"> <span></span></td>
        <td class="text"> <span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MarketingAndAdvertisingExpense', window );">Advertising and promotion</a></td>
        <td class="nump">1,121<span></span></td>
        <td class="nump">1,718<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LaborAndRelatedExpense', window );">Salaries and employee benefits</a></td>
        <td class="nump">3,640<span></span></td>
        <td class="nump">3,877<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherSellingAndMarketingExpense', window );">Production and distribution</a></td>
        <td class="nump">1,229<span></span></td>
        <td class="nump">1,138<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherGeneralAndAdministrativeExpense', window );">Office and administration</a></td>
        <td class="nump">1,742<span></span></td>
        <td class="nump">3,330<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingExpenses', window );">Total expenses</a></td>
        <td class="nump">7,732<span></span></td>
        <td class="nump">10,063<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingIncomeLoss', window );">Income from operations</a></td>
        <td class="nump">1,638<span></span></td>
        <td class="nump">3,546<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_valu_RevenuesAndProfitsDistributionFromEamTrust', window );">Revenues and profits interests in EAM Trust</a></td>
        <td class="nump">1,572<span></span></td>
        <td class="text"> <span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InvestmentIncomeNet', window );">Income from securities transactions, net</a></td>
        <td class="nump">11<span></span></td>
        <td class="nump">37<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest', window );">Income before income taxes</a></td>
        <td class="nump">3,221<span></span></td>
        <td class="nump">3,583<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxExpenseBenefit', window );">Income tax provision</a></td>
        <td class="nump">1,145<span></span></td>
        <td class="nump">1,266<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProfitLoss', window );">Net income</a></td>
        <td class="nump">$ 2,076<span></span></td>
        <td class="nump">$ 2,317<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareBasicAndDiluted', window );">Earnings per share, basic &amp; fully diluted (in dollars per share)</a></td>
        <td class="nump">$ 0.21<span></span></td>
        <td class="nump">$ 0.23<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_valu_WeightedAverageNumberOfCommonShares', window );">Weighted average number of common shares (in shares)</a></td>
        <td class="nump">9,965,021<span></span></td>
        <td class="nump">9,981,600<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetManagementFees">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Revenue recognized in the period for (1) performance (incentive) fees based on the investment results achieved for management of certain institutional accounts and hedge funds, (2) schedule-based fees earned for management of mutual funds and closed-end funds, based either on average daily net assets or on a combination of the average daily net assets and gross income, and (3) other investment management and advisory fees.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher AICPA<br> -Name Audit and Accounting Guide (AAG)<br> -Number AAG-BRD<br> -Chapter 4<br> -Paragraph 9, 51, 59<br> -IssueDate 2006-05-01<br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04.13(a),(d))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AssetManagementFees</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EarningsPerShareBasicAndDiluted">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount of net income or loss for the period per each share in instances when basic and diluted earnings per share are the same amount and reported as a single line item on the face of the financial statements.  Basic earnings per share is the amount of net income or loss for the period per each share of common stock or unit outstanding during the reporting period.  Diluted earnings per share includes the amount of net income or loss for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_EarningsPerShareBasicAndDiluted</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:perShareItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>This element represents the income or loss from continuing operations attributable to the economic entity which may also be defined as revenue less expenses from ongoing operations, after income or loss from equity method investments, but before income taxes, extraordinary items, and noncontrolling interest.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Article 5<br> -Section 03<br> -Paragraph 10<br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeTaxExpenseBenefit">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The sum of the current income tax expense or benefit and the deferred income tax expense or benefit pertaining to continuing operations.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Income Tax Expense (or Benefit)<br> -URI http://asc.fasb.org/extlink&amp;oid=6515339<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 9<br> -Subparagraph (a),(b)<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32639-109319<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 08<br> -Paragraph h<br> -Article 4<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Statement of Financial Accounting Standard (FAS)<br> -Number 109<br> -Paragraph 45<br> -Subparagraph a, b<br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08.(h))<br> -URI http://asc.fasb.org/extlink&amp;oid=6881521&amp;loc=d3e23780-122690<br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncomeTaxExpenseBenefit</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>This item represents investment income derived from investments in debt and equity securities consisting of interest income earned from investments in debt securities and on cash and cash equivalents, dividend income from investments in equity securities, and income or expense derived from the amortization of investment related discounts or premiums, respectively, net of related investment expenses. This item does not include realized or unrealized gains or losses on the sale or holding of investments in debt and equity securities required to be included in earnings for the period or for other than temporary losses related to investments in debt and equity securities which are included in realized losses in the period recognized, and does not include investment income from real or personal property, such as rental income.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.9)<br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.7(a),(b))<br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name FASB Staff Position (FSP)<br> -Number FAS115-1/124-1<br> -Paragraph 13, 14, 15, 16<br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Statement of Financial Accounting Standard (FAS)<br> -Number 115<br> -Paragraph 14, 16<br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.8)<br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_InvestmentIncomeNet</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
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                    <td><strong> Balance Type:</strong></td>
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                    <td><strong> Period Type:</strong></td>
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          </td>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The aggregate amount of expenditures for salaries, wages, profit sharing and incentive compensation, and other employee benefits, including equity-based compensation, and pension and other postretirement benefit expense.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.4)<br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_LaborAndRelatedExpense</nobr></td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
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              </div>
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          </td>
        </tr>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Revenue earned during the period relating to consideration received from another party for the right to use, but not own, certain of the entity's intangible assets. Licensing arrangements include, but are not limited to, rights to use a patent, copyright, technology, manufacturing process, software or trademark. Licensing fees are generally, but not always, fixed as to amount and not dependent upon the revenue generated by the licensing party. An entity may receive licensing fees for licenses that also generate royalty payments to the entity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.1(e))<br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_LicensesRevenue</nobr></td>
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                    <td><strong> Period Type:</strong></td>
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            </div>
          </td>
        </tr>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_MarketingAndAdvertisingExpense">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The total expense recognized in the period for promotion, public relations, and brand or product advertising.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.4)<br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_MarketingAndAdvertisingExpense</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap</td>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Generally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Includes selling, general and administrative expense.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OperatingExpenses</nobr></td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingExpensesAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OperatingExpensesAbstract</nobr></td>
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                    <td><strong> Data Type:</strong></td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
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              </div>
            </div>
          </td>
        </tr>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The net result for the period of deducting operating expenses from operating revenues.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OperatingIncomeLoss</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap</td>
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                    <td><strong> Data Type:</strong></td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
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                    <td><strong> Period Type:</strong></td>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The sum of expenses not otherwise specified in the taxonomy for managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.4)<br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OtherGeneralAndAdministrativeExpense</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap</td>
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                    <td><strong> Period Type:</strong></td>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Other expenses directly related to the marketing or selling of products or services not otherwise defined.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.4)<br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OtherSellingAndMarketingExpense</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap</td>
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                    <td><strong> Data Type:</strong></td>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 55<br> -Paragraph 4J<br> -URI http://asc.fasb.org/extlink&amp;oid=6922042&amp;loc=SL4591551-111686<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher AICPA<br> -Name Accounting Research Bulletin (ARB)<br> -Number 51<br> -Paragraph 38<br> -Subparagraph a<br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher AICPA<br> -Name Accounting Research Bulletin (ARB)<br> -Number 51<br> -Paragraph A1, A4, A5<br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher AICPA<br> -Name Accounting Research Bulletin (ARB)<br> -Number 51<br> -Paragraph 38<br> -Subparagraph c(1)<br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher AICPA<br> -Name Accounting Research Bulletin (ARB)<br> -Number 51<br> -Paragraph 29<br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1A<br> -Subparagraph (a),(c)<br> -URI http://asc.fasb.org/extlink&amp;oid=6921930&amp;loc=SL4573702-111684<br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 55<br> -Paragraph 4K<br> -URI http://asc.fasb.org/extlink&amp;oid=6922042&amp;loc=SL4591552-111686<br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher AICPA<br> -Name Accounting Research Bulletin (ARB)<br> -Number 51<br> -Paragraph 5<br> -Subparagraph b<br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 45<br> -Paragraph 19<br> -URI http://asc.fasb.org/extlink&amp;oid=6921628&amp;loc=SL4569616-111683<br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ProfitLoss</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap</td>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Aggregate revenue recognized during the period (derived from goods sold, services rendered, insurance premiums, or other activities that constitute an entity's earning process). For financial services companies, also includes investment and interest income, and sales and trading gains.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Article 5<br> -Section 03<br> -Paragraph 1<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.1)<br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_Revenues</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RevenuesAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_RevenuesAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SubscriptionRevenue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Revenue from sale of subscriptions (such as subscriptions to a magazine or newspaper).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.1(a))<br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_SubscriptionRevenue</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_valu_RevenuesAndProfitsDistributionFromEamTrust">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The aggregate amount of other income amounts, the components of which are not separately disclosed on the income statement, resulting from Revenues and profits distribution from EAM Trust.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>valu_RevenuesAndProfitsDistributionFromEamTrust</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>valu</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_valu_WeightedAverageNumberOfCommonShares">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Number of [basic] shares, after adjustment for contingently issuable shares and other shares not deemed outstanding, determined by relating the portion of time within a reporting period that common shares have been outstanding.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>valu_WeightedAverageNumberOfCommonShares</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>valu</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>16
<FILENAME>R1.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
﻿<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=utf-8">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.3.0.11</span><table class="report" border="0" cellspacing="2" id="ID0E4KAE">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Document and Entity Information<br></strong></div>
        </th>
        <th class="th" colspan="1">3 Months Ended</th>
        <th class="th" colspan="1"></th>
      </tr>
      <tr>
        <th class="th">
          <div>Jul. 31, 2011</div>
        </th>
        <th class="th">
          <div>Aug. 31, 2011</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_valu_DocumentAndEntityInformationAbstract', window );"><strong>Document and Entity Information [Abstract]</strong></a></td>
        <td class="text"> <span></span></td>
        <td class="text"> <span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
        <td class="text">VALUE LINE INC<span></span></td>
        <td class="text"> <span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
        <td class="text">0000717720<span></span></td>
        <td class="text"> <span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
        <td class="text">valu<span></span></td>
        <td class="text"> <span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCurrentReportingStatus', window );">Entity Current Reporting Status</a></td>
        <td class="text">Yes<span></span></td>
        <td class="text"> <span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityVoluntaryFilers', window );">Entity Voluntary Filers</a></td>
        <td class="text">No<span></span></td>
        <td class="text"> <span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_CurrentFiscalYearEndDate', window );">Current Fiscal Year End Date</a></td>
        <td class="text">--04-30<span></span></td>
        <td class="text"> <span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityFilerCategory', window );">Entity Filer Category</a></td>
        <td class="text">Non-accelerated Filer<span></span></td>
        <td class="text"> <span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCommonStockSharesOutstanding', window );">Entity Common Stock, Shares Outstanding</a></td>
        <td class="text"> <span></span></td>
        <td class="nump">9,940,881<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
        <td class="text">10-Q<span></span></td>
        <td class="text"> <span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
        <td class="text">Jul. 31,
         2011<span></span></td>
        <td class="text"><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
        <td class="text">false<span></span></td>
        <td class="text"> <span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentFiscalYearFocus', window );">Document Fiscal Year Focus</a></td>
        <td class="text">2012<span></span></td>
        <td class="text"> <span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentFiscalPeriodFocus', window );">Document Fiscal Period Focus</a></td>
        <td class="text">Q1<span></span></td>
        <td class="text"> <span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>If the value is true, then the document as an amendment to previously-filed/accepted document.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_AmendmentFlag</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:booleanItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CurrentFiscalYearEndDate">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>End date of current fiscal year in the format --MM-DD.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_CurrentFiscalYearEndDate</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:gMonthDayItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentFiscalPeriodFocus">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>This is focus fiscal period of the document report. For a first quarter 2006 quarterly report, which may also provide financial information from prior periods, the first fiscal quarter should be given as the fiscal period focus. Values: FY, Q1, Q2, Q3, Q4, H1, H2, M9, T1, T2, T3, M8, CY.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_DocumentFiscalPeriodFocus</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>dei:fiscalPeriodItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentFiscalYearFocus">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>This is focus fiscal year of the document report in CCYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_DocumentFiscalYearFocus</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:gYearItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented.  If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_DocumentPeriodEndDate</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:dateItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The type of document being provided (such as 10-K, 10-Q, N-1A, etc). The document type is limited to the same value as the supporting SEC submission type, minus any "/A" suffix. The acceptable values are as follows: S-1, S-3, S-4, S-11, F-1, F-3, F-4, F-9, F-10, 6-K, 8-K, 10, 10-K, 10-Q, 20-F, 40-F, N-1A, 485BPOS, 497, NCSR, N-CSR, N-CSRS, N-Q, 10-KT, 10-QT, 20-FT, and Other.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_DocumentType</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>dei:submissionTypeItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
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                <p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12b<br> -Subsection 1<br><br></p>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Indicate number of shares outstanding of each of registrant's classes of common stock, as of latest practicable date. Where multiple classes exist define each class by adding class of stock items such as Common Class A [Member], Common Class B [Member] onto the Instrument [Domain] of the Entity Listings, Instrument</p>
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                    <td><strong> Name:</strong></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Indicate "Yes" or "No" whether registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure.</p>
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                    <td><strong> Name:</strong></td>
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                <p>Indicate whether the registrant is one of the following: (1) Large Accelerated Filer, (2) Accelerated Filer, (3) Non-accelerated Filer, or (4) Smaller Reporting Company. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure.</p>
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                <p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p>
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                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12b<br> -Subsection 1<br><br></p>
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                <p>Indicate "Yes" or "No" if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.</p>
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                <p>Trading symbol of an instrument as listed on an exchange.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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﻿<html>
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  <body><span style="display: none;">v2.3.0.11</span><table class="report" border="0" cellspacing="2" id="ID0E2H">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Comprehensive Income:<br></strong></div>
        </th>
        <th class="th" colspan="1">3 Months Ended</th>
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      <tr>
        <th class="th">
          <div>Jul. 31, 2011</div>
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        <td class="text"> <span></span></td>
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        <td class="text"><div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;font-weight:bold;" >Note 6-Comprehensive Income:<br></br>
</font>
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" >
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >The FASB&#8217;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.<br></br>
</font>
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >As of July 31, 2011, the Company held both equity and U.S. Government debt securities that are classified as available-for-sale on the Consolidated Condensed Balance Sheets. At July 31, 2010, the Company held U.S. Government debt securities that are classified as 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&#8217;s Consolidated Condensed Balance Sheets.<br></br>
</font>
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" >
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >The components of comprehensive income that are included in the Statement of Changes in Shareholders&#8217; Equity are as follows:
</font>
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" >
</div><div style="text-align:justify;" ><table cellspacing="0" cellpadding="0" width="80%" style="text-align:justify;font-family:times new roman;font-size:10pt;" ><tr style="text-align:justify;" ><td valign="bottom" width="44%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="10%" colspan="2" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="10%" colspan="2" style="text-align:center;" ><div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >(in thousands)
</font>
</div>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="10%" colspan="2" style="text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td>
</tr><tr><td valign="bottom" width="44%" style="text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="10%" colspan="2" style="text-align:center;" ><div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Before
</font>
</div>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="10%" colspan="2" style="text-align:center;" ><div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Tax
</font>
</div>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="10%" colspan="2" style="text-align:center;" ><div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Net of
</font>
</div>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td>
</tr><tr><td valign="bottom" width="44%" style="text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="10%" colspan="2" style="text-align:center;" ><div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Tax
</font>
</div>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="10%" colspan="2" style="text-align:center;" ><div
 style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >(Expense)
</font>
</div>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="10%" colspan="2" style="text-align:center;" ><div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Tax
</font>
</div>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td>
</tr><tr><td valign="bottom" width="44%" style="text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="10%" colspan="2" style="text-align:center;" ><div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Amount
</font>
</div>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="10%" colspan="2" style="text-align:center;" ><div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >or Benefit
</font>
</div>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="10%" colspan="2" style="text-align:center;" ><div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Amount
</font>
</div>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td>
</tr><tr><td valign="bottom" width="44%" style="text-align:justify;" ><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Three months ended July 31, 2011
</font>
</div>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="10%" colspan="2" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="10%" colspan="2" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="10%" colspan="2" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td>
</tr><tr><td valign="bottom" width="44%" style="text-align:justify;" ><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Unrealized losses on securities:
</font>
</div>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="10%" colspan="2" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="10%" colspan="2" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="10%" colspan="2" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td>
</tr><tr><td valign="bottom" width="44%" style="text-align:justify;" ><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Unrealized holding losses arising during the
</font>
</div>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="10%" colspan="2" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom"
 width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="10%" colspan="2" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="10%" colspan="2" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td>
</tr><tr><td valign="bottom" width="44%" style="text-align:justify;" ><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >period
</font>
</div>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >$
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >(80
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >)
</font>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >$
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >28
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >$
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >(52
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >)
</font>
</td>
</tr><tr><td valign="bottom" width="44%" style="text-align:justify;" ><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Add: Reclassification adjustments
</font>
</div>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td>
</tr><tr><td valign="bottom" width="44%" style="text-align:justify;padding-bottom:2px;" ><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >for losses realized in net income
</font>
</div>
</td><td valign="bottom" width="1%" style="text-align:justify;padding-bottom:2px;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="border-bottom:black 2px solid;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="border-bottom:black 2px solid;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >5
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="border-bottom:black 2px solid;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="border-bottom:black 2px solid;text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="border-bottom:black 2px solid;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="border-bottom:black 2px solid;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >(2
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap"
 style="border-bottom:black 2px solid;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >)
</font>
</td><td valign="bottom" width="1%" style="border-bottom:black 2px solid;text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="border-bottom:black 2px solid;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="border-bottom:black 2px solid;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >3
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="border-bottom:black 2px solid;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td>
</tr><tr><td valign="bottom" width="44%" style="text-align:justify;padding-bottom:4px;" ><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Other comprehensive loss
</font>
</div>
</td><td valign="bottom" width="1%" style="text-align:justify;padding-bottom:4px;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="border-bottom:black 4px double;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >$
</font>
</td><td valign="bottom" width="9%" style="border-bottom:black 4px double;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >(75
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="border-bottom:black 4px double;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >)
</font>
</td><td valign="bottom" width="1%" style="border-bottom:black 4px double;text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="border-bottom:black 4px double;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >$
</font>
</td><td valign="bottom" width="9%" style="border-bottom:black 4px double;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >26
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="border-bottom:black 4px double;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="border-bottom:black 4px double;text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="border-bottom:black 4px double;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >$
</font>
</td><td valign="bottom" width="9%" style="border-bottom:black 4px double;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >(49
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="border-bottom:black 4px double;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >)
</font>
</td>
</tr><tr><td valign="bottom" width="44%" style="text-align:justify;" ><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Three months ended July 31, 2010
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</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td>
</tr><tr><td valign="bottom" width="44%" style="text-align:justify;" ><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Unrealized losses on securities:
</font>
</div>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font
 style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td>
</tr><tr><td valign="bottom" width="44%" style="text-align:justify;" ><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Unrealized holding losses arising during the
</font>
</div>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td>
</tr><tr><td valign="bottom" width="44%" style="text-align:justify;padding-bottom:2px;" ><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >period
</font>
</div>
</td><td valign="bottom" width="1%" style="text-align:justify;padding-bottom:2px;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="border-bottom:black 2px solid;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >$
</font>
</td><td valign="bottom" width="9%" style="border-bottom:black 2px solid;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >(15
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="border-bottom:black 2px solid;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >)
</font>
</td><td valign="bottom" width="1%" style="border-bottom:black 2px solid;text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="border-bottom:black 2px solid;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >$
</font>
</td><td valign="bottom" width="9%" style="border-bottom:black 2px solid;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >5
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="border-bottom:black 2px solid;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="border-bottom:black 2px solid;text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="border-bottom:black 2px solid;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >$
</font>
</td><td valign="bottom" width="9%" style="border-bottom:black 2px solid;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >(10
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="border-bottom:black 2px solid;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >)
</font>
</td>
</tr><tr><td valign="bottom" width="44%" style="text-align:justify;padding-bottom:4px;" ><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Other comprehensive loss
</font>
</div>
</td><td valign="bottom" width="1%" style="text-align:justify;padding-bottom:4px;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="border-bottom:black 4px double;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >$
</font>
</td><td valign="bottom" width="9%" style="border-bottom:black 4px double;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >(15
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="border-bottom:black 4px double;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >)
</font>
</td><td valign="bottom" width="1%" style="border-bottom:black 4px double;text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="border-bottom:black 4px double;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >$
</font>
</td><td valign="bottom" width="9%" style="border-bottom:black 4px double;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >5
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="border-bottom:black 4px
 double;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="border-bottom:black 4px double;text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="border-bottom:black 4px double;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >$
</font>
</td><td valign="bottom" width="9%" style="border-bottom:black 4px double;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >(10
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="border-bottom:black 4px double;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >)
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for comprehensive income.  Includes, but is not limited to,  the following:  1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income. Components of comprehensive income include: (1) foreign currency translation adjustments; (2) gains (losses) on foreign currency transactions that are designated as, and are effective as, economic hedges of a net investment in a foreign entity; (3) gains (losses) on intercompany foreign currency transactions that are of a long-term-investment nature, when the entities to the transaction are consolidated, combined, or accounted for by the equity method in the reporting enterprise's financial statements; (4) change in the market value of a futures contract that qualifies as a hedge of an asset reported at fair value; (5) unrealized holding gains (losses) on available-for-sale securities and that resulting from transfers of debt securities from the held-to-maturity category to the available-for-sale category; (6) a net loss recognized as an additional pension liability not yet recognized as net periodic pension cost; and (7)  the net gain (loss) and net prior service cost or credit for pension plans and other postretirement benefit plans.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 55<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6920433&amp;loc=d3e998-108581<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 15<br> -URI http://asc.fasb.org/extlink&amp;oid=6920043&amp;loc=d3e689-108580<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 11<br> -URI http://asc.fasb.org/extlink&amp;oid=6920043&amp;loc=d3e637-108580<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 17<br> -URI http://asc.fasb.org/extlink&amp;oid=6920043&amp;loc=d3e716-108580<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 14<br> -URI http://asc.fasb.org/extlink&amp;oid=6920043&amp;loc=d3e681-108580<br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Reclassification Adjustments<br> -URI http://asc.fasb.org/extlink&amp;oid=6522872<br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Statement of Financial Accounting Standard (FAS)<br> -Number 130<br> -Paragraph 14-26<br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 12<br> -URI http://asc.fasb.org/extlink&amp;oid=6920043&amp;loc=d3e640-108580<br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187085-122770<br><br>Reference 10: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 13<br> -URI http://asc.fasb.org/extlink&amp;oid=6920043&amp;loc=d3e653-108580<br><br>Reference 11: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 16<br> -URI http://asc.fasb.org/extlink&amp;oid=6920043&amp;loc=d3e709-108580<br><br></p>
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  <body><span style="display: none;">v2.3.0.11</span><table class="report" border="0" cellspacing="2" id="ID0E2H">
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        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Legal Proceedings and Restructuring:<br></strong></div>
        </th>
        <th class="th" colspan="1">3 Months Ended</th>
      </tr>
      <tr>
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          <div>Jul. 31, 2011</div>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_valu_LegalProceedingsAndRestructuringAbstract', window );"><strong>Legal Proceedings and Restructuring [Abstract]</strong></a></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LegalMattersAndContingenciesTextBlock', window );">Legal Proceedings and Restructuring:</a></td>
        <td class="text"><div><div style="text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;font-weight:bold;" >Note 11-Legal Proceedings and Restructuring:<br></br>
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</div><div style="text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;text-align:justify;" >
</div><div style="text-indent:36pt;display:block;margin-left:0pt;margin-right:0pt;text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >As more fully disclosed under the caption Legal Proceedings and Restructuring under Part I, item 3 in the Company&#8217;s Form 10-K filed with the SEC on July 29, 2011, the Company concluded a negotiated settlement with the SEC as a result of an investigation into former brokerage practices (the &#8220;Settlement&#8221;). Value Line had voluntarily suspended the brokerage activity in 2004, five years prior to the Settlement, so the Settlement will not result in any change in such revenue compared to more recent fiscal years. As further described below, the Settlement also resulted in the investment adviser business (including the distributor) being transferred to EAM. Value Line continues to have both a non-voting revenues interest and a non-voting profits interest in EAM. As a result of the Restructuring Transaction, Value Line ceased to &#8220;control&#8221; (as that term is defined in the 1940 Act) the Adviser or the Distributor. Under the terms of the Settlement with the SEC, two individuals who participated in the Settlement were barred from association with any broker, dealer, or investment adviser and were prohibited from serving or acting in various capacities, including as an &#8220;affiliated person&#8221; (as that term is defined in the 1940 Act) of the Funds, the Adviser or the Distributor subject to a limited exception until December 24, 2010. The required &#8220;disassociation&#8221; was accomplished on December 23, 2010 upon the closing of the Restructuring Transaction whereby EAM, a Delaware business trust, succeeded to the regulated businesses and the Company transferred 100% of the voting control over the regulated investment adviser and broker-dealer subsidiaries formerly conducted by the Company to five individual voting profits interest holders of EAM, none of whom is under the control of the Company or its direct or indirect majority shareholder.<br></br>
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</div><div style="text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;text-align:justify;" >
</div><div style="text-indent:36pt;display:block;margin-left:0pt;margin-right:0pt;text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >In connection with the Settlement, the Company without admitting or denying the SEC charges, paid $43,706,000 to the SEC in November 2009. Subsequent to the Settlement and pursuant to Section 308(a) of the Sarbanes-Oxley Act of 2002, the Company&#8217;s disgorgement, interest and penalty payments were placed into a Fair Fund created by the SEC. The Fair Fund will be used to reimburse shareholders who owned shares in the affected Value Line Funds in the period covered by the Settlement. The Company is required to bear all costs associated with the Fair Fund distribution, including compensating a third party consultant appointed by the SEC to administer the Fair Fund distribution. During fiscal 2011, the SEC appointed A.B. Data, Ltd. as the Administrator of the Fair Fund. A.B. Data, Ltd. has no affiliation with the Company. In connection with its ongoing administration of the Fair Fund, A.B. Data, Ltd and the Company estimated that the costs of administration for settlement of the Fair Fund and other costs associated with the Settlement and the Restructuring Transaction would be approximately $2,633,000 of which the unpaid amount of $1,384,000 and $1,464,000 are reflected as a liability in the consolidated condensed balance sheets as of and July 31, 2011 and April 30, 2011, respectively.<br></br>
</font>
</div><div style="text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;text-align:justify;" >
</div><div style="text-indent:36pt;display:block;margin-left:0pt;margin-right:0pt;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >In connection with the Restructuring Transaction, in accordance with the requirements of the 1940 Act, at the time of the Restructuring Transaction, each Fund&#8217;s prior investment advisory agreement terminated and EAM entered into a new investment advisory agreement with each Fund. The services provided by EAM under each new agreement and the rates at which fees are paid by each Fund under its new agreement are the same as under that Fund&#8217;s prior investment advisory agreement. In addition, the other terms of each Fund&#8217;s new investment advisory agreement are the same as that Fund&#8217;s prior investment advisory agreement, except for the date of execution, the two-year initial term, immaterial updating changes and immaterial changes in form.
</font>
</div><div style="text-indent:0pt;display:block;" ><br />
</div><div style="text-indent:36pt;display:block;margin-left:0pt;margin-right:0pt;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Each Fund had a distribution agreement with ESI (the &#8220;Distributor&#8221;), a wholly-owned subsidiary of EAM LLC, pursuant to which the Distributor acted as principal underwriter and distributor of the Funds. As part of the Restructuring Transaction ESI was restructured as a Delaware limited liability company and changed its name to EULAV Securities LLC (which we sometimes refer to as &#8220;ES&#8221;). No other changes were made to the Distributor&#8217;s organization, including its operations and personnel. For its services under the agreements, the Distributor is not entitled to receive any compensation, although it is entitled to receive fees under each Fund&#8217;s Service and Distribution Plan.<br></br>
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</div><div style="text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;text-align:justify;" >
</div><div style="text-indent:36pt;display:block;margin-left:0pt;margin-right:0pt;text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >As part of the Restructuring Transaction, EAM&#8217;s capital structure was revised so that Value Line owns only a non-voting revenues interest and a non-voting profits interest in EAM and five individuals each own 20% of the voting profits interests of the Adviser (&#8220;EAM&#8221;). The holders of EAM&#8217;s voting profits interests elect five individual trustees and a Delaware resident trustee of EAM. The trustees of EAM other than the Delaware trustee manage the combined company consisting of the Adviser and the Distributor much like a board of directors. EAM&#8217;s holders of the voting profits
 interests elected themselves as the five initial individual trustees of the Adviser and the Corporation Trust Company as the Delaware resident trustee. The Trustees initially delegated the authority to manage the day-to-day business of the Adviser and the Distributor to the Adviser&#8217;s senior executive, Mitchell E. Appel, who is one of the Trustees and is also a Director of the Funds.<br></br>
</font>
</div><div style="text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;text-align:justify;" >
</div><div style="text-indent:36pt;display:block;margin-left:0pt;margin-right:0pt;text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Each of the five individuals holding voting profits interests in EAM was granted 20% of the voting power for the election of trustees and other matters submitted for approval by the holders of the profits interests of the Adviser in exchange for the agreement by such individual to act as an initial voting profits interest holder and, in the case of Mr. Appel, as the initial senior executive officer, of EAM in order to enable Value Line to complete the required disassociation from the Company&#8217;s regulated entities. Collectively, the holders of the voting profits interests are entitled to receive 50% of the residual profits of the business, in which the share of Mr. Appel is 45% and the others each 1.25%, subject to temporary adjustments in certain circumstances. Value Line retains a non-voting profits interest representing 50% of residual profits, subject to temporary adjustments in certain circumstances and has no power to vote for the election, removal or replacement of the trustees of EAM. Value Line also has a non-voting revenues interest in EAM pursuant to which it is entitled to receive a portion of the non-distribution revenues of the business ranging from 41% at non-distribution fee revenue levels of $9 million or less to 55% at such revenue levels of $35 million or more. In the event the business is sold or liquidated, the first $56.1 million of net proceeds (the value of the business at the time the Restructuring Transaction was approved as determined by the directors of Value Line after reviewing a valuation report by the directors&#8217; financial advisors) plus any additional capital contributions (Value Line or any holder of a voting profits interest, at its discretion, may make future contributions to its capital account in EAM), which contributions would increase its capital account but not its percentage interest in operating profits, will be distributed in accordance with capital accounts; 20% of the next $56.1 million will be distributed to the holders of the voting profits interests and 80% to the holders of the non-voting profits interests (initially Value Line); and the excess will be distributed 45% to the holders of the voting profits interests and 55% to the holders of the non-voting profits interests.
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</div><div style="text-indent:0pt;margin-left:0pt;margin-right:0pt;" ><div><div style="width:100%;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:8pt;" >
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</div><div style="page-break-after:always;width:100%;" ><div style="text-align:center;width:100%;" >
</div>
</div><div><div style="width:100%;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:8pt;" >
</font>
</div>
</div>
</div><div style="text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;text-align:justify;" >
</div><div style="text-indent:36pt;display:block;margin-left:0pt;margin-right:0pt;text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >In connection with the Restructuring Transaction, Value Line (1) granted the Adviser, the Distributor and each Fund use of the name &#8220;Value Line&#8221; so long as the Adviser remains the Fund&#8217;s adviser and on the condition that the Fund does not alter its investment objectives or fundamental policies as they exist on the date of the investment advisory agreement, provided also the Funds do not use leverage for investment purposes, short selling or other complex or unusual investment strategies that create a risk profile similar to that of so-called hedge funds, (2) agreed to provide the Adviser its ranking information without charge on as favorable a basis as to its best institutional customers and (3) agreed to capitalize the business with $7 million of cash and cash equivalents.<br></br>
</font>
</div><div style="text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;text-align:justify;" >
</div><div style="text-indent:36pt;display:block;margin-left:0pt;margin-right:0pt;text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >The EAM trust entity has no fixed term, but in the event that control of the Company&#8217;s majority shareholder changes, or in the event that the majority shareholder no longer beneficially owns 5% or more of the voting securities of the Company, then the Company has the right, but not the obligation, to buy the voting profits interests in EAM at a fair market value to be determined by an independent valuation firm in accordance with the terms of the EAM Trust Agreement.<br></br>
</font>
</div><div style="text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;text-align:justify;" >
</div><div style="text-indent:36pt;display:block;margin-left:0pt;margin-right:0pt;text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Value Line also has certain consent rights with respect to extraordinary events involving EAM, such as a proposed sale of all or a significant part of EAM, material acquisitions, entering into businesses other than asset management and fund distribution, paying compensation in excess of the mandated limit of 22.5%-30% of non-distribution fee revenues (depending on the level of such revenues), declaring voluntary bankruptcy, making material changes in tax or accounting policies or making substantial borrowings, and entering into related party transactions. These rights were established to protect Value Line&#8217;s non-voting revenues and non-voting profits interests in EAM.<br></br>
</font>
</div><div style="text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;text-align:justify;" >
</div><div style="text-indent:36pt;display:block;margin-left:0pt;margin-right:0pt;text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >On a short-term transitional basis, EAM and the Distributor occupied a portion of the premises that the Company leases from a third party. The Company received rental payments from EAM and provided certain accounting and other administrative support services to EAM on a transitional
 basis. In accordance with the terms of the Restructuring Transaction, EAM vacated the Company&#8217;s premises before June 1, 2011.<br></br>
</font>
</div><div style="text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;text-align:justify;" >
</div><div style="text-indent:36pt;display:block;margin-left:0pt;margin-right:0pt;text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >On September 3, 2008, the Company was served with a derivative shareholder&#8217;s suit filed in New York County Supreme Court (the &#8220;Court&#8221;) naming certain current and former directors of the Company and alleging breach of fiduciary duty and related allegations, most of which arise from the SEC matter. The complaint sought return of remuneration by the directors and other remedies. A second derivative shareholder&#8217;s suit was filed in New York County Supreme Court on or about November 9, 2009, naming certain current and former Value Line Directors and the Parent as defendants. This suit primarily restates the same or similar allegations and seeks similar remedies as were sought in the earlier derivative shareholder&#8217;s suit served in September 2008. By order dated January 8, 2010, the Court granted plaintiffs&#8217; motion to consolidate the two cases. The Company has advised its insurance carriers of these developments. It is not possible to estimate accurately an amount or range of loss on the Company&#8217;s financial statements.<br></br>
</font>
</div><div style="text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;text-align:justify;" >
</div><div style="text-indent:36pt;display:block;margin-left:0pt;margin-right:0pt;text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >The present and former directors who are defendants in the consolidated cases filed in 2008 and 2009 are Howard A. Brecher, Edgar A. Buttner, Jean B. Buttner and David T. Henigson. The complaints do not specify a basis for calculating remuneration that the actions seek to have returned to the Company, nor do the original or amended complaints state a total of such remuneration.<br></br>
</font>
</div><div style="text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;text-align:justify;" >
</div><div style="text-indent:36pt;display:block;margin-left:0pt;margin-right:0pt;text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Following mediation under the auspices of the Court, on March 22, 2011, an agreement in principle was reached by the parties to settle the litigation. The settlement in principle is subject to the parties&#8217; execution of a settlement agreement and Court approval. Provided the settlement agreement is consummated and approved, the settlement in principle calls for payment of settlement funds in an aggregate sum of $2.9 million for the benefit of the Company&#8217;s minority shareholders (the Company&#8217;s shareholders other than AB&amp;Co., all other named defendants and members of their immediate families). That sum is inclusive of any and all costs and expenses of the plaintiffs in relation to the case, including but not limited to legal fees and other charges and court costs. Since the settlement in principle calls for payment of settlement funds by parties other than the Company, the settlement of these cases on the terms contemplated by the settlement in principle, if completed, will have no material effect on the financial condition, results of operations or cash flows of the Company.
</font>
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  <body><span style="display: none;">v2.3.0.11</span><table class="report" border="0" cellspacing="2" id="ID0E2H">
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          <div style="width: 200px;"><strong>Investments:<br></strong></div>
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        <th class="th" colspan="1">3 Months Ended</th>
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          <div>Jul. 31, 2011</div>
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        <td class="text"><div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;font-weight:bold;" >Note 2-Investments:
</font>
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" >&#160;
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="font-style:italic;display:inline;font-family:times new roman;font-size:10pt;" >Securities Available-for-Sale:
</font>
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" >&#160;
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Securities held by the Company and its subsidiaries are classified as available-for-sale securities in accordance with FASB&#8217;s ASC 320, Investments - Debt and Equity Securities.
</font>
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" >&#160;
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="font-style:italic;display:inline;font-family:times new roman;font-size:10pt;" >Equity Securities:
</font>
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" >&#160;
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >As of July 31, 2011 and April 30, 2011, the aggregate cost of the equity securities classified as available-for-sale, which consist of investments in the First Trust Value Line Dividend, PGF PowerShares preferred stock and S&amp;P Dividend ETFs, and certain shares of equity securities was $1,360,000 for both periods&#160;and the market value was $1,392,000 and $1,466,000, respectively. There were no sales or proceeds from sales of equity securities during the three months ended July 31, 2011 or July 31,&#160;&#160;2010.
</font>
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" >&#160;
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" >
</div><div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" >
</div><div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" >
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" >&#160;
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >The decrease in gross unrealized gains on equity securities classified as available-for-sale due to changes in market conditions of $74,000, net of deferred taxes of $26,000, was included in Shareholders&#8217; Equity at July 31, 2011. The increase in gross unrealized gains on equity securities classified as available-for-sale due to changes in market conditions of $106,000, net of deferred taxes of $37,000, was included in Shareholders&#8217; Equity at&#160;&#160;April 30, 2011.
</font>
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" >&#160;
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="font-style:italic;display:inline;font-family:times new roman;font-size:10pt;" >Government Debt Securities (Fixed Income Securities):
</font>
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" >&#160;
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Government debt securities consist of securities issued by the United States federal government. The aggregate cost and fair value at July 31, 2011 for government debt securities classified as available-for-sale were as follows:
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</div><div style="text-align:justify;" ><table cellspacing="0" cellpadding="0" width="80%"  style="text-align:justify;font-family:times new roman;font-size:10pt;" ><tr style="text-align:justify;" ><td valign="bottom" width="42%" colspan="2"  style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td><td valign="bottom" width="1%"  style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td><td valign="bottom" width="10%" colspan="10"  style="text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >(in thousands)
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap"  style="text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
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</tr><tr><td valign="bottom" width="22%"  style="border-bottom:black 2px solid;text-align:left;" ><div style="text-align:left;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Maturity
</font>
</font>
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</td><td valign="bottom" width="20%"  style="text-align:left;padding-bottom:2px;" ><div style="text-align:left;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</div>
</td><td valign="bottom" width="1%"  style="text-align:center;padding-bottom:2px;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td><td valign="bottom" width="10%" colspan="2"  style="border-bottom:black 2px solid;text-align:center;" ><div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Historical
</font>
</font>
</div><font style="display:inline;font-family:times new roman;font-size:10pt;" >Cost
</font>
</div>
</td><td valign="bottom" width="1%" nowrap="nowrap"  style="border-bottom:black 2px solid;text-align:center;padding-bottom:2px;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td><td valign="bottom" width="1%"  style="border-bottom:black 2px solid;text-align:center;padding-bottom:2px;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td><td valign="bottom" width="10%" colspan="2"  style="border-bottom:black 2px solid;text-align:center;padding-bottom:2px;" ><div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Fair Value
</font>
</div>
</td><td valign="bottom" width="1%" nowrap="nowrap"  style="border-bottom:black 2px solid;text-align:center;padding-bottom:2px;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td><td valign="bottom" width="1%"  style="border-bottom:black 2px solid;text-align:center;padding-bottom:2px;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td><td valign="bottom" width="13%" colspan="2" nowrap="nowrap"  style="border-bottom:black 2px solid;text-align:center;padding-bottom:2px;" ><div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Gross Unrealized
</font>
</font>
</div><font style="display:inline;font-family:times new roman;font-size:10pt;" >Holding Gains/(Losses)
</font>
</div>
</td><td valign="bottom" width="1%" nowrap="nowrap"  style="border-bottom:black 2px solid;text-align:left;padding-bottom:2px;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td>
</tr><tr><td valign="bottom" width="42%" colspan="2"  style="text-align:justify;" ><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Due within 1 year
</font>
</div>
</td><td valign="bottom" width="1%"  style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td><td valign="bottom" width="1%"  style="border-bottom:black 2px solid;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >$
</font>
</td><td valign="bottom" width="9%"  style="border-bottom:black 2px solid;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >8,214
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap"  style="border-bottom:black 2px solid;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td><td valign="bottom" width="1%"  style="border-bottom:black 2px solid;text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td><td valign="bottom" width="1%"  style="border-bottom:black 2px solid;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >$
</font>
</td><td valign="bottom" width="9%"  style="border-bottom:black 2px solid;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >8,204
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap"  style="border-bottom:black 2px solid;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td><td valign="bottom" width="1%"  style="border-bottom:black 2px solid;text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td><td valign="bottom" width="1%"  style="border-bottom:black 2px solid;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >$
</font>
</td><td valign="bottom" width="12%"  style="border-bottom:black 2px solid;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >(10
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap"  style="border-bottom:black 2px solid;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >)
</font>
</td>
</tr><tr><td valign="bottom" width="42%" colspan="2"  style="text-align:justify;padding-bottom:4px;" ><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Total investment in government debt securities
</font>
</div>
</td><td valign="bottom" width="1%"  style="text-align:justify;padding-bottom:4px;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td><td valign="bottom" width="1%"  style="border-bottom:black 4px double;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >$
</font>
</td><td valign="bottom" width="9%"  style="border-bottom:black 4px double;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >8,214
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap"  style="border-bottom:black 4px double;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td><td valign="bottom" width="1%"  style="border-bottom:black 4px double;text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td><td valign="bottom" width="1%"  style="border-bottom:black 4px double;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >$
</font>
</td><td valign="bottom" width="9%"  style="border-bottom:black 4px double;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >8,204
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap"  style="border-bottom:black 4px double;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td><td valign="bottom" width="1%"  style="border-bottom:black 4px double;text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td><td valign="bottom" width="1%"  style="border-bottom:black 4px double;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >$
</font>
</td><td valign="bottom" width="12%"  style="border-bottom:black 4px double;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >(10
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap"  style="border-bottom:black 4px double;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >)
</font>
</td>
</tr>
</table>
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >The aggregate cost and fair value at April 30, 2011 for government debt securities classified as available-for-sale were as follows:
</font>
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" >&#160;
</div><div style="text-align:justify;" ><table cellspacing="0" cellpadding="0" width="80%"  style="text-align:justify;font-family:times new roman;font-size:10pt;" ><tr style="text-align:justify;" ><td valign="bottom" width="42%" colspan="2"  style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td><td valign="bottom" width="1%"  style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td><td valign="bottom" width="10%" colspan="10"  style="text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >(in thousands)
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap"  style="text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td>
</tr><tr><td valign="bottom" width="22%"  style="border-bottom:black 2px solid;text-align:left;" ><div style="text-align:left;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Maturity
</font>
</font>
</div>
</td><td valign="bottom" width="20%"  style="text-align:left;padding-bottom:2px;" ><div style="text-align:left;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</div>
</td><td valign="bottom" width="1%"  style="text-align:center;padding-bottom:2px;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td><td valign="bottom" width="10%" colspan="2"  style="border-bottom:black 2px solid;text-align:center;" ><div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Historical
</font>
</font>
</div><font style="display:inline;font-family:times new roman;font-size:10pt;" >Cost
</font>
</div>
</td><td valign="bottom" width="1%" nowrap="nowrap"  style="border-bottom:black 2px solid;text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td><td valign="bottom" width="1%"  style="border-bottom:black 2px solid;text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td><td valign="bottom" width="10%" colspan="2"  style="border-bottom:black 2px solid;text-align:center;" ><div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Fair Value
</font>
</div>
</td><td valign="bottom" width="1%" nowrap="nowrap"  style="border-bottom:black 2px solid;text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td><td valign="bottom" width="1%"  style="border-bottom:black 2px solid;text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td><td valign="bottom" width="13%" colspan="2" nowrap="nowrap"  style="border-bottom:black 2px solid;text-align:center;" ><div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Gross Unrealized
</font>
</font>
</div><font style="display:inline;font-family:times new roman;font-size:10pt;" >Holding Gains/(Losses)
</font>
</div>
</td><td valign="bottom" width="1%" nowrap="nowrap"  style="border-bottom:black 2px solid;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td>
</tr><tr><td valign="bottom" width="42%" colspan="2"  style="text-align:justify;padding-bottom:2px;" ><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Due within 1 year
</font>
</div>
</td><td valign="bottom" width="1%"  style="text-align:justify;padding-bottom:2px;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td><td valign="bottom" width="1%"  style="border-bottom:black 2px solid;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >$
</font>
</td><td valign="bottom" width="9%"  style="border-bottom:black 2px solid;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >11,217
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap"  style="border-bottom:black 2px solid;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td><td valign="bottom" width="1%"  style="border-bottom:black 2px solid;text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td><td valign="bottom" width="1%"  style="border-bottom:black 2px solid;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >$
</font>
</td><td valign="bottom" width="9%"  style="border-bottom:black 2px solid;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >11,208
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap"  style="border-bottom:black 2px solid;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td><td valign="bottom" width="1%"  style="border-bottom:black 2px solid;text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td><td valign="bottom" width="1%"  style="border-bottom:black 2px solid;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >$
</font>
</td><td valign="bottom" width="12%"  style="border-bottom:black 2px solid;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >(9
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap"  style="border-bottom:black 2px solid;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >)
</font>
</td>
</tr><tr><td valign="bottom" width="42%" colspan="2"  style="text-align:justify;padding-bottom:4px;" ><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Total investment in government debt securities
</font>
</div>
</td><td valign="bottom" width="1%"  style="text-align:justify;padding-bottom:4px;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td><td valign="bottom" width="1%"  style="border-bottom:black 4px double;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >$
</font>
</td><td valign="bottom" width="9%"  style="border-bottom:black 4px double;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >11,217
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap"  style="border-bottom:black 4px double;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td><td valign="bottom" width="1%"  style="border-bottom:black 4px double;text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td><td valign="bottom" width="1%"  style="border-bottom:black 4px double;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >$
</font>
</td><td valign="bottom" width="9%"  style="border-bottom:black 4px double;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >11,208
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap"  style="border-bottom:black 4px double;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td><td valign="bottom" width="1%"  style="border-bottom:black 4px double;text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td><td valign="bottom" width="1%"  style="border-bottom:black 4px double;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >$
</font>
</td><td valign="bottom" width="12%"  style="border-bottom:black 4px double;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >(9
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap"  style="border-bottom:black 4px double;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >)
</font>
</td>
</tr>
</table>
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >The increase in gross unrealized losses of $6,000 and $74,000 on fixed income securities classified as available-for-sale net of deferred income tax of $2,000 and $26,000, respectively, were included in Accumulated Other Comprehensive Income on the Consolidated Condensed Balance Sheets as of July 31, 2011 and April 30, 2011, respectively.
</font>
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Proceeds from sales of government debt securities classified as available-for-sale during the three months ended July 31, 2011 and July 31, 2010 were $2,998,000 and $6,706,000, respectively. During the three months ended July 31, 2011, losses on sales of fixed income securities of $5,000 were reclassified from Accumulated Other Comprehensive Income in the Balance Sheet to the Consolidated Condensed Statement of Income. During the three months ended July 31, 2010 there were no realized gains or losses on fixed income securities.
</font>
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" >&#160;
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >The average yield on the Government debt securities classified as available-for-sale at July 31, 2011 and April 30, 2011 was 0.23% and 0.24%, respectively.
</font>
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" >&#160;
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >During the three months ended July 31, 2011 and 2010, income from securities transactions also included $12,000 and $0 of dividend income; $8,000 and $39,000 of interest income, respectively.
</font>
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" >&#160;
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:281.45pt;" ><font style="font-style:italic;display:inline;font-family:times new roman;font-size:10pt;" >Investment in Unconsolidated Entities:
</font>
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:281.45pt;" ><font style="font-style:italic;display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:281.45pt;" ><font style="font-style:italic;display:inline;font-family:times new roman;font-size:10pt;" >Equity Method Investment:
</font>
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" >&#160;
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" >The Company recorded an asset, Investment in EAM, on its Consolidated Condensed Balance Sheet with an initial valuation as of December 23, 2010 of $55,805,000 as a result of the deconsolidation of EAM LLC and ESI, the former asset management and mutual fund distribution subsidiaries.&#160;&#160;In accordance with the Consolidation Topic of the FASB&#8217;s ASC, the Company recognized a pre-tax gain in net income of $50,510,000 measured as the difference between the fair value of the consideration received, valued at $51,690,000, and the carrying value of the former subsidiaries&#8217; assets and liabilities, which was comprised of $1,180,000 of working capital (cash), transferred pursuant to the Restructuring Transaction. The value of VLI&#8217;s investment in EAM at July 31, 2011 and April 30, 2011 reflects the fair value at December 23, 2010 of the non-voting revenues and profits interest received in the Restructuring Transaction, plus $5,820,000 of cash and liquid securities in excess of working capital requirements contributed to EAM&#8217;s capital account by VLI on December 23, 2010, plus earnings from EAM less earnings distributed to VLI by EAM, during the period from December 23, 2010 through the balance sheets dates.
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" >&#160;
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >In accordance with the EAM Trust Agreement and as mentioned above, EAM received $7,000,000 in cash and liquid securities from VLI pursuant to the Restructuring Transaction which included $1,180,000 of working capital deemed needed for operations and $5,820,000 in excess of working capital needs. 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. Although the distributor had historically received, from the Value Line Funds under the compensation plans it had in place with the Funds, amounts in excess of its actual expenditures, in more recent years the distributor has been spending amounts on promotion of the Value Line Funds in excess of the compensation received from the Funds. Over time, EAM anticipates that its total future expenditures on such promotion will equal or exceed its total future revenues under the Funds&#8217; distribution plans. However, if that should not occur, EAM has no obligation to reimburse the Value Line Funds.
</font>
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" >&#160;
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:513pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</div><div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;font-weight:bold;" >
</font>
</div><div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" >
</div><div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" >&#160;
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >The Company monitors this asset 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&#8217;s ability to continue as a going concern such as negative cash flows, working capital deficiencies, or noncompliance with statutory capital requirements.&#160;&#160;EAM did not record any impairment losses for its assets during the first quarter of fiscal year 2012.
</font>
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" >&#160;
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >The overall results of EAM&#8217;s investment management operations during the three months ended July 31, 2011, before interest holder distributions, include total investment management fees earned from the Value Line Funds of $3,301,000, 12b-1 fees of $928,000 and other income of $4,000. For the same period, total investment management fee waivers were $230,000 and 12b-1 fee waivers were $618,000.&#160;&#160;During the three months ended July 31, 2011, EAM&#8217;s net income was $162,000, after giving effect to Value Line&#8217;s non-voting revenues interest of $1,491,000, but before distributions to voting profits interest holders and to the Company in respect of its non-voting profits interest. <font style="display:inline;font-family:times new roman;font-size:10pt;" >During the three months ended July 31, 2011, the Company recorded income of $1,491,000 and profits of $81,000 from its non-voting revenues and its non-voting profits interests in EAM without incurring any directly related expenses. Operating expenses of EAM during the three months ended July 31, 2011, were $2,580,000 and EAM&#8217;s net income was $162,000 available for distribution to profit interest holders. At July 31, 2011, EAM&#8217;s total assets were $58,091,000, total liabilities were $1,471,000 and total equity was $56,620,000.
</font>
</font>
</font>
</div>
</div>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Tabular disclosure of investments in certain debt and equity securities (and certain other trading assets) which include all debt and equity securities (other than those equity securities accounted for under the equity or cost methods of accounting) with readily determinable fair values. Other trading assets include assets that are carried on the balance sheet at fair value and held for trading purposes.  A debt security represents a creditor relationship with an enterprise that is in the form of a security. Debt securities include, among other items, US Treasury securities, US government securities, municipal securities, corporate bonds, convertible debt, commercial paper, and all securitized debt instruments. An equity security represents an ownership interest in an enterprise or the right to acquire or dispose of an ownership interest in an enterprise at fixed or determinable prices. Equity securities include, among other things, common stock, certain preferred stock, warrant rights, call options, and put options, but do not include convertible debt. An entity may opt to provide the reader with additional narrative text to better understand the nature of investments in debt and equity securities (and other trading assets).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 320<br> -SubTopic 10<br> -Section 50<br> -Paragraph 10<br> -URI http://asc.fasb.org/extlink&amp;oid=6872113&amp;loc=d3e27405-111563<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 310<br> -SubTopic 30<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6379141&amp;loc=d3e15032-111544<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Equity Security<br> -URI http://asc.fasb.org/extlink&amp;oid=6511694<br> -Topic 320<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 320<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6872113&amp;loc=d3e27161-111563<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Debt Security<br> -URI http://asc.fasb.org/extlink&amp;oid=6509901<br> -Topic 320<br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Statement of Financial Accounting Standard (FAS)<br> -Number 115<br> -Paragraph 3, 19, 20, 21, 22, 137<br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 320<br> -SubTopic 10<br> -Section 50<br> -Paragraph 5<br> -URI http://asc.fasb.org/extlink&amp;oid=6872113&amp;loc=d3e27232-111563<br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 320<br> -SubTopic 10<br> -Section 50<br> -Paragraph 9<br> -URI http://asc.fasb.org/extlink&amp;oid=6872113&amp;loc=d3e27357-111563<br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 320<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6957658&amp;loc=d3e62557-112803<br><br>Reference 10: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 320<br> -SubTopic 10<br> -Section 50<br> -Paragraph 6<br> -URI http://asc.fasb.org/extlink&amp;oid=6872113&amp;loc=d3e27290-111563<br><br></p>
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﻿<html>
  <head>
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  <body><span style="display: none;">v2.3.0.11</span><table class="report" border="0" cellspacing="2" id="ID0E2H">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Federal, State and Local Income Taxes:<br></strong></div>
        </th>
        <th class="th" colspan="1">3 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Jul. 31, 2011</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxDisclosureAbstract', window );"><strong>Income Tax Disclosure [Abstract]</strong></a></td>
        <td class="text"> <span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxDisclosureTextBlock', window );">Federal, State and Local Income Taxes:</a></td>
        <td class="text"><div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;font-weight:bold;" >Note 8-Federal, State and Local Income Taxes:<br></br>
</font>
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" >
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >The Company computes its income tax provision in accordance with the requirements of the Income Tax Topic of the FASB&#8217;s ASC.<br></br>
</font>
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" >
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >The provision for income taxes includes the following:<br></br>
</font>
</div><div style="text-align:justify;" ><div><table cellspacing="0" cellpadding="0" width="60%" style="text-align:justify;font-family:times new roman;font-size:10pt;" ><tr style="text-align:justify;" ><td valign="bottom" width="36%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="22%" colspan="6" style="text-align:center;" ><div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Three months ended July 31,
</font>
</div>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td>
</tr><tr><td valign="bottom" width="36%" style="text-align:center;padding-bottom:2px;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:center;padding-bottom:2px;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="10%" colspan="2" style="border-bottom:black 2px solid;text-align:center;" ><div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >2011
</font>
</div>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="border-bottom:black 2px solid;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="border-bottom:black 2px solid;text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="10%" colspan="2" style="border-bottom:black 2px solid;text-align:center;" ><div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >2010
</font>
</div>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="border-bottom:black 2px solid;text-align:left;padding-bottom:2px;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td>
</tr><tr><td valign="bottom" width="36%" style="text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="22%" colspan="6" style="text-align:center;" ><div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >(in thousands)
</font>
</div>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td>
</tr><tr><td valign="bottom" width="36%" style="text-align:justify;" ><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Current tax expense/(benefit):
</font>
</div>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="10%" colspan="2" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="10%" colspan="2" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td>
</tr><tr><td valign="bottom" width="36%" style="text-align:justify;padding-left:0pt;margin-left:9pt;" ><div style="text-align:justify;text-indent:0pt;display:block;margin-left:9pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Federal
</font>
</div>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >$
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >50
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >$
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >125
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap"
 style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td>
</tr><tr><td valign="bottom" width="36%" style="text-align:justify;padding-bottom:2px;padding-left:0pt;margin-left:9pt;" ><div style="text-align:justify;text-indent:0pt;display:block;margin-left:9pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >State and local
</font>
</div>
</td><td valign="bottom" width="1%" style="text-align:justify;padding-bottom:2px;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="border-bottom:black 2px solid;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="border-bottom:black 2px solid;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >(92
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="border-bottom:black 2px solid;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >)
</font>
</td><td valign="bottom" width="1%" style="border-bottom:black 2px solid;text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="border-bottom:black 2px solid;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="border-bottom:black 2px solid;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >-
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="border-bottom:black 2px solid;text-align:left;padding-bottom:2px;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td>
</tr><tr><td valign="bottom" width="36%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >(42
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >)
</font>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >125
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td>
</tr><tr><td valign="bottom" width="36%" style="text-align:justify;" ><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Deferred tax expense:
</font>
</div>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td>
</tr><tr><td valign="bottom" width="36%" style="text-align:justify;padding-left:0pt;margin-left:9pt;" ><div style="text-align:justify;text-indent:0pt;display:block;margin-left:9pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Federal
</font>
</div>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >1,006
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >1,064
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td>
</tr><tr><td valign="bottom" width="36%" style="text-align:justify;padding-bottom:2px;padding-left:0pt;margin-left:9pt;" ><div style="text-align:justify;text-indent:0pt;display:block;margin-left:9pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >State and local
</font>
</div>
</td><td valign="bottom" width="1%" style="text-align:justify;padding-bottom:2px;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="border-bottom:black 2px solid;text-align:left;" ><font
 style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="border-bottom:black 2px solid;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >181
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="border-bottom:black 2px solid;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="border-bottom:black 2px solid;text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="border-bottom:black 2px solid;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="border-bottom:black 2px solid;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >77
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="border-bottom:black 2px solid;text-align:left;padding-bottom:2px;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td>
</tr><tr><td valign="bottom" width="36%" style="text-align:justify;padding-bottom:2px;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:justify;padding-bottom:2px;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="border-bottom:black 2px solid;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="border-bottom:black 2px solid;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >1,187
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="border-bottom:black 2px solid;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="border-bottom:black 2px solid;text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="border-bottom:black 2px solid;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="border-bottom:black 2px solid;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >1,141
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="border-bottom:black 2px solid;text-align:left;padding-bottom:2px;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td>
</tr><tr><td valign="bottom" width="36%" style="text-align:justify;padding-bottom:4px;" ><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Income tax provision:
</font>
</div>
</td><td valign="bottom" width="1%" style="text-align:justify;padding-bottom:4px;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="border-bottom:black 4px double;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >$
</font>
</td><td valign="bottom" width="9%" style="border-bottom:black 4px double;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >1,145
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="border-bottom:black 4px double;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="border-bottom:black 4px double;text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="border-bottom:black 4px double;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >$
</font>
</td><td valign="bottom" width="9%" style="border-bottom:black 4px double;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >1,266
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="border-bottom:black 4px double;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td>
</tr>
</table><br />
</div>
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Deferred income taxes are provided for temporary differences between the financial reporting basis and the tax basis of the Company&#8217;s assets and liabilities. The tax effect of temporary differences giving rise to the Company&#8217;s deferred tax asset and deferred tax liability are as follows:<br></br>
</font>
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" >
</div><div style="text-align:justify;" ><div><div><table cellspacing="0" cellpadding="0" width="80%" style="text-align:justify;font-family:times new roman;font-size:10pt;" ><tr style="text-align:justify;" ><td valign="bottom" width="56%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="10%" colspan="2" style="text-align:center;" ><div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >July 31,
</font>
</div>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="10%" colspan="2" style="text-align:center;" ><div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >April 30,
</font>
</div>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new
 roman;font-size:10pt;" >
</font>
</td>
</tr><tr><td valign="bottom" width="56%" style="text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="10%" colspan="2" style="text-align:center;" ><div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >2011
</font>
</div>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="10%" colspan="2" style="text-align:center;" ><div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >2011
</font>
</div>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td>
</tr><tr><td valign="bottom" width="56%" style="text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="22%" colspan="6" style="text-align:center;border-top:black 2px solid;" ><div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >(in thousands)
</font>
</div>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;border-top:black 2px solid;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td>
</tr><tr><td valign="bottom" width="56%" style="text-align:justify;" ><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Short term deferred tax asset
</font>
</div>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="10%" colspan="2" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="10%" colspan="2" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td>
</tr><tr><td valign="bottom" width="56%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="10%" colspan="2" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="10%" colspan="2" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td>
</tr><tr><td valign="bottom" width="56%" style="text-align:justify;" ><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Federal tax benefit from net operating loss
</font>
</div>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >$
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >1,220
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >$
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >2,226
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td>
</tr><tr><td valign="bottom" width="56%" style="text-align:justify;" ><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >State and city tax benefit from net operating loss
</font>
</div>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >87
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new
 roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >268
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td>
</tr><tr><td valign="bottom" width="56%" style="text-align:justify;" ><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Unrealized gains on securities held for sale
</font>
</div>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >(34
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >)
</font>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >(34
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >)
</font>
</td>
</tr><tr><td valign="bottom" width="56%" style="text-align:justify;" ><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Depreciation and amortization
</font>
</div>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >-
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >-
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td>
</tr><tr><td valign="bottom" width="56%" style="text-align:justify;" ><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Tax benefit on operating lease exit obligation
</font>
</div>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >182
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >211
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td>
</tr><tr><td valign="bottom" width="56%" style="text-align:justify;" ><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Deferred professional fees
</font>
</div>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >109
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >109
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td>
</tr><tr><td valign="bottom" width="56%" style="text-align:justify;" ><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font
 style="display:inline;font-family:times new roman;font-size:10pt;" >Deferred charges
</font>
</div>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >192
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >192
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td>
</tr><tr><td valign="bottom" width="56%" style="text-align:justify;padding-bottom:2px;" ><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Other, net
</font>
</div>
</td><td valign="bottom" width="1%" style="text-align:justify;padding-bottom:2px;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="border-bottom:black 2px solid;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="border-bottom:black 2px solid;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >50
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="border-bottom:black 2px solid;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="border-bottom:black 2px solid;text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="border-bottom:black 2px solid;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="border-bottom:black 2px solid;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >50
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="border-bottom:black 2px solid;text-align:left;padding-bottom:2px;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td>
</tr><tr><td valign="bottom" width="56%" style="text-align:justify;padding-bottom:4px;" ><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Deferred tax asset
</font>
</div>
</td><td valign="bottom" width="1%" style="text-align:justify;padding-bottom:4px;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="border-bottom:black 4px double;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >$
</font>
</td><td valign="bottom" width="9%" style="border-bottom:black 4px double;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >1,806
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="border-bottom:black 4px double;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="border-bottom:black 4px double;text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="border-bottom:black 4px double;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >$
</font>
</td><td valign="bottom" width="9%" style="border-bottom:black 4px double;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >3,022
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="border-bottom:black 4px double;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td>
</tr><tr><td valign="bottom" width="56%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" ><br />
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td>
</tr><tr><td valign="bottom" width="56%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="10%" colspan="2" style="text-align:center;" ><div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >July 31,
</font>
</div>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:center;" ><font style="display:inline;font-family:times new
 roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="10%" colspan="2" style="text-align:center;" ><div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >April 30,
</font>
</div>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td>
</tr><tr><td valign="bottom" width="56%" style="text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="10%" colspan="2" style="text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font><font style="display:inline;font-family:times new roman;font-size:10pt;" >2011
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="10%" colspan="2" style="text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font><font style="display:inline;font-family:times new roman;font-size:10pt;" >2011
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td>
</tr><tr><td valign="bottom" width="56%" style="text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="22%" colspan="6" style="text-align:center;border-top:black 2px solid;" ><div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >(in thousands)
</font>
</div>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;border-top:black 2px solid;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td>
</tr><tr><td valign="bottom" width="56%" style="text-align:justify;" ><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Long term deferred tax liability
</font>
</div>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td>
</tr><tr><td valign="bottom" width="56%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td>
</tr><tr><td valign="bottom" width="56%" style="text-align:justify;" ><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Federal tax liability for deferred gain on EAM
</font>
</div>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >$
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >17,679
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >$
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new
 roman;font-size:10pt;" >17,679
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td>
</tr><tr><td valign="bottom" width="56%" style="text-align:justify;" ><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Federal tax benefit deferred non-cash compensation
</font>
</div>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >(619
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >)
</font>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >(619
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >)
</font>
</td>
</tr><tr><td valign="bottom" width="56%" style="text-align:justify;" ><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Federal tax benefit on lease exit obligation
</font>
</div>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >(108
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >)
</font>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >(108
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >)
</font>
</td>
</tr><tr><td valign="bottom" width="56%" style="text-align:justify;" ><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Federal tax benefit on depreciation and amortization
</font>
</div>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >(390
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >)
</font>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >(364
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >)
</font>
</td>
</tr><tr><td valign="bottom" width="56%" style="text-align:justify;" ><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >State and local tax liability for deferred gain on EAM
</font>
</div>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >2,132
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >2,132
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td>
</tr><tr><td valign="bottom" width="56%" style="text-align:justify;" ><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >State and local tax benefit deferred non-cash compensation
</font>
</div>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times
 new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >(62
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >)
</font>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >(62
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >)
</font>
</td>
</tr><tr><td valign="bottom" width="56%" style="text-align:justify;" ><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >State and local tax benefit on lease exit obligation
</font>
</div>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >(25
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >)
</font>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >(25
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >)
</font>
</td>
</tr><tr><td valign="bottom" width="56%" style="text-align:justify;" ><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >State and local tax benefit on depreciation and amortization
</font>
</div>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >(45
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >)
</font>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >(45
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >)
</font>
</td>
</tr><tr><td valign="bottom" width="56%" style="text-align:justify;padding-bottom:2px;" ><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >State and local tax benefit on deferred professional fees
</font>
</div>
</td><td valign="bottom" width="1%" style="text-align:justify;padding-bottom:2px;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="border-bottom:black 2px solid;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="border-bottom:black 2px solid;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >(14
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="border-bottom:black 2px solid;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >)
</font>
</td><td valign="bottom" width="1%" style="border-bottom:black 2px solid;text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="border-bottom:black 2px solid;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="border-bottom:black 2px solid;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >(14
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="border-bottom:black 2px solid;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >)
</font>
</td>
</tr><tr><td valign="bottom" width="56%" style="text-align:justify;padding-bottom:4px;" ><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Deferred tax liability
</font>
</div>
</td><td valign="bottom" width="1%" style="text-align:justify;padding-bottom:4px;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="border-bottom:black 4px double;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >$
</font>
</td><td valign="bottom" width="9%" style="border-bottom:black 4px double;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >18,548
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="border-bottom:black 4px double;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="border-bottom:black 4px
 double;text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="border-bottom:black 4px double;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >$
</font>
</td><td valign="bottom" width="9%" style="border-bottom:black 4px double;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >18,574
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="border-bottom:black 4px double;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td>
</tr>
</table><br />
</div>
</div>
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >The Company&#8217;s net operating loss carryforward of approximately $6,361,000 is expected to be fully utilized during the fiscal year ending April 30, 2012. The tax effect of temporary differences giving rise to the Company&#8217;s long-term deferred tax liability is primarily a result of the federal, state, and local taxes related to the $50,510,000 gain from deconsolidation of the Company&#8217;s asset management and mutual fund distribution subsidiaries partially offset by the long-term tax benefit related to the non-cash post-employment compensation of $1,770,000 granted to VLI&#8217;s former employee and the benefit related to the Company&#8217;s exit lease obligation of $914,000 all recognized in fiscal 2011.
</font>
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" >
</div><div style="text-indent:0pt;margin-left:0pt;margin-right:0pt;" ><div><div style="width:100%;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:8pt;" >
</font>
</div>
</div><div style="page-break-after:always;width:100%;" ><div style="text-align:center;width:100%;" >
</div>
</div><div><div style="width:100%;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:8pt;" >
</font>
</div>
</div>
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" >
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" >
</div><div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" >
</div>
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" >
</div><div style="text-align:left;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >At the end of each interim reporting period, the Company estimates the effective income tax rate to apply for the full year. The Company uses the effective income tax rate determined to provide for income taxes on a year-to-date basis and reflect the tax effect of any tax law changes and certain other discrete events in the period in which they occur.<br></br>
</font>
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;font-weight:bold;" >
</font>
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >The annual effective tax rate during fiscal 2012 changes due to a number of factors including but not limited to an increase or decrease in the ratio of income or loss to pre-tax income for items that do not have tax consequences, the Company&#8217;s geographic profit mix between tax jurisdictions, new tax laws, new interpretations of existing tax law and rulings by and settlements with tax authorities. <br></br>
</font>
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" >
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >The overall effective income tax rate, as a percentage of pre-tax income, during the three months ended July 31, 2011 and 2010, were 35.55% and 35.33%, respectively.<br></br>
</font>
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >The Company believes that, as at July 31, 2011, there were no material uncertain tax positions that would require disclosure under GAAP.<br></br>
</font>
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" >
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >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>
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" >
</div><div style="text-align:justify;" ><div><table cellspacing="0" cellpadding="0" width="100%" style="text-align:justify;font-family:times new roman;font-size:10pt;" ><tr style="text-align:justify;" ><td valign="bottom" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" colspan="6" style="text-align:center;" ><div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Three months ended July 31,
</font>
</div>
</td><td valign="bottom" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td>
</tr><tr><td valign="bottom" style="text-align:justify;padding-bottom:2px;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom"
 style="text-align:justify;padding-bottom:2px;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" colspan="2" style="border-bottom:black 2px solid;text-align:center;" ><div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >2011
</font>
</div>
</td><td valign="bottom" nowrap="nowrap" style="border-bottom:black 2px solid;text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" style="border-bottom:black 2px solid;text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" colspan="2" style="border-bottom:black 2px solid;text-align:center;" ><div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >2010
</font>
</div>
</td><td valign="bottom" nowrap="nowrap" style="border-bottom:black 2px solid;text-align:left;padding-bottom:2px;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td>
</tr><tr><td valign="bottom" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" colspan="2" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" colspan="2" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td>
</tr><tr><td valign="bottom" width="76%" style="text-align:justify;" ><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >U.S. statutory federal rate
</font>
</div>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >35.00
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >%
</font>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >35.00
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >%
</font>
</td>
</tr><tr><td valign="bottom" width="76%" style="text-align:justify;" ><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Increase/(decrease) in tax rate from:
</font>
</div>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td>
</tr><tr><td valign="bottom" width="76%" style="text-align:justify;padding-left:0pt;margin-left:9pt;" ><div style="text-align:justify;text-indent:0pt;display:block;margin-left:9pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >State and local income taxes, net of federal income tax benefit
</font>
</div>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >1.58
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >%
</font>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >1.39
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >%
</font>
</td>
</tr><tr><td
 valign="bottom" width="76%" style="text-align:justify;padding-left:0pt;margin-left:9pt;" ><div style="text-align:justify;text-indent:0pt;display:block;margin-left:9pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Effect of tax exempt income and dividend deductions
</font>
</div>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >-0.09
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >%
</font>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >0
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >%
</font>
</td>
</tr><tr><td valign="bottom" width="76%" style="text-align:justify;padding-left:0pt;margin-left:9pt;" ><div style="text-align:justify;text-indent:0pt;display:block;margin-left:9pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Domestic production tax credit
</font>
</div>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >-0.94
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >%
</font>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >0
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >%
</font>
</td>
</tr><tr><td valign="bottom" width="76%" style="text-align:justify;padding-bottom:2px;padding-left:0pt;margin-left:9pt;" ><div style="text-align:justify;text-indent:0pt;display:block;margin-left:9pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Other, net
</font>
</div>
</td><td valign="bottom" width="1%" style="text-align:justify;padding-bottom:2px;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="border-bottom:black 2px solid;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="border-bottom:black 2px solid;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >0
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="border-bottom:black 2px solid;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >%
</font>
</td><td valign="bottom" width="1%" style="border-bottom:black 2px solid;text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="border-bottom:black 2px solid;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="border-bottom:black 2px solid;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >-1.06
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="border-bottom:black 2px solid;text-align:left;padding-bottom:2px;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >%
</font>
</td>
</tr><tr><td valign="bottom" width="76%" style="text-align:justify;padding-bottom:4px;" ><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Effective income tax rate
</font>
</div>
</td><td valign="bottom" width="1%" style="text-align:justify;padding-bottom:4px;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="border-bottom:black 4px double;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="border-bottom:black 4px double;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >35.55
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="border-bottom:black 4px double;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >%
</font>
</td><td valign="bottom" width="1%" style="border-bottom:black 4px double;text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="border-bottom:black 4px double;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="border-bottom:black 4px double;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >35.33
</font>
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  <body><span style="display: none;">v2.3.0.11</span><table class="report" border="0" cellspacing="2" id="ID0E2H">
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        <td class="text"><div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;font-weight:bold;" >Note 9-Business Segments:
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</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Prior to December 23, 2010, the Company operated two reportable business segments: (1) Investment Periodicals, Publishing &amp; Copyright Data and (2) Investment Management. The Investment Periodicals, Publishing &amp; Copyright Data segment produces investment related periodical publications (retail and institutional) in both print and electronic form, and includes copyright data fees for Value Line proprietary ranking system information and other proprietary information. Prior to December 23, 2010, the Investment Management segment provided advisory services to the Value Line Funds, as well as institutional and individual accounts. The segments are differentiated by the products and services they offer. The accounting policies of the segments are the same as those described in the summary of significant accounting policies.
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</td><td valign="bottom" width="1%"  style="border-bottom:black 2px solid;text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
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</font>
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</td><td valign="bottom" width="1%" nowrap="nowrap"  style="border-bottom:black 2px solid;text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
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</td><td valign="bottom" width="1%"  style="border-bottom:black 2px solid;text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
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</td><td valign="bottom" width="10%" colspan="2"  style="border-bottom:black 2px solid;text-align:justify;" ><div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Total
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</td><td valign="bottom" width="9%"  style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >9,394
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap"  style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td><td valign="bottom" width="1%"  style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td><td valign="bottom" width="1%"  style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >$
</font>
</td><td valign="bottom" width="9%"  style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >4,215
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap"  style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td><td valign="bottom" width="1%"  style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td><td valign="bottom" width="1%"  style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >$
</font>
</td><td valign="bottom" width="9%"  style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >13,609
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap"  style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td>
</tr><tr><td valign="bottom" width="34%"  style="text-align:justify;" ><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Intersegment revenues
</font>
</div>
</td><td valign="bottom" width="1%"  style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td><td valign="bottom" width="1%"  style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td><td valign="bottom" width="9%"  style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >2
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap"  style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td><td valign="bottom" width="1%"  style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td><td valign="bottom" width="1%"  style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td><td valign="bottom" width="9%"  style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >-
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap"  style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td><td valign="bottom" width="1%"  style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td><td valign="bottom" width="1%"  style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td><td valign="bottom" width="9%"  style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >2
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap"  style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td>
</tr><tr><td valign="bottom" width="34%"  style="text-align:justify;" ><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Income/(loss) from securities transactions
</font>
</div>
</td><td valign="bottom" width="1%"  style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td><td valign="bottom" width="1%"  style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td><td valign="bottom" width="9%"  style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >-
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap"  style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td><td valign="bottom" width="1%"  style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td><td valign="bottom" width="1%"  style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td><td valign="bottom" width="9%"  style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >3
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap"  style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td><td valign="bottom" width="1%"  style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td><td valign="bottom" width="1%"  style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td><td valign="bottom" width="9%"  style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >3
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap"  style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td>
</tr><tr><td valign="bottom" width="34%"  style="text-align:justify;" ><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Depreciation and amortization
</font>
</div>
</td><td valign="bottom" width="1%"  style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td><td valign="bottom" width="9%"  style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >146
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap"  style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td><td valign="bottom" width="1%"  style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td><td valign="bottom" width="1%"  style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td><td valign="bottom" width="9%"  style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >6
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap"  style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td><td valign="bottom" width="1%"  style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td><td valign="bottom" width="1%"  style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td><td valign="bottom" width="9%"  style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >152
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap"  style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td>
</tr><tr><td valign="bottom" width="34%"  style="text-align:justify;" ><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Segment profit/(loss) from operations*
</font>
</div>
</td><td valign="bottom" width="1%"  style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td><td valign="bottom" width="1%"  style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td><td valign="bottom" width="9%"  style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >3,238
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap"  style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td><td valign="bottom" width="1%"  style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td><td valign="bottom" width="1%"  style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td><td valign="bottom" width="9%"  style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >308
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap"  style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td><td valign="bottom" width="1%"  style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td><td valign="bottom" width="1%"  style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td><td valign="bottom" width="9%"  style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >3,546
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap"  style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td>
</tr><tr><td valign="bottom" width="34%"  style="text-align:justify;" ><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Segment assets
</font>
</div>
</td><td valign="bottom" width="1%"  style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td><td valign="bottom" width="1%"  style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td><td valign="bottom" width="9%"  style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >13,969
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap"  style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td><td valign="bottom" width="1%"  style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td><td valign="bottom" width="1%"  style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td><td valign="bottom" width="9%"  style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >7,430
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap"  style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td><td valign="bottom" width="1%"  style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td><td valign="bottom" width="1%"  style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td><td valign="bottom" width="9%"  style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >21,399
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap"  style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td>
</tr><tr><td valign="bottom" width="34%"  style="text-align:justify;" ><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Expenditures for segment assets
</font>
</div>
</td><td valign="bottom" width="1%"  style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td><td valign="bottom" width="1%"  style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td><td valign="bottom" width="9%"  style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >63
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap"  style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td><td valign="bottom" width="1%"  style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td><td valign="bottom" width="1%"  style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td><td valign="bottom" width="9%"  style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >-
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap"  style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td><td valign="bottom" width="1%"  style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td><td valign="bottom" width="1%"  style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td><td valign="bottom" width="9%"  style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >63
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap"  style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td>
</tr>
</table>
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;A reconciliation of reportable segment revenues, operating profit and assets for the quarter ended July 31, 2010 is as follows:
</font>
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" >&#160;
</div><div style="text-align:justify;" ><table cellspacing="0" cellpadding="0" width="70%"  style="text-align:justify;font-family:times new roman;font-size:10pt;" ><tr style="text-align:justify;" ><td valign="bottom" width="58%"  style="text-align:justify;" ><div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >(in thousands)
</font>
</font>
</div>
</td><td valign="bottom" width="1%"  style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td><td valign="bottom" width="10%" colspan="2"  style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap"  style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td>
</tr><tr><td valign="bottom" width="58%"  style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td><td valign="bottom" width="1%"  style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td><td valign="bottom" width="10%" colspan="2"  style="border-bottom:black 2px solid;text-align:right;" ><div style="text-align:right;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >2010
</font>
</div>
</td><td valign="bottom" width="1%" nowrap="nowrap"  style="border-bottom:black 2px solid;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td>
</tr><tr><td valign="bottom" width="58%"  style="text-align:justify;" ><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;font-weight:bold;" >Revenues
</font>
</div>
</td><td valign="bottom" width="1%"  style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td><td valign="bottom" width="10%" colspan="2"  style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap"  style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td>
</tr><tr><td valign="bottom" width="58%"  style="text-align:justify;" ><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Total revenues for reportable segments
</font>
</div>
</td><td valign="bottom" width="1%"  style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td><td valign="bottom" width="1%"  style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >$
</font>
</td><td valign="bottom" width="9%"  style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >13,611
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap"  style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td>
</tr><tr><td valign="bottom" width="58%"  style="text-align:justify;padding-bottom:2px;" ><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Elimination of intersegment revenues
</font>
</div>
</td><td valign="bottom" width="1%"  style="text-align:justify;padding-bottom:2px;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td><td valign="bottom" width="1%"  style="border-bottom:black 2px solid;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td><td valign="bottom" width="9%"  style="border-bottom:black 2px solid;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >(2
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap"  style="border-bottom:black 2px solid;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >)
</font>
</td>
</tr><tr><td valign="bottom" width="58%"  style="text-align:justify;padding-bottom:4px;padding-left:0pt;margin-left:9pt;" ><div style="text-align:justify;text-indent:0pt;display:block;margin-left:9pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Total consolidated revenues
</font>
</div>
</td><td valign="bottom" width="1%" style="text-align:justify;padding-bottom:4px;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td><td valign="bottom" width="1%"  style="border-bottom:black 4px double;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >$
</font>
</td><td valign="bottom" width="9%"  style="border-bottom:black 4px double;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >13,609
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap"  style="border-bottom:black 4px double;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td>
</tr><tr><td valign="bottom" width="58%"  style="text-align:justify;" ><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;font-weight:bold;" >Profit/(loss) before income taxes *
</font>
</div>
</td><td valign="bottom" width="1%"  style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td><td valign="bottom" width="1%"  style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td><td valign="bottom" width="9%"  style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap"  style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td>
</tr><tr><td valign="bottom" width="58%"  style="text-align:justify;" ><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Total profit/(loss) for reportable segments
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</td><td valign="bottom" width="1%"  style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
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</td><td valign="bottom" width="1%"  style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >$
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</font>
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</tr><tr><td valign="bottom" width="58%"  style="text-align:justify;padding-bottom:2px;" ><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Add: Income from securities transactions related to corporate assets
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</td><td valign="bottom" width="1%"  style="text-align:justify;padding-bottom:2px;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td><td valign="bottom" width="1%"  style="border-bottom:black 2px solid;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td><td valign="bottom" width="9%"  style="border-bottom:black 2px solid;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >34
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</td><td valign="bottom" width="1%" nowrap="nowrap"  style="border-bottom:black 2px solid;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
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</td><td valign="bottom" width="1%"  style="border-bottom:black 4px double;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >$
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</font>
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</font>
</td><td valign="bottom" width="1%"  style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td><td valign="bottom" width="9%"  style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap"  style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td>
</tr><tr><td valign="bottom" width="58%"  style="text-align:justify;" ><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Total assets for reportable segments
</font>
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</td><td valign="bottom" width="1%"  style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
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</td><td valign="bottom" width="1%"  style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >$
</font>
</td><td valign="bottom" width="9%"  style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >21,399
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</tr><tr><td valign="bottom" width="58%"  style="text-align:justify;padding-bottom:2px;" ><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Corporate assets
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</td><td valign="bottom" width="1%" style="text-align:justify;padding-bottom:2px;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td><td valign="bottom" width="1%"  style="border-bottom:black 2px solid;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
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</td><td valign="bottom" width="9%"  style="border-bottom:black 2px solid;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >38,349
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</td><td valign="bottom" width="1%" nowrap="nowrap"  style="border-bottom:black 2px solid;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
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</tr><tr><td valign="bottom" width="58%"  style="text-align:justify;padding-bottom:4px;padding-left:0pt;margin-left:9pt;" ><div style="text-align:justify;text-indent:0pt;display:block;margin-left:9pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Consolidated total assets
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</td><td valign="bottom" width="1%"  style="text-align:justify;padding-bottom:4px;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td><td valign="bottom" width="1%"  style="border-bottom:black 4px double;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >$
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</td><td valign="bottom" width="9%"  style="border-bottom:black 4px double;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >59,748
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</td><td valign="bottom" width="1%" nowrap="nowrap"  style="border-bottom:black 4px double;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
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                <p>The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.</p>
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  <body><span style="display: none;">v2.3.0.11</span><table class="report" border="0" cellspacing="2" id="ID0E2H">
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          <div style="width: 200px;"><strong>Related Party Transactions:<br></strong></div>
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        <td class="text"><div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;font-weight:bold;" >Note 7-Related Party Transactions:
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</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" >&#160;
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="font-style:italic;display:inline;font-family:times new roman;font-size:10pt;" >Investment Management (overview):
</font>
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" >&#160;
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><div style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >As discussed previously in Note 1 - Organization and Summary of Significant Accounting Policies, prior to December 23, 2010, the Company&#8217;s former direct subsidiary EAM LLC was the investment adviser and manager for the Value Line Funds, and EAM LLC&#8217;s subsidiary ESI was the distributor for the Funds. EAM LLC earned investment management fees based upon the average daily net asset values of the respective Value Line Funds. Service and distribution fees were received by ESI from the Value Line Funds in accordance with service and distribution plans under rule 12b-1 of the Investment Company Act of 1940. These plans are compensation plans, which means that the distributor&#8217;s fees under the plans are payable without regard to actual expenses incurred by the distributor, and therefore the distributor may earn a profit under the plans. Expenses incurred by ESI included payments to securities dealers, banks, financial institutions and other organizations which provided distribution, marketing, and administrative services (including payments by ESI to VLI for allocated compensation and administration expenses) with respect to the distribution of the Funds&#8217; shares. Service and distribution fees were received on a monthly basis and calculated based upon the average daily net assets of the respective Fund in accordance with each Fund&#8217;s prospectus.
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</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
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</div><div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;font-weight:bold;" >
</font>
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</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" >&#160;
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >As of the Restructuring Date, December 23, 2010, the Company deconsolidated its asset management and mutual fund distribution businesses and its interest in these businesses was restructured as a non-voting revenues and non-voting profits interest in EAM. Accordingly, the Company no longer reports this operation as a separate business segment, although it still maintains a significant interest in the cash flows generated by this business. Total assets in the Value Line Funds managed by EAM at July 31, 2011 were $2.15 billion, 2% above total assets of $2.1 billion in the Value Line Funds managed by EAM LLC, the predecessor of EAM, at July 31, 2010. Overall assets in the Value Line Funds at July 31, 2011 increased $50 million, or 2% since July 31, 2010 as a result of market appreciation that more than offset net redemptions within the equity funds.
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</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >During the three months ended July 31, 2010, investment management fees and distribution service fees (which we sometimes refer to as &#8220;12b-1 fees&#8221;) amounted to $4,215,000, after giving effect to account fee waivers for certain of the Value Line Funds. These amounts included 12b-1 fees of $910,000. For the same period total investment management fee waivers were $186,000 and total 12b-1 fee waivers were $620,000. With limited exceptions, the Company, EAM LLC and ESI had no right to recoup the previously waived amounts of investment management fees and 12b-1 fees. Any such recoupment of waived investment management fees is subject to the provisions of the applicable prospectus. During the three months ended July 31, 2010, separately managed accounts revenues were $51,000. Separately managed accounts had $44 million in assets as of July 31, 2010. Of the $44 million, $21 million was affiliated with Arnold Bernhard &amp; Co., Inc. (&#8220;AB&amp;Co.&#8221; or the &#8220;Parent&#8221;). During the third quarter of fiscal 2011, the affiliated entities cancelled their separately managed account agreements with EAM LLC.
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</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >The non-voting revenues and profits distributions due from EAM to the Company for income earned through the balance sheet date, which is included in the Investment in EAM Trust on the Consolidated Condensed Balance Sheets were $587,000 and $514,000 at July 31, 2011 and April 30, 2011, respectively. The non-voting revenues and non-voting profits interests due from EAM are payable quarterly under the provisions of the EAM Trust Agreement.
</font>
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" >&#160;
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="font-style:italic;display:inline;font-family:times new roman;font-size:10pt;" >EAM Trust - VLI&#8217;s non-voting revenues and profits interests:
</font>
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" >&#160;
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >As a result of the Restructuring Transaction, the Company no longer engages, through subsidiaries, in the investment management or mutual fund distribution businesses. The Company does hold 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&#8217;s investment management fee revenues from its mutual fund and separate accounts business. EAM currently has no separately managed account clients. During the three months ended July 31, 2011, the Company recorded revenues of $1,491,000 and profits of $81,000 from its non-voting interests in EAM without incurring any directly related expenses. During the period from December 23, 2010 until May 28, 2011, EAM and ES occupied a portion of the premises that the Company leases from a third party. The Company received $44,000 for the month of May, 2011 for rent and certain accounting and other administrative support services provided to EAM and ES on a transitional basis during such period.
</font>
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" >&#160;
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="font-style:italic;display:inline;font-family:times new roman;font-size:10pt;" >Transactions with Parent:
</font>
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" >&#160;
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >During the three months ended July 31, 2011 and 2010, the Company was reimbursed $101,000 and $75,000, respectively, for payments it made on behalf of and services it provided to the Parent. At July 31, 2011 and April 30, 2011, the Receivables from affiliates included&#160;&#160;receivables from the Parent of $1,000 and $38,000, respectively.&#160;
</font>
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >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 no Federal tax payments to the Parent during the three months ended July 31, 2011. For the three months ended July 31, 2010, the Company received $1,598,000 from the Parent for prepaid Federal income taxes.&#160;&#160;
</font>
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >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, although the Parent has suspended purchases of Value Line shares until Value Line&#8217;s share repurchase program is concluded (see Note 10 - Treasury Stock and Repurchase Program). As at July 31, 2011, the Parent owns approximately 86.7% of the issued and outstanding shares of common stock of the Company.
</font>
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                <p>The entire disclosure for related party transactions, including the nature of the relationship(s), a description of the transactions, the amount of the transactions, the effects of any change in the method of establishing the terms of the transaction from the previous period, stated interest rate, expiration date, terms and manner of settlement per the agreement with the related party, and amounts due to or from related parties. If the entity and one or more other entities are under common ownership or management control and this control affects the operating results or financial position, disclosure includes the nature of the control relationship even if there are no transactions between the entities. Disclosure may also include the aggregate amount of current and deferred tax expense for each statement of earnings presented where the entity is a member of a group that files a consolidated tax return, the amount of any tax related balances due to or from affiliates as of the date of each statement of financial position presented, the principal provisions of the method by which the consolidated amount of current and deferred tax expense is allocated to the members of the group and the nature and effect of any changes in that method. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08.(k))<br> -URI http://asc.fasb.org/extlink&amp;oid=6881521&amp;loc=d3e23780-122690<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Article 3A<br> -Section 04<br> -Paragraph b<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Statement of Financial Accounting Standard (FAS)<br> -Number 57<br> -Paragraph 1-4<br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 850<br> -SubTopic 10<br> -Section 50<br> -Paragraph 5<br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39678-107864<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Article 4<br> -Section 08<br> -Paragraph k<br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 850<br> -SubTopic 10<br> -Section 50<br> -Paragraph 6<br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39691-107864<br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 850<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39549-107864<br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 850<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39622-107864<br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 850<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39603-107864<br><br></p>
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  <body><span style="display: none;">v2.3.0.11</span><table class="report" border="0" cellspacing="2" id="ID0ECCCI">
      <tr>
        <th class="tl" colspan="1" rowspan="1">
          <div style="width: 200px;"><strong>Consolidated Condensed Statement of Changes in Shareholders' Equity (USD $)<br>In Thousands, except Share data</strong></div>
        </th>
        <th class="th">
          <div>Common stock</div>
        </th>
        <th class="th">
          <div>Additional paid-in capital</div>
        </th>
        <th class="th">
          <div>Treasury Stock</div>
        </th>
        <th class="th">
          <div>Comprehensive income</div>
        </th>
        <th class="th">
          <div>Retained earnings</div>
        </th>
        <th class="th">
          <div>Accumulated Other Comprehensive income/(loss)</div>
        </th>
        <th class="th">
          <div>Total</div>
        </th>
      </tr>
      <tr class="rc">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest', window );">Balance at Apr. 30, 2010</a></td>
        <td class="nump">$ 1,000<span></span></td>
        <td class="nump">$ 991<span></span></td>
        <td class="num">$ (354)<span></span></td>
        <td class="text"> <span></span></td>
        <td class="nump">$ 19,813<span></span></td>
        <td class="num">$ (2)<span></span></td>
        <td class="nump">$ 21,448<span></span></td>
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      <tr class="rc">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesOutstanding', window );">Balance (shares) at Apr. 30, 2010</a></td>
        <td class="nump">9,981,600<span></span></td>
        <td class="text"> <span></span></td>
        <td class="text"> <span></span></td>
        <td class="text"> <span></span></td>
        <td class="text"> <span></span></td>
        <td class="text"> <span></span></td>
        <td class="text"> <span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterestAbstract', window );"><strong>Comprehensive income</strong></a></td>
        <td class="text"> <span></span></td>
        <td class="text"> <span></span></td>
        <td class="text"> <span></span></td>
        <td class="text"> <span></span></td>
        <td class="text"> <span></span></td>
        <td class="text"> <span></span></td>
        <td class="text"> <span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProfitLoss', window );">Net income</a></td>
        <td class="text"> <span></span></td>
        <td class="text"> <span></span></td>
        <td class="text"> <span></span></td>
        <td class="nump">2,317<span></span></td>
        <td class="nump">2,317<span></span></td>
        <td class="text"> <span></span></td>
        <td class="nump">2,317<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecreaseAbstract', window );"><strong>Other comprehensive income/ (loss), net of tax:</strong></a></td>
        <td class="text"> <span></span></td>
        <td class="text"> <span></span></td>
        <td class="text"> <span></span></td>
        <td class="text"> <span></span></td>
        <td class="text"> <span></span></td>
        <td class="text"> <span></span></td>
        <td class="text"> <span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax', window );">Change in unrealized gains/ (losses) on securities, net of taxes</a></td>
        <td class="text"> <span></span></td>
        <td class="text"> <span></span></td>
        <td class="text"> <span></span></td>
        <td class="num">(10)<span></span></td>
        <td class="text"> <span></span></td>
        <td class="num">(10)<span></span></td>
        <td class="num">(10)<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest', window );">Comprehensive income</a></td>
        <td class="text"> <span></span></td>
        <td class="text"> <span></span></td>
        <td class="text"> <span></span></td>
        <td class="nump">2,307<span></span></td>
        <td class="text"> <span></span></td>
        <td class="text"> <span></span></td>
        <td class="text"> <span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DividendsCommonStock', window );">Dividends declared</a></td>
        <td class="text"> <span></span></td>
        <td class="text"> <span></span></td>
        <td class="text"> <span></span></td>
        <td class="text"> <span></span></td>
        <td class="num">(1,996)<span></span></td>
        <td class="text"> <span></span></td>
        <td class="num">(1,996)<span></span></td>
      </tr>
      <tr class="rc">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest', window );">Balance at Jul. 31, 2010</a></td>
        <td class="nump">1,000<span></span></td>
        <td class="nump">991<span></span></td>
        <td class="num">(354)<span></span></td>
        <td class="text"> <span></span></td>
        <td class="nump">20,134<span></span></td>
        <td class="num">(12)<span></span></td>
        <td class="nump">21,759<span></span></td>
      </tr>
      <tr class="rc">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesOutstanding', window );">Balance (shares) at Jul. 31, 2010</a></td>
        <td class="nump">9,981,600<span></span></td>
        <td class="text"> <span></span></td>
        <td class="text"> <span></span></td>
        <td class="text"> <span></span></td>
        <td class="text"> <span></span></td>
        <td class="text"> <span></span></td>
        <td class="text"> <span></span></td>
      </tr>
      <tr class="rc">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest', window );">Balance at Apr. 30, 2011</a></td>
        <td class="nump">1,000<span></span></td>
        <td class="nump">991<span></span></td>
        <td class="num">(444)<span></span></td>
        <td class="text"> <span></span></td>
        <td class="nump">31,644<span></span></td>
        <td class="nump">63<span></span></td>
        <td class="nump">33,254<span></span></td>
      </tr>
      <tr class="rc">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesOutstanding', window );">Balance (shares) at Apr. 30, 2011</a></td>
        <td class="nump">9,974,881<span></span></td>
        <td class="text"> <span></span></td>
        <td class="text"> <span></span></td>
        <td class="text"> <span></span></td>
        <td class="text"> <span></span></td>
        <td class="text"> <span></span></td>
        <td class="text"> <span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterestAbstract', window );"><strong>Comprehensive income</strong></a></td>
        <td class="text"> <span></span></td>
        <td class="text"> <span></span></td>
        <td class="text"> <span></span></td>
        <td class="text"> <span></span></td>
        <td class="text"> <span></span></td>
        <td class="text"> <span></span></td>
        <td class="text"> <span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProfitLoss', window );">Net income</a></td>
        <td class="text"> <span></span></td>
        <td class="text"> <span></span></td>
        <td class="text"> <span></span></td>
        <td class="nump">2,076<span></span></td>
        <td class="nump">2,076<span></span></td>
        <td class="text"> <span></span></td>
        <td class="nump">2,076<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecreaseAbstract', window );"><strong>Other comprehensive income/ (loss), net of tax:</strong></a></td>
        <td class="text"> <span></span></td>
        <td class="text"> <span></span></td>
        <td class="text"> <span></span></td>
        <td class="text"> <span></span></td>
        <td class="text"> <span></span></td>
        <td class="text"> <span></span></td>
        <td class="text"> <span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax', window );">Change in unrealized gains/ (losses) on securities, net of taxes</a></td>
        <td class="text"> <span></span></td>
        <td class="text"> <span></span></td>
        <td class="text"> <span></span></td>
        <td class="num">(49)<span></span></td>
        <td class="text"> <span></span></td>
        <td class="num">(49)<span></span></td>
        <td class="num">(49)<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest', window );">Comprehensive income</a></td>
        <td class="text"> <span></span></td>
        <td class="text"> <span></span></td>
        <td class="text"> <span></span></td>
        <td class="nump">2,027<span></span></td>
        <td class="text"> <span></span></td>
        <td class="text"> <span></span></td>
        <td class="text"> <span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TreasuryStockValueAcquiredCostMethod', window );">Purchase of treasury stock</a></td>
        <td class="text"> <span></span></td>
        <td class="text"> <span></span></td>
        <td class="num">(158)<span></span></td>
        <td class="text"> <span></span></td>
        <td class="text"> <span></span></td>
        <td class="text"> <span></span></td>
        <td class="num">(158)<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TreasuryStockSharesAcquired', window );">Purchase (shares)</a></td>
        <td class="num">(11,700)<span></span></td>
        <td class="text"> <span></span></td>
        <td class="text"> <span></span></td>
        <td class="text"> <span></span></td>
        <td class="text"> <span></span></td>
        <td class="text"> <span></span></td>
        <td class="text"> <span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DividendsCommonStock', window );">Dividends declared</a></td>
        <td class="text"> <span></span></td>
        <td class="text"> <span></span></td>
        <td class="text"> <span></span></td>
        <td class="text"> <span></span></td>
        <td class="num">(1,993)<span></span></td>
        <td class="text"> <span></span></td>
        <td class="num">(1,993)<span></span></td>
      </tr>
      <tr class="rc">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest', window );">Balance at Jul. 31, 2011</a></td>
        <td class="nump">$ 1,000<span></span></td>
        <td class="nump">$ 991<span></span></td>
        <td class="num">$ (602)<span></span></td>
        <td class="text"> <span></span></td>
        <td class="nump">$ 31,727<span></span></td>
        <td class="nump">$ 14<span></span></td>
        <td class="nump">$ 33,130<span></span></td>
      </tr>
      <tr class="rc">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesOutstanding', window );">Balance (shares) at Jul. 31, 2011</a></td>
        <td class="nump">9,963,181<span></span></td>
        <td class="text"> <span></span></td>
        <td class="text"> <span></span></td>
        <td class="text"> <span></span></td>
        <td class="text"> <span></span></td>
        <td class="text"> <span></span></td>
        <td class="text"> <span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockSharesOutstanding">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total number of shares of common stock held by shareholders. May be all or portion of the number of common shares authorized. These shares represent the ownership interest of the common shareholders. Shares outstanding equals shares issued minus shares held in treasury and other adjustments, if any.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187085-122770<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher AICPA<br> -Name Accounting Principles Board Opinion (APB)<br> -Number 12<br> -Paragraph 10<br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.29)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 04<br> -Article 3<br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 02<br> -Paragraph 30<br> -Article 5<br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CommonStockSharesOutstanding</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The change in equity [net assets] of a business enterprise during a period from transactions and other events and circumstances from non-owner sources which are attributable to the economic entity, including both controlling (parent) and noncontrolling interests. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners, including any and all transactions which are directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 55<br> -Paragraph 4K<br> -URI http://asc.fasb.org/extlink&amp;oid=6922042&amp;loc=SL4591552-111686<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 45<br> -Paragraph 19<br> -URI http://asc.fasb.org/extlink&amp;oid=6921628&amp;loc=SL4569616-111683<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher AICPA<br> -Name Accounting Research Bulletin (ARB)<br> -Number 51<br> -Paragraph A5<br> -Appendix A<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher AICPA<br> -Name Accounting Research Bulletin (ARB)<br> -Number 51<br> -Paragraph 29<br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher AICPA<br> -Name Accounting Research Bulletin (ARB)<br> -Number 51<br> -Paragraph 38<br> -Subparagraph a<br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterestAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterestAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DividendsCommonStock">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Equity impact of aggregate cash, stock, and paid-in-kind dividends declared for common shareholders during the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 04<br> -Article 3<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187085-122770<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 405<br> -Section 45<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6957935&amp;loc=d3e64057-112817<br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DividendsCommonStock</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecreaseAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecreaseAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Appreciation or loss in value (before reclassification adjustment) of the total of unsold securities during the period being reported on, net of tax. Reclassification adjustments include: (1) the unrealized holding gain (loss), net of tax, at the date of the transfer for a debt security from the held-to-maturity category transferred into the available-for-sale category. Also includes the unrealized gain (loss) at the date of transfer for a debt security from the available-for-sale category transferred into the held-to-maturity category; (2) the unrealized gains (losses) realized upon the sale of securities, after tax; and (3) the unrealized gains (losses) realized upon the write-down of securities, after tax.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 11<br> -URI http://asc.fasb.org/extlink&amp;oid=6920043&amp;loc=d3e637-108580<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 13<br> -URI http://asc.fasb.org/extlink&amp;oid=6920043&amp;loc=d3e653-108580<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Statement of Financial Accounting Standard (FAS)<br> -Number 115<br> -Paragraph 13<br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 55<br> -Paragraph 2<br> -Subparagraph (e)<br> -URI http://asc.fasb.org/extlink&amp;oid=6920433&amp;loc=d3e998-108581<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Statement of Financial Accounting Standard (FAS)<br> -Number 130<br> -Paragraph 24<br> -Subparagraph b<br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Statement of Financial Accounting Standard (FAS)<br> -Number 130<br> -Paragraph 17, 22<br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher AICPA<br> -Name Accounting Research Bulletin (ARB)<br> -Number 51<br> -Paragraph 38<br> -Subparagraph c(3)<br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProfitLoss">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 55<br> -Paragraph 4J<br> -URI http://asc.fasb.org/extlink&amp;oid=6922042&amp;loc=SL4591551-111686<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher AICPA<br> -Name Accounting Research Bulletin (ARB)<br> -Number 51<br> -Paragraph 38<br> -Subparagraph a<br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher AICPA<br> -Name Accounting Research Bulletin (ARB)<br> -Number 51<br> -Paragraph A1, A4, A5<br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher AICPA<br> -Name Accounting Research Bulletin (ARB)<br> -Number 51<br> -Paragraph 38<br> -Subparagraph c(1)<br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher AICPA<br> -Name Accounting Research Bulletin (ARB)<br> -Number 51<br> -Paragraph 29<br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1A<br> -Subparagraph (a),(c)<br> -URI http://asc.fasb.org/extlink&amp;oid=6921930&amp;loc=SL4573702-111684<br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 55<br> -Paragraph 4K<br> -URI http://asc.fasb.org/extlink&amp;oid=6922042&amp;loc=SL4591552-111686<br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher AICPA<br> -Name Accounting Research Bulletin (ARB)<br> -Number 51<br> -Paragraph 5<br> -Subparagraph b<br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 45<br> -Paragraph 19<br> -URI http://asc.fasb.org/extlink&amp;oid=6921628&amp;loc=SL4569616-111683<br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ProfitLoss</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total of Stockholders' Equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity including portions attributable to both the parent and noncontrolling interests (previously referred to as minority interest), if any. The entity including portions attributable to the parent and noncontrolling interests is sometimes referred to as the economic entity. This excludes temporary equity and is sometimes called permanent equity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 45<br> -Paragraph 16<br> -URI http://asc.fasb.org/extlink&amp;oid=6921628&amp;loc=SL4568740-111683<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 55<br> -Paragraph 4I<br> -URI http://asc.fasb.org/extlink&amp;oid=6922042&amp;loc=SL4590271-111686<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Name Accounting Research Bulletin (ARB)<br> -Publisher AICPA<br> -Number 51<br> -Paragraph 26<br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher AICPA<br> -Name Accounting Research Bulletin (ARB)<br> -Number 51<br> -Paragraph A3<br> -Appendix A<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher AICPA<br> -Name Accounting Research Bulletin (ARB)<br> -Number 51<br> -Paragraph 25<br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 45<br> -Paragraph 15<br> -URI http://asc.fasb.org/extlink&amp;oid=6921628&amp;loc=SL4568447-111683<br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest</nobr></td>
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                    <td>us-gaap</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                    <td>credit</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Number of shares that have been repurchased during the period and are being held in treasury.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher AICPA<br> -Name Accounting Principles Board Opinion (APB)<br> -Number 12<br> -Paragraph 10<br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 04<br> -Article 3<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 02<br> -Paragraph 29, 30<br> -Article 5<br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_TreasuryStockSharesAcquired</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap</td>
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                    <td>na</td>
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                    <td>duration</td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Equity impact of the cost of common and preferred stock that were repurchased during the period. Recorded using the cost method.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187085-122770<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher AICPA<br> -Name Accounting Principles Board Opinion (APB)<br> -Number 12<br> -Paragraph 10<br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 30<br> -Section 45<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6405813&amp;loc=d3e23239-112655<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 04<br> -Article 3<br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher AICPA<br> -Name Accounting Research Bulletin (ARB)<br> -Number 43<br> -Chapter 1<br> -Section B<br> -Paragraph 7<br> -Subparagraph b<br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br></p>
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  <body><span style="display: none;">v2.3.0.11</span><table class="report" border="0" cellspacing="2" id="ID0E2H">
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          <div style="width: 200px;"><strong>Variable Interest Entity<br></strong></div>
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        <th class="th" colspan="1">3 Months Ended</th>
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          <div>Jul. 31, 2011</div>
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        <td class="text"><div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;font-weight:bold;" >Note 3: Variable Interest Entity
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</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" >&#160;
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >As discussed in Note 11 - Legal Proceedings and Restructuring, as part of the Restructuring Transaction, the Company retained a non-voting revenues interest and a 50% non-voting profits interest in EAM, which was formed to carry on the asset management and mutual fund distribution businesses formerly conducted by Value Line and its subsidiaries. EAM is considered to be a variable interest entity. The Company makes its determination for consolidation of EAM as a variable interest entity 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 variable interest entities.
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</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Value Line 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.
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</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" >&#160;
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >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&#8217;s operations risk, Value Line&#8217;s revenue 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.
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</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >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 for its interest in EAM.
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</td><td valign="bottom" nowrap="nowrap"  style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
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</td><td valign="bottom" nowrap="nowrap"  style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
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</td><td valign="bottom" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
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</td><td valign="bottom" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
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</td><td valign="bottom" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
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</td><td valign="bottom" colspan="2" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
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</td><td valign="bottom" nowrap="nowrap"  style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td><td valign="bottom" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
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</td><td valign="bottom" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
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</td><td valign="bottom" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
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</td><td valign="bottom" colspan="2" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
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</td><td valign="bottom" nowrap="nowrap"  style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
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</td><td valign="bottom" nowrap="nowrap"  style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
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</td><td valign="bottom" nowrap="nowrap"  style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
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</td><td valign="bottom" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td><td valign="bottom" colspan="2" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td><td valign="bottom" nowrap="nowrap"  style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td><td valign="bottom" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td><td valign="bottom"  style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td><td valign="bottom"  style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td><td valign="bottom" nowrap="nowrap"  style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td><td valign="bottom" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td><td valign="bottom" colspan="2" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td><td valign="bottom" nowrap="nowrap"  style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td><td valign="bottom" nowrap="nowrap"  style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
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</font>
</td><td valign="bottom" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td><td valign="bottom"  style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >$
</font>
</td><td valign="bottom"  style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >56,226
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</td><td valign="bottom" nowrap="nowrap"  style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td><td valign="bottom" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td><td valign="bottom"  style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >$
</font>
</td><td valign="bottom"  style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >56,226
</font>
</td><td valign="bottom" nowrap="nowrap"  style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td><td valign="bottom" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td><td valign="bottom"  style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >$
</font>
</td><td valign="bottom"  style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >-
</font>
</td><td valign="bottom" nowrap="nowrap"  style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td><td valign="bottom" nowrap="nowrap"  style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td>
</tr><tr><td valign="bottom" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td><td valign="bottom" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td><td valign="bottom" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td><td valign="bottom"  style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td><td valign="bottom"  style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td><td valign="bottom" nowrap="nowrap"  style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td><td valign="bottom" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td><td valign="bottom"  style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td><td valign="bottom"  style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td><td valign="bottom" nowrap="nowrap"  style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td><td valign="bottom" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td><td valign="bottom"  style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td><td valign="bottom"  style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td><td valign="bottom" nowrap="nowrap"  style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td><td valign="bottom" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td><td valign="bottom"  style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td><td valign="bottom"  style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td><td valign="bottom" nowrap="nowrap"  style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td><td valign="bottom" nowrap="nowrap"  style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
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</font>
</td><td valign="bottom" width="1%" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td><td valign="bottom" width="1%"  style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >$
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</font>
</td><td valign="bottom" width="1%" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td><td valign="bottom" width="1%"  style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >$
</font>
</td><td valign="bottom" width="9%"  style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >56,367
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</td><td valign="bottom" width="1%" nowrap="nowrap"  style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td><td valign="bottom" width="1%" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;
</font>
</td><td valign="bottom" width="1%"  style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >$
</font>
</td><td valign="bottom" width="9%"  style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >-
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</td><td valign="bottom" width="1%" nowrap="nowrap"  style="text-align:left;" >&#160;
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                <p>The entire disclosure for Categorization of Variable Interest Entities (VIE) for consolidation and (or) disclosure purposes, whether individually or in aggregate, by: (1) VIEs consolidated because the entity is the primary beneficiary, (2) VIEs not consolidated because the entity is not the primary beneficiary, and (3) VIEs or potential VIEs that are not consolidated because necessary information is not available. In general, a VIE is a corporation, partnership, trust, or any other legal structure used for business purposes that either (a) does not have equity investors with voting rights or (b) has equity investors that do not provide sufficient financial resources for the entity to support its activities. A VIE often holds financial assets, including loans or receivables, real estate or other property. A VIE may be essentially passive or it may engage in research and development or other activities on behalf of another company.</p>
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                <p>The entire disclosure for supplemental cash flow activities, including cash, noncash, and part noncash transactions, for the period. Noncash is defined as information about all investing and financing activities of an enterprise during a period that affect recognized assets or liabilities but that do not result in cash receipts or cash payments in the period. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period.</p>
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  <body><span style="display: none;">v2.3.0.11</span><table class="report" border="0" cellspacing="2" id="ID0E2H">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Employees' Profit Sharing and Savings Plan:<br></strong></div>
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          <div>Jul. 31, 2011</div>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract', window );"><strong>Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract]</strong></a></td>
        <td class="text"> <span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock', window );">Employees' Profit Sharing and Savings Plan:</a></td>
        <td class="text"><div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;font-weight:bold;" >Note 5-Employees&#8217; Profit Sharing and Savings Plan:
</font>
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" >&#160;
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Substantially all employees of the Company and its subsidiaries are members of the Value Line, Inc. Profit Sharing and Savings Plan (the &#8220;Plan&#8221;). 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. The estimated profit sharing plan contribution, which is included as an expense in salaries and employee benefits in the Consolidated Condensed Statement of Income, was $150,000&#160;for the three months ended July 31, 2011.
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
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                <p>The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5444-113901<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher AICPA<br> -Name Statement of Position (SOP)<br> -Number 93-6<br> -Paragraph 53<br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Staff Accounting Bulletin (SAB)<br> -Number Topic 14<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Statement of Financial Accounting Standard (FAS)<br> -Number 123R<br> -Paragraph 64, 65, A240<br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 40<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6418621&amp;loc=d3e17540-113929<br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5047-113901<br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 50<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6406099&amp;loc=d3e25284-112666<br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br></p>
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﻿<html>
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    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.3.0.11</span><table class="report" border="0" cellspacing="2" id="ID0EDVAG">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Consolidated Condensed Statements of Cash Flows (USD $)<br>In Thousands</strong></div>
        </th>
        <th class="th" colspan="2">3 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Jul. 31, 2011</div>
        </th>
        <th class="th">
          <div>Jul. 31, 2010</div>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract', window );"><strong>Cash flows from operating activities:</strong></a></td>
        <td class="text"> <span></span></td>
        <td class="text"> <span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProfitLoss', window );">Net income</a></td>
        <td class="nump">$ 2,076<span></span></td>
        <td class="nump">$ 2,317<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract', window );"><strong>Adjustments to reconcile net income to net cash provided by operating activities:</strong></a></td>
        <td class="text"> <span></span></td>
        <td class="text"> <span></span></td>
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DepreciationDepletionAndAmortization', window );">Depreciation and amortization</a></td>
        <td class="nump">135<span></span></td>
        <td class="nump">152<span></span></td>
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        <td class="text"> <span></span></td>
        <td class="nump">13<span></span></td>
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_valu_RevenuesAndProfitsInterestInEamTrustOperatingActivities', window );">Revenues and profits interests in EAM Trust</a></td>
        <td class="num">(1,572)<span></span></td>
        <td class="text"> <span></span></td>
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      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AvailableForSaleSecuritiesGrossRealizedGains', window );">Realized losses on sales of securities available for sale</a></td>
        <td class="nump">5<span></span></td>
        <td class="text"> <span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredIncomeTaxExpenseBenefit', window );">Deferred income taxes</a></td>
        <td class="nump">1,216<span></span></td>
        <td class="nump">1,266<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract', window );"><strong>Changes in assets and liabilities:</strong></a></td>
        <td class="text"> <span></span></td>
        <td class="text"> <span></span></td>
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInDeferredRevenue', window );">(Decrease) in unearned revenue</a></td>
        <td class="num">(1,602)<span></span></td>
        <td class="num">(1,023)<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_valu_IncreaseDecreaseInReserveForSettlement', window );">(Decrease) in reserve for settlement</a></td>
        <td class="num">(80)<span></span></td>
        <td class="num">(229)<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_valu_IncreaseDecreaseInOperatingLeaseExitObligation', window );">(Decrease) in operating lease exit obligation</a></td>
        <td class="num">(145)<span></span></td>
        <td class="text"> <span></span></td>
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      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities', window );">(Decrease) in accounts payable &amp; accrued expenses</a></td>
        <td class="num">(730)<span></span></td>
        <td class="num">(1,096)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInAccruedSalaries', window );">(Decrease) in accrued salaries</a></td>
        <td class="num">(132)<span></span></td>
        <td class="num">(196)<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_valu_IncreaseDecreaseInPrepaidAndRefundableIncomeTaxes', window );">(Increase)/decrease in prepaid and refundable income taxes</a></td>
        <td class="num">(70)<span></span></td>
        <td class="nump">1,598<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets', window );">(Increase)/decrease in prepaid expenses and other current assets</a></td>
        <td class="nump">36<span></span></td>
        <td class="num">(28)<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInAccountsReceivable', window );">Decrease in accounts receivable</a></td>
        <td class="nump">301<span></span></td>
        <td class="nump">452<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInDueFromAffiliatesCurrent', window );">Decrease in receivable from affiliates</a></td>
        <td class="nump">36<span></span></td>
        <td class="nump">141<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities', window );">Total adjustments</a></td>
        <td class="num">(2,602)<span></span></td>
        <td class="nump">1,050<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInOperatingActivities', window );">Net cash (used in)/provided by operating activities</a></td>
        <td class="num">(526)<span></span></td>
        <td class="nump">3,367<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_valu_PurchasessalesOfSecuritiesClassifiedAsAvailableForSaleAbstract', window );"><strong>Purchases and sales of securities classified as available for sale:</strong></a></td>
        <td class="text"> <span></span></td>
        <td class="text"> <span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromSaleOfAvailableForSaleSecuritiesDebt', window );">Proceeds from sales of fixed income securities</a></td>
        <td class="nump">2,998<span></span></td>
        <td class="nump">6,706<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsToAcquireAvailableForSaleSecuritiesDebt', window );">Purchase of fixed income securities</a></td>
        <td class="text">&nbsp;<span></span></td>
        <td class="num">(12,011)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_valu_RevenuesAndProfitsDistributionFromEamTrustInvestingActivities', window );">Revenues and profits distributions received from EAM Trust</a></td>
        <td class="nump">1,626<span></span></td>
        <td class="text">&nbsp;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsToAcquirePropertyPlantAndEquipment', window );">Acquisition of property and equipment</a></td>
        <td class="num">(4)<span></span></td>
        <td class="num">(22)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsForSoftware', window );">Expenditures for capitalized software</a></td>
        <td class="num">(1,557)<span></span></td>
        <td class="num">(41)<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInInvestingActivities', window );">Net cash provided by /(used in) investing activities</a></td>
        <td class="nump">3,063<span></span></td>
        <td class="num">(5,368)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract', window );"><strong>Cash flows from financing activities:</strong></a></td>
        <td class="text"> <span></span></td>
        <td class="text"> <span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsForRepurchaseOfCommonStock', window );">Purchase of treasury stock at cost</a></td>
        <td class="num">(158)<span></span></td>
        <td class="text"> <span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsOfDividendsCommonStock', window );">Dividends paid</a></td>
        <td class="num">(1,995)<span></span></td>
        <td class="text"> <span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInFinancingActivities', window );">Net cash used in financing activities</a></td>
        <td class="num">(2,153)<span></span></td>
        <td class="text"> <span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease', window );">Net increase /(decrease) in cash and cash equivalents</a></td>
        <td class="nump">384<span></span></td>
        <td class="num">(2,001)<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsAtCarryingValue', window );">Cash and cash equivalents at beginning of year</a></td>
        <td class="nump">6,802<span></span></td>
        <td class="nump">16,435<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsAtCarryingValue', window );">Cash and cash equivalents at end of period</a></td>
        <td class="nump">$ 7,186<span></span></td>
        <td class="nump">$ 14,434<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The sum of adjustments which are added to or deducted from net income or loss, including the portion attributable to noncontrolling interest, to reflect cash provided by or used in operating activities, in accordance with the indirect cash flow method.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Statement of Financial Accounting Standard (FAS)<br> -Number 95<br> -Paragraph 28<br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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                </table>
              </div>
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          </td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract">
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract</nobr></td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AmortizationOfDebtDiscountPremium">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The component of interest expense representing the noncash expenses charged against earnings in the period to amortize debt discount and premium associated with the related debt instruments. Excludes amortization of financing costs. Alternate caption: Noncash Interest Expense.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.8)<br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher AICPA<br> -Name Accounting Principles Board Opinion (APB)<br> -Number 21<br> -Paragraph 16<br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Article 5<br> -Section 03<br> -Paragraph 8<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 835<br> -SubTopic 30<br> -Section 45<br> -Paragraph 1A<br> -URI http://asc.fasb.org/extlink&amp;oid=6451184&amp;loc=d3e28541-108399<br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AmortizationOfDebtDiscountPremium</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AvailableForSaleSecuritiesGrossRealizedGains">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>This item represents the gross profit realized on the sale of debt or equity securities categorized neither as held-to-maturity nor trading securities.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Statement of Financial Accounting Standard (FAS)<br> -Number 115<br> -Paragraph 21<br> -Subparagraph a<br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 320<br> -SubTopic 10<br> -Section 50<br> -Paragraph 9<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=6872113&amp;loc=d3e27357-111563<br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AvailableForSaleSecuritiesGrossRealizedGains</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                    <td>credit</td>
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                    <td>duration</td>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Includes currency on hand as well as demand deposits with banks or financial institutions. It also includes other kinds of accounts that have the general characteristics of demand deposits in that the Entity may deposit additional funds at any time and also effectively may withdraw funds at any time without prior notice or penalty. Cash equivalents, excluding items classified as marketable securities, include short-term, highly liquid investments that are both readily convertible to known amounts of cash, and so near their maturity that they present minimal risk of changes in value because of changes in interest rates. Generally, only investments with original maturities of three months or less qualify under that definition. Original maturity means original maturity to the entity holding the investment. For example, both a three-month US Treasury bill and a three-year Treasury note purchased three months from maturity qualify as cash equivalents. However, a Treasury note purchased three years ago does not become a cash equivalent when its remaining maturity is three months. Compensating balance arrangements that do not legally restrict the withdrawal or usage of cash amounts may be reported as Cash and Cash Equivalents, while legally restricted deposits held as compensating balances against borrowing arrangements, contracts entered into with others, or company statements of intention with regard to particular deposits are not generally reported as cash and cash equivalents. Includes cash and cash equivalents associated with the entity's continuing operations. Excludes cash and cash equivalents associated with the disposal group (and discontinued operation).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.1)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 02<br> -Paragraph 1<br> -Article 5<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Statement of Financial Accounting Standard (FAS)<br> -Number 95<br> -Paragraph 7<br> -Footnote 1<br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3044-108585<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Statement of Financial Accounting Standard (FAS)<br> -Number 95<br> -Paragraph 8, 9<br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=6361293&amp;loc=d3e6676-107765<br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Cash<br> -URI http://asc.fasb.org/extlink&amp;oid=6506951<br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Statement of Financial Accounting Standard (FAS)<br> -Number 95<br> -Paragraph 7, 26<br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Cash Equivalents<br> -URI http://asc.fasb.org/extlink&amp;oid=6507016<br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CashAndCashEquivalentsAtCarryingValue</nobr></td>
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                    <td>us-gaap</td>
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                    <td>xbrli:monetaryItemType</td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the reporting period in cash and cash equivalents. While for technical reasons this element has no balance attribute, the default assumption is a debit balance consistent with its label.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Statement of Financial Accounting Standard (FAS)<br> -Number 95<br> -Paragraph 26<br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 24<br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3521-108585<br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredIncomeTaxExpenseBenefit">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The component of income tax expense for the period representing the increase (decrease) in the entity's deferred tax assets and liabilities pertaining to continuing operations.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Deferred Tax Expense (or Benefit)<br> -URI http://asc.fasb.org/extlink&amp;oid=6510177<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 08<br> -Paragraph h<br> -Article 4<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Staff Accounting Bulletin (SAB)<br> -Number Topic 6<br> -Section I<br> -Subsection 7<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Statement of Financial Accounting Standard (FAS)<br> -Number 109<br> -Paragraph 45<br> -Subparagraph b<br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Statement of Financial Accounting Standard (FAS)<br> -Number 109<br> -Paragraph 289<br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Statement of Financial Accounting Standard (FAS)<br> -Number 95<br> -Paragraph 28<br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 9<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32639-109319<br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08.(h))<br> -URI http://asc.fasb.org/extlink&amp;oid=6881521&amp;loc=d3e23780-122690<br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br>Reference 10: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB TOPIC 6.I.7)<br> -URI http://asc.fasb.org/extlink&amp;oid=6889476&amp;loc=d3e330036-122817<br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DeferredIncomeTaxExpenseBenefit</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DepreciationDepletionAndAmortization">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DepreciationDepletionAndAmortization</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the reporting period in the amounts payable to vendors for goods and services received and the amount of obligations and expenses incurred but not paid.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Statement of Financial Accounting Standard (FAS)<br> -Number 95<br> -Paragraph 28<br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInAccountsReceivable">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the reporting period in amount due within one year (or one business cycle) from customers for the credit sale of goods and services.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Statement of Financial Accounting Standard (FAS)<br> -Number 95<br> -Paragraph 28<br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncreaseDecreaseInAccountsReceivable</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInAccruedSalaries">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the period in accrued salaries.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Statement of Financial Accounting Standard (FAS)<br> -Number 95<br> -Paragraph 28<br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncreaseDecreaseInAccruedSalaries</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInDeferredRevenue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the reporting period, excluding the portion taken into income, in the liability reflecting revenue yet to be earned for which cash or other forms of consideration was received or recorded as a receivable.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Statement of Financial Accounting Standard (FAS)<br> -Number 95<br> -Paragraph 28<br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncreaseDecreaseInDeferredRevenue</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInDueFromAffiliatesCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the reporting period in current receivables (due within one year or one operating cycle) to be collected from an entity that is controlling, under the control of, or within the same control group as the reporting entity by means of direct or indirect ownership.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Statement of Financial Accounting Standard (FAS)<br> -Number 95<br> -Paragraph 28<br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncreaseDecreaseInDueFromAffiliatesCurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncreaseDecreaseInOperatingCapitalAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the reporting period in the value of prepaid expenses and other assets not separately disclosed in the statement of cash flows, for example, deferred expenses, intangible assets,or  income taxes.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Statement of Financial Accounting Standard (FAS)<br> -Number 95<br> -Paragraph 28<br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInFinancingActivities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The net cash inflow or outflow from financing activity for the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Statement of Financial Accounting Standard (FAS)<br> -Number 95<br> -Paragraph 26<br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 24<br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3521-108585<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 26<br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3574-108585<br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetCashProvidedByUsedInFinancingActivities</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInInvestingActivities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The net cash inflow or outflow from investing activity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Statement of Financial Accounting Standard (FAS)<br> -Number 95<br> -Paragraph 26<br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 24<br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3521-108585<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 26<br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3574-108585<br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetCashProvidedByUsedInInvestingActivities</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInOperatingActivities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The net cash from (used in) all of the entity's operating activities, including those of discontinued operations, of the reporting entity. Operating activities generally involve producing and delivering goods and providing services. Operating activity cash flows include transactions, adjustments, and changes in value that are not defined as investing or financing activities. While for technical reasons this element has no balance attribute, the default assumption is a debit balance consistent with its label.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 24<br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3521-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 25<br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3536-108585<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Statement of Financial Accounting Standard (FAS)<br> -Number 95<br> -Paragraph 28<br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Statement of Financial Accounting Standard (FAS)<br> -Number 95<br> -Paragraph 26<br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetCashProvidedByUsedInOperatingActivities</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsForRepurchaseOfCommonStock">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash outflow to reacquire common stock during the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 15<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3291-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Statement of Financial Accounting Standard (FAS)<br> -Number 95<br> -Paragraph 18<br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Statement of Financial Accounting Standard (FAS)<br> -Number 95<br> -Paragraph 20<br> -Subparagraph a<br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Financing Activities<br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PaymentsForRepurchaseOfCommonStock</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsForSoftware">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash outflow associated with the development, modification or acquisition of software programs or applications for internal use (that is, not to be sold, leased or otherwise marketed to others) that qualify for capitalization.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 13<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3213-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Statement of Financial Accounting Standard (FAS)<br> -Number 95<br> -Paragraph 15<br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Statement of Financial Accounting Standard (FAS)<br> -Number 95<br> -Paragraph 17<br> -Subparagraph c<br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Investing Activities<br> -URI http://asc.fasb.org/extlink&amp;oid=6516133<br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PaymentsForSoftware</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsOfDividendsCommonStock">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash outflow from the distribution of an entity's earnings in the form of dividends to common shareholders.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 15<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3291-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Statement of Financial Accounting Standard (FAS)<br> -Number 95<br> -Paragraph 18<br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Statement of Financial Accounting Standard (FAS)<br> -Number 95<br> -Paragraph 20<br> -Subparagraph a<br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Financing Activities<br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PaymentsOfDividendsCommonStock</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsToAcquireAvailableForSaleSecuritiesDebt">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash outflow to acquire debt securities classified as available-for-sale securities, because they are not classified as either held-to-maturity securities or trading securities.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Investing Activities<br> -URI http://asc.fasb.org/extlink&amp;oid=6516133<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 320<br> -SubTopic 10<br> -Section 45<br> -Paragraph 11<br> -URI http://asc.fasb.org/extlink&amp;oid=6871852&amp;loc=d3e26853-111562<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Statement of Financial Accounting Standard (FAS)<br> -Number 95<br> -Paragraph 15<br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 13<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3213-108585<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Statement of Financial Accounting Standard (FAS)<br> -Number 115<br> -Paragraph 18<br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Statement of Financial Accounting Standard (FAS)<br> -Number 95<br> -Paragraph 17<br> -Subparagraph a<br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash outflow associated with the acquisition of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale; includes cash outflows to pay for construction of self-constructed assets.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 13<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3213-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Statement of Financial Accounting Standard (FAS)<br> -Number 95<br> -Paragraph 15<br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Statement of Financial Accounting Standard (FAS)<br> -Number 95<br> -Paragraph 17<br> -Subparagraph c<br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Investing Activities<br> -URI http://asc.fasb.org/extlink&amp;oid=6516133<br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash inflow associated with the sale of debt securities classified as available-for-sale securities.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Investing Activities<br> -URI http://asc.fasb.org/extlink&amp;oid=6516133<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 320<br> -SubTopic 10<br> -Section 45<br> -Paragraph 11<br> -URI http://asc.fasb.org/extlink&amp;oid=6871852&amp;loc=d3e26853-111562<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Statement of Financial Accounting Standard (FAS)<br> -Number 95<br> -Paragraph 15<br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 12<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3179-108585<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Statement of Financial Accounting Standard (FAS)<br> -Number 115<br> -Paragraph 18<br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Statement of Financial Accounting Standard (FAS)<br> -Number 95<br> -Paragraph 16<br> -Subparagraph a<br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 55<br> -Paragraph 4J<br> -URI http://asc.fasb.org/extlink&amp;oid=6922042&amp;loc=SL4591551-111686<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher AICPA<br> -Name Accounting Research Bulletin (ARB)<br> -Number 51<br> -Paragraph 38<br> -Subparagraph a<br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher AICPA<br> -Name Accounting Research Bulletin (ARB)<br> -Number 51<br> -Paragraph A1, A4, A5<br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher AICPA<br> -Name Accounting Research Bulletin (ARB)<br> -Number 51<br> -Paragraph 38<br> -Subparagraph c(1)<br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher AICPA<br> -Name Accounting Research Bulletin (ARB)<br> -Number 51<br> -Paragraph 29<br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1A<br> -Subparagraph (a),(c)<br> -URI http://asc.fasb.org/extlink&amp;oid=6921930&amp;loc=SL4573702-111684<br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 55<br> -Paragraph 4K<br> -URI http://asc.fasb.org/extlink&amp;oid=6922042&amp;loc=SL4591552-111686<br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher AICPA<br> -Name Accounting Research Bulletin (ARB)<br> -Number 51<br> -Paragraph 5<br> -Subparagraph b<br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 45<br> -Paragraph 19<br> -URI http://asc.fasb.org/extlink&amp;oid=6921628&amp;loc=SL4569616-111683<br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The change in the operating lease exit obligation recorded on the balance sheet, which is needed to adjust net income to arrive at net cash flows provided by or used in operations.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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                    <td><strong> Name:</strong></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the reporting period in the amount of payments made in advance and refundable for income taxes, which will be charged against earnings in future periods.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The change in the reserve for settlement recorded on the balance sheet, which is needed to adjust net income to arrive at net cash flows provided by or used in operations.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash inflow associated with the Revenues and profits distribution from EAM Trust.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The net amount Revenues and profits interest in EAM Trust, at a point in time.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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  <body><span style="display: none;">v2.3.0.11</span><table class="report" border="0" cellspacing="2" id="ID0E2H">
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          <div style="width: 200px;"><strong>Organization and Summary of Significant Accounting Policies:<br></strong></div>
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        <th class="th" colspan="1">3 Months Ended</th>
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          <div>Jul. 31, 2011</div>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract', window );"><strong>Organization, Consolidation and Presentation Of Financial Statements [Abstract]</strong></a></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureAndSignificantAccountingPoliciesTextBlock', window );">Organization and Summary of Significant Accounting Policies:</a></td>
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<div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"><font style="display:inline;font-family:times new roman;font-size:10pt;font-weight:bold;">Note 1-Organization and Summary of Significant Accounting Policies: </font></div>
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<div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"><font style="display:inline;font-family:times new roman;font-size:10pt;">The interim consolidated condensed financial statements of Value Line, Inc., together with its subsidiaries (collectively referred to as the &#8220;Company&#8221;, &#8220;Value Line&#8221;, or &#8220;VLI&#8221;), are unaudited. In the opinion of management, the accompanying unaudited consolidated condensed financial statements contain all adjustments (consisting of normal recurring accruals except as noted below) considered necessary for a fair presentation. This report should be read in conjunction with the financial statements and footnotes contained in the Company&#8217;s annual report on Form 10-K, dated July 29, 2011 for the fiscal year ended April 30, 2011. Results of operations covered by this report may not be indicative of the results of operations for the entire year. </font></div>
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<div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"><font style="display:inline;font-family:times new roman;font-size:10pt;">Value Line is incorporated in the State of New York.&#160;&#160;The Company&#8217;s primary business is producing investment related periodical publications and making available copyright data including certain Value Line trademarks and Value Line proprietary ranking system information to third parties under written agreements for use in third party managed and marketed investment products.&#160;&#160;Prior to December 23, 2010 (the &#8220;Restructuring Date&#8221;), VLI, through its direct subsidiary EULAV Asset Management LLC (&#8220;EAM LLC&#8221;), provided investment management services to the Value Line Mutual Funds (&#8220;Value Line Funds&#8221; or the &#8220;Funds&#8221;), institutions and individual accounts, and, through EAM LLC&#8217;s subsidiary EULAV Securities, Inc. (&#8220;ESI&#8221;), provided distribution, marketing, and administrative services to the Value Line Funds.&#160;&#160;On December 23, 2010, the Company deconsolidated the asset management and mutual fund distribution subsidiaries and exchanged its controlling interest in these subsidiaries for a non-voting revenues interest and a non-voting profits interest in EULAV Asset Management, a Delaware business trust (&#8220;EAM&#8221;), the successor to EAM LLC and the sole member of EULAV Securities LLC (&#8220;ES&#8221;), the successor to ESI, (the &#8220;Restructuring Transaction&#8221;).&#160;&#160;VLI also recorded as post-employment compensation expense the value of a voting profits interest in EAM granted to one of the Trustees of EAM, a former VLI employee.&#160;&#160;Pursuant to the EAM Declaration of Trust dated as of December 23, 2010 (the &#8220;EAM Trust Agreement&#8221;), VLI granted EAM the right to use the Value Line name for all existing Value Line Funds and agreed to supply, without charge or expense, the Value Line Proprietary Ranking information to EAM for use in managing the Value Line Funds.&#160;&#160;The name &#8220;Value Line&#8221; as used to describe the Company, its products, and its subsidiaries, is a registered trademark of the Company.&#160;&#160;Additional rights of the Company under the EAM Trust Agreement&#160;are discussed in Note 11 - Legal Proceedings and Restructuring. </font></div></div>
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<div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"><font style="display:inline;font-family:times new roman;font-size:10pt;"><font style="display:inline;font-family:times new roman;font-size:10pt;">Principles of consolidation:&#160;&#160;The Company follows the guidance in the Financial Accounting Standards Board&#8217;s (&#8220;FASB&#8221;) Topic 810 &#8220;Consolidation&#8221; to determine if it should consolidate its investment in a variable interest entity (&#8220;VIE&#8221;). 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&#160;&#160;(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&#8217;s activities that most significantly affect the entity&#8217;s economic performance.&#160;&#160;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.&#160;&#160;The determination of a controlling financial interest in a VIE is based on a qualitative assessment to indentify the variable interest holder, if any, that has (i) the power to direct the activities of the VIE that most significantly impact the VIE&#8217;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.&#160;&#160;The accounting guidance requires the Company to perform an ongoing assessment of whether the Company is the primary beneficiary of a variable interest entity.&#160;&#160;For fiscal 2012, the Company has determined it is not the primary beneficiary of a VIE. </font></font></div>
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<div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"><font style="display:inline;font-family:times new roman;font-size:10pt;">In accordance with FASB&#8217;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 Restructuring Transaction and deconsolidated the related affiliates in accordance with FASB&#8217;s Topic 810. As part of the Restructuring Transaction, the Company received a significant non-voting revenues interest (excluding distribution revenues) and a non-voting profits interest in the new entity, EAM. The Company relied on the guidance in FASB&#8217;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 Statement of Income. </font></div>
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<div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"><font style="display:inline;font-family:times new roman;font-size:10pt;">Accounting Standards Codification: </font></div>
<div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"><font style="display:inline;font-family:times new roman;font-size:10pt;">During fiscal year 2010, the Company adopted the FASB&#8217;s <font style="font-style:italic;display:inline;font-family:times new roman;">Accounting Standards Codification (&#8220;ASC&#8221;). </font>The FASB&#8217;s ASC is the source of authoritative U.S. accounting and reporting standards for nongovernmental entities, in addition to guidance issued by the SEC. The FASB&#8217;s ASC reorganized the thousands of U.S. GAAP pronouncements into roughly 90 accounting topics and displays all topics using a consistent structure. Although not the official source, it also includes relevant portions of authoritative SEC guidance that follows the same topical structure in separate sections in the Codification. The financial statements of the Company have been updated to reflect the relevant references to the FASB&#8217;s ASC. </font></div>
<div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"><font style="display:inline;font-family:times new roman;font-size:10pt;font-weight:bold;">&#160; </font></div>
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<div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"><font style="display:inline;font-family:times new roman;font-size:10pt;">Revenue Recognition: </font></div>
<div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"><font style="display:inline;font-family:times new roman;font-size:10pt;">Depending upon the product, subscription fulfillment for Value Line publications is available in print, via internet access and CD-ROM. The length of a subscription varies by product and offer received by the subscriber. Generally, subscriptions are available as trial subscriptions, annual subscriptions and/or multi-year subscriptions. Subscription revenues are recognized on a straight line basis over the life of the subscription. Accordingly, the amount of subscription fees to be earned by fulfilling subscriptions after the date of the balance sheet is shown as unearned revenue within current and long-term liabilities. </font></div>
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<div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"><font style="display:inline;font-family:times new roman;font-size:10pt;">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. 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.&#160;&#160; </font></div>
<div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"><font style="display:inline;font-family:times new roman;font-size:10pt;">Prior to the Restructuring Date, the Company earned investment management fees that consisted of management fees from the Value Line Funds and from asset management clients. Investment management fees for the Funds were earned on a monthly basis as services were performed. The fees were calculated based on average daily net assets of the Funds in accordance with each Fund&#8217;s advisory agreement (see Notes 7 and 11).&#160;&#160; </font></div>
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<div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"><font style="display:inline;font-family:times new roman;font-size:10pt;">The management fees and average daily net assets for the Value Line Funds are calculated by State Street Bank, which serves as the fund accountant, fund administrator, and custodian of the Value Line Funds. </font></div>
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<div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"><font style="display:inline;font-family:times new roman;font-size:10pt;">The Value Line Funds are open-end management companies registered under the Investment Company Act of 1940 (the &#8220;1940 Act&#8221;). Shareholder transactions for the Value Line Funds are processed each business day by the third party transfer agent of the Funds. Shares can be redeemed without advance notice upon request of the shareowners each day that the New York Stock Exchange is open. Prior to December 1, 2010, EAM LLC, in addition to managing the Value Line Funds, separately managed accounts of institutions and high net worth individuals for which it was paid an advisory fee. EAM had no separately managed accounts as of July 31, 2011. Assets within the separately managed accounts were held at third party custodians and were subject to the terms of the applicable advisory agreement and did not have any advance notice requirement for withdrawals. </font></div>
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<div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"><font style="display:inline;font-family:times new roman;font-size:10pt;">Also, prior to the Restructuring Date, service and distribution fees were received from the Value Line Funds in accordance with service and distribution plans under rule 12b-1 of the Investment Company Act of 1940. These plans are compensation plans, which means that the distributor&#8217;s fees under the plans are payable without regard to actual expenses incurred by the distributor, and therefore the distributor may earn a profit under the plan. Expenses incurred by ESI, the distributor of the Value Line Funds prior to the Restructuring Date, included payments to securities dealers, banks, financial institutions and other organizations that provided distribution, marketing, and administrative services with respect to the Value Line Funds. Service and distribution fees are received by the distributor on a monthly basis and calculated based upon the average daily net assets of the respective Fund in accordance with each Fund prospectus (see Notes 7 and 11).&#160;&#160; </font></div>
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<div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"><font style="display:inline;font-family:times new roman;font-size:10pt;">Investment in Unconsolidated Entities:&#160;&#160; </font></div>
<div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"><font style="display:inline;font-family:times new roman;font-size:10pt;">The Company accounts for its investments in unconsolidated entities (EAM) using the equity method of accounting in accordance with FASB&#8217;s ASC 323. The equity method is an appropriate means of recognizing increases or decreases measured by generally accepted accounting principles (&#8220;GAAP&#8221;) 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></div>
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<div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"><font style="display:inline;font-family:times new roman;font-size:10pt;">The Company&#8217;&#8220; </font>interests<font style="display:inline;font-family:times new roman;">&#8221; </font>in EAM, the investment adviser to and the sole member of the distributor of the Value Line Funds, consist of a <font style="display:inline;font-family:times new roman;">&#8220; </font>non-voting revenues interest<font style="display:inline;font-family:times new roman;">&#8221; </font>and a <font style="display:inline;font-family:times new roman;">&#8220; </font>non-voting profits interest<font style="display:inline;font-family:times new roman;">&#8221; </font>in EAM. The non-voting revenues interest entitles the Company to receive a range of 41% to 55% (depending on the amount of revenues) of EAM&#8217;s adjusted gross revenues (excluding ES&#8217;s distribution revenues). The non-voting profits interest entitles the Company to receive 50% (subject to certain limited adjustments) of the profits (as defined in the EAM Trust Agreement) of EAM. The revenues interest and at least 90% of the profits interest are to be distributed each quarter to all interest holders of EAM, including Value Line. Subsequent to December 23, 2010, the Company&#8217;s revenues interest in EAM excludes participation in the service and distribution fees of EAM&#8217;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, it does have a contractual right to receive these revenues and profits.</div>
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<div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"><font style="display:inline;font-family:times new roman;font-size:10pt;">Valuation of Securities: </font></div>
<div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"><font style="display:inline;font-family:times new roman;font-size:10pt;">The Company&#8217;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 exchange traded equity funds, shares of equity securities in various publicly traded companies, government debt securities, and FDIC insured commercial paper and are valued in accordance with the requirements of the Fair Value Measurements Topic of the FASB&#8217;s ASC 820. The securities available-for-sale reflected in the Consolidated Condensed Balance Sheets are valued at market and unrealized gains and losses on securities classified as available-for-sale, net of applicable taxes, are reported as a separate component of Shareholders&#8217; Equity. Realized gains and losses on sales of the securities classified as available-for-sale are recorded in earnings on trade date and are determined on the identified cost method. </font></div>
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<div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"><font style="display:inline;font-family:times new roman;font-size:10pt;">The Company classifies its securities available-for-sale as current assets. It does so to properly reflect its liquidity and to recognize the fact that it has liquid assets available-for-sale should the need arise. </font></div>
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<div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"><font style="display:inline;font-family:times new roman;font-size:10pt;">Market valuation of securities listed on a securities exchange is based on the closing sales prices on the last business day of each month. Valuation of exchange traded funds shares is based upon the publicly quoted price of the shares listed on a securities exchange. The market value of the Company&#8217;s fixed maturity government debt obligations is determined utilizing publicly quoted market prices. Cash equivalents consist of investments in Money Market Funds that invest primarily in U.S. Government securities valued at $1 per share in accordance with rule 2a-7 under the 1940 Act. </font></div>
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<div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"><font style="display:inline;font-family:times new roman;font-size:10pt;">The Fair Value Measurements Topic of FASB&#8217;s ASC 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&#160;&#160;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&#8217;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. The three-tier hierarchy of inputs is summarized in the three broad levels listed below. </font></div>
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<div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"><font style="display:inline;font-family:times new roman;font-size:10pt;">Level 1 &#8211; quoted prices in active markets for identical investments </font></div>
<div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"><font style="display:inline;font-family:times new roman;font-size:10pt;">Level 2 &#8211; other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.) </font></div>
<div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"><font style="display:inline;font-family:times new roman;font-size:10pt;">Level 3 &#8211; significant unobservable inputs (including the Company&#8217;s own assumptions in determining the fair value of investments) </font></div>
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<div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"><font style="display:inline;font-family:times new roman;font-size:10pt;">The valuation techniques used by the Company to measure fair value for Level 1 securities consisted of quoted prices in active markets for identical assets. </font></div>
<div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"><font style="display:inline;font-family:times new roman;font-size:10pt;">The following is a summary of the inputs used as of July 31, 2011 in valuing the Company&#8217;s investments carried at fair value: </font></div>
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<div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"><font style="display:inline;font-family:times new roman;font-size:10pt;">Investments in </font></div></td>
<td valign="bottom" nowrap="nowrap" style="text-align:center;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">&#160; </font></td></tr>
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<td valign="bottom" style="text-align:center;" width="44%"><font style="display:inline;font-family:times new roman;font-size:10pt;">&#160; </font></td>
<td valign="bottom" style="text-align:center;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">&#160; </font></td>
<td valign="bottom" colspan="2" style="text-align:center;" width="10%"><font style="display:inline;font-family:times new roman;font-size:10pt;">&#160; </font></td>
<td valign="bottom" nowrap="nowrap" style="text-align:center;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">&#160; </font></td>
<td valign="bottom" style="text-align:center;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">&#160; </font></td>
<td valign="bottom" colspan="2" style="text-align:center;" width="10%"><font style="display:inline;font-family:times new roman;font-size:10pt;">&#160; </font></td>
<td valign="bottom" nowrap="nowrap" style="text-align:center;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">&#160; </font></td>
<td valign="bottom" style="text-align:center;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">&#160; </font></td>
<td valign="bottom" colspan="2" style="text-align:center;" width="10%">
<div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"><font style="display:inline;font-family:times new roman;font-size:10pt;">Securities </font></div></td>
<td valign="bottom" nowrap="nowrap" style="text-align:center;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">&#160; </font></td></tr>
<tr>
<td valign="bottom" style="text-align:center;" width="44%"><font style="display:inline;font-family:times new roman;font-size:10pt;">&#160; </font></td>
<td valign="bottom" style="text-align:center;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">&#160; </font></td>
<td valign="bottom" colspan="2" style="text-align:center;" width="10%"><font style="display:inline;font-family:times new roman;font-size:10pt;">&#160; </font></td>
<td valign="bottom" nowrap="nowrap" style="text-align:center;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">&#160; </font></td>
<td valign="bottom" style="text-align:center;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">&#160; </font></td>
<td valign="bottom" colspan="2" style="text-align:center;" width="10%">
<div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"><font style="display:inline;font-family:times new roman;font-size:10pt;">Cash </font></div></td>
<td valign="bottom" nowrap="nowrap" style="text-align:center;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">&#160; </font></td>
<td valign="bottom" style="text-align:center;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">&#160; </font></td>
<td valign="bottom" colspan="2" style="text-align:center;" width="10%">
<div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"><font style="display:inline;font-family:times new roman;font-size:10pt;">Available-for- </font></div></td>
<td valign="bottom" nowrap="nowrap" style="text-align:center;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">&#160; </font></td></tr>
<tr>
<td valign="bottom" style="border-bottom:black 2px solid;text-align:left;" width="44%">
<div style="text-align:left;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"><font style="display:inline;font-family:times new roman;font-size:10pt;">Valuation Inputs </font></div></td>
<td valign="bottom" style="border-bottom:black 2px solid;text-align:center;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">&#160; </font></td>
<td valign="bottom" nowrap="nowrap" colspan="2" style="border-bottom:black 2px solid;text-align:center;" width="10%">
<div style="text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"><font style="display:inline;font-family:times new roman;font-size:10pt;">Total Investments </font></div></td>
<td valign="bottom" nowrap="nowrap" style="border-bottom:black 2px solid;text-align:center;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">&#160; </font></td>
<td valign="bottom" style="border-bottom:black 2px solid;text-align:center;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">&#160; </font></td>
<td valign="bottom" colspan="2" style="border-bottom:black 2px solid;text-align:center;" width="10%">
<div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"><font style="display:inline;font-family:times new roman;font-size:10pt;">Equivalents </font></div></td>
<td valign="bottom" nowrap="nowrap" style="border-bottom:black 2px solid;text-align:center;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">&#160; </font></td>
<td valign="bottom" style="border-bottom:black 2px solid;text-align:center;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">&#160; </font></td>
<td valign="bottom" colspan="2" style="border-bottom:black 2px solid;text-align:center;" width="10%">
<div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"><font style="display:inline;font-family:times new roman;font-size:10pt;">Sale </font></div></td>
<td valign="bottom" nowrap="nowrap" style="border-bottom:black 2px solid;text-align:left;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">&#160; </font></td></tr>
<tr>
<td valign="bottom" style="text-align:justify;" width="44%">
<div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"><font style="display:inline;font-family:times new roman;font-size:10pt;">Level 1 - quoted prices </font></div></td>
<td valign="bottom" style="text-align:justify;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">&#160; </font></td>
<td valign="bottom" style="text-align:left;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">$ </font></td>
<td valign="bottom" style="text-align:right;" width="9%"><font style="display:inline;font-family:times new roman;font-size:10pt;">16,211 </font></td>
<td valign="bottom" nowrap="nowrap" style="text-align:left;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">&#160; </font></td>
<td valign="bottom" style="text-align:justify;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">&#160; </font></td>
<td valign="bottom" style="text-align:left;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">$ </font></td>
<td valign="bottom" style="text-align:right;" width="9%"><font style="display:inline;font-family:times new roman;font-size:10pt;">6,615 </font></td>
<td valign="bottom" nowrap="nowrap" style="text-align:left;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">&#160; </font></td>
<td valign="bottom" style="text-align:justify;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">&#160; </font></td>
<td valign="bottom" style="text-align:left;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">$ </font></td>
<td valign="bottom" style="text-align:right;" width="9%"><font style="display:inline;font-family:times new roman;font-size:10pt;">9,596 </font></td>
<td valign="bottom" nowrap="nowrap" style="text-align:left;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">&#160; </font></td></tr>
<tr>
<td valign="bottom" style="text-align:justify;" width="44%">
<div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"><font style="display:inline;font-family:times new roman;font-size:10pt;">Level 2 - other significant observable inputs </font></div></td>
<td valign="bottom" style="text-align:justify;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">&#160; </font></td>
<td valign="bottom" style="text-align:left;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">&#160; </font></td>
<td valign="bottom" style="text-align:right;" width="9%"><font style="display:inline;font-family:times new roman;font-size:10pt;">- </font></td>
<td valign="bottom" nowrap="nowrap" style="text-align:left;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">&#160; </font></td>
<td valign="bottom" style="text-align:justify;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">&#160; </font></td>
<td valign="bottom" style="text-align:left;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">&#160; </font></td>
<td valign="bottom" style="text-align:right;" width="9%"><font style="display:inline;font-family:times new roman;font-size:10pt;">- </font></td>
<td valign="bottom" nowrap="nowrap" style="text-align:left;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">&#160; </font></td>
<td valign="bottom" style="text-align:justify;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">&#160; </font></td>
<td valign="bottom" style="text-align:left;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">&#160; </font></td>
<td valign="bottom" style="text-align:right;" width="9%"><font style="display:inline;font-family:times new roman;font-size:10pt;">- </font></td>
<td valign="bottom" nowrap="nowrap" style="text-align:left;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">&#160; </font></td></tr>
<tr>
<td valign="bottom" style="text-align:justify;" width="44%">
<div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"><font style="display:inline;font-family:times new roman;font-size:10pt;">Level 3 - significant unobservable inputs </font></div></td>
<td valign="bottom" style="text-align:justify;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">&#160; </font></td>
<td valign="bottom" style="text-align:left;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">&#160; </font></td>
<td valign="bottom" style="text-align:right;" width="9%"><font style="display:inline;font-family:times new roman;font-size:10pt;">- </font></td>
<td valign="bottom" nowrap="nowrap" style="text-align:left;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">&#160; </font></td>
<td valign="bottom" style="text-align:justify;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">&#160; </font></td>
<td valign="bottom" style="text-align:left;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">&#160; </font></td>
<td valign="bottom" style="text-align:right;" width="9%"><font style="display:inline;font-family:times new roman;font-size:10pt;">- </font></td>
<td valign="bottom" nowrap="nowrap" style="text-align:left;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">&#160; </font></td>
<td valign="bottom" style="text-align:justify;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">&#160; </font></td>
<td valign="bottom" style="text-align:left;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">&#160; </font></td>
<td valign="bottom" style="text-align:right;" width="9%"><font style="display:inline;font-family:times new roman;font-size:10pt;">- </font></td>
<td valign="bottom" nowrap="nowrap" style="text-align:left;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">&#160; </font></td></tr>
<tr>
<td valign="bottom" style="border-bottom:black 3px double;text-align:justify;border-top:black 2px solid;" width="44%">
<div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"><font style="display:inline;font-family:times new roman;font-size:10pt;">Total </font></div></td>
<td valign="bottom" style="border-bottom:black 3px double;text-align:justify;border-top:black 2px solid;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">&#160; </font></td>
<td valign="bottom" style="border-bottom:black 3px double;text-align:left;border-top:black 2px solid;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">$ </font></td>
<td valign="bottom" style="border-bottom:black 3px double;text-align:right;border-top:black 2px solid;" width="9%"><font style="display:inline;font-family:times new roman;font-size:10pt;">16,211 </font></td>
<td valign="bottom" nowrap="nowrap" style="border-bottom:black 3px double;text-align:left;border-top:black 2px solid;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">&#160; </font></td>
<td valign="bottom" style="border-bottom:black 3px double;text-align:justify;border-top:black 2px solid;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">&#160; </font></td>
<td valign="bottom" style="border-bottom:black 3px double;text-align:left;border-top:black 2px solid;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">$ </font></td>
<td valign="bottom" style="border-bottom:black 3px double;text-align:right;border-top:black 2px solid;" width="9%"><font style="display:inline;font-family:times new roman;font-size:10pt;">6,615 </font></td>
<td valign="bottom" nowrap="nowrap" style="border-bottom:black 3px double;text-align:left;border-top:black 2px solid;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">&#160; </font></td>
<td valign="bottom" style="border-bottom:black 3px double;text-align:justify;border-top:black 2px solid;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">&#160; </font></td>
<td valign="bottom" style="border-bottom:black 3px double;text-align:left;border-top:black 2px solid;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">$ </font></td>
<td valign="bottom" style="border-bottom:black 3px double;text-align:right;border-top:black 2px solid;" width="9%"><font style="display:inline;font-family:times new roman;font-size:10pt;">9,596 </font></td>
<td valign="bottom" nowrap="nowrap" style="border-bottom:black 3px double;text-align:left;border-top:black 2px solid;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">&#160; </font></td></tr></table></div>
<div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"><font style="display:inline;font-family:times new roman;font-size:10pt;">&#160; </font></div>
<div style="text-indent:0pt;margin-left:0pt;margin-right:0pt;">
<div>
<div style="width:100%;text-align:right;"><font style="display:inline;font-family:times new roman;font-size:8pt;"/></div></div></div>
<div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"/>
<div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"/>
<div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;">&#160;</div>
<div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"><font style="display:inline;font-family:times new roman;font-size:10pt;">The following is a summary of the inputs used as of April 30, 2011 in valuing the Company&#8217;s investments carried at fair value: </font></div>
<div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;">&#160;</div>
<div style="text-align:justify;">
<table cellspacing="0" cellpadding="0" style="text-align:justify;font-family:times new roman;font-size:10pt;" width="80%">
<tr style="text-align:justify;">
<td valign="bottom" style="text-align:justify;" width="44%"><font style="display:inline;font-family:times new roman;font-size:10pt;">&#160; </font></td>
<td valign="bottom" style="text-align:center;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">&#160; </font></td>
<td valign="bottom" colspan="10" style="text-align:center;" width="10%"><font style="display:inline;font-family:times new roman;font-size:10pt;">&#160; </font><font style="display:inline;font-family:times new roman;font-size:10pt;">(in thousands) </font></td>
<td valign="bottom" nowrap="nowrap" style="text-align:center;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">&#160; </font></td></tr>
<tr>
<td valign="bottom" style="text-align:center;" width="44%"><font style="display:inline;font-family:times new roman;font-size:10pt;">&#160; </font></td>
<td valign="bottom" style="text-align:center;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">&#160; </font></td>
<td valign="bottom" colspan="2" style="text-align:center;" width="10%"><font style="display:inline;font-family:times new roman;font-size:10pt;">&#160; </font></td>
<td valign="bottom" nowrap="nowrap" style="text-align:center;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">&#160; </font></td>
<td valign="bottom" style="text-align:center;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">&#160; </font></td>
<td valign="bottom" colspan="2" style="text-align:center;" width="10%"><font style="display:inline;font-family:times new roman;font-size:10pt;">&#160; </font></td>
<td valign="bottom" nowrap="nowrap" style="text-align:center;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">&#160; </font></td>
<td valign="bottom" style="text-align:center;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">&#160; </font></td>
<td valign="bottom" colspan="2" style="text-align:center;" width="10%">
<div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"><font style="display:inline;font-family:times new roman;font-size:10pt;">Investments in </font></div></td>
<td valign="bottom" nowrap="nowrap" style="text-align:center;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">&#160; </font></td></tr>
<tr>
<td valign="bottom" style="text-align:center;" width="44%"><font style="display:inline;font-family:times new roman;font-size:10pt;">&#160; </font></td>
<td valign="bottom" style="text-align:center;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">&#160; </font></td>
<td valign="bottom" colspan="2" style="text-align:center;" width="10%"><font style="display:inline;font-family:times new roman;font-size:10pt;">&#160; </font></td>
<td valign="bottom" nowrap="nowrap" style="text-align:center;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">&#160; </font></td>
<td valign="bottom" style="text-align:center;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">&#160; </font></td>
<td valign="bottom" colspan="2" style="text-align:center;" width="10%"><font style="display:inline;font-family:times new roman;font-size:10pt;">&#160; </font></td>
<td valign="bottom" nowrap="nowrap" style="text-align:center;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">&#160; </font></td>
<td valign="bottom" style="text-align:center;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">&#160; </font></td>
<td valign="bottom" colspan="2" style="text-align:center;" width="10%">
<div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"><font style="display:inline;font-family:times new roman;font-size:10pt;">Securities </font></div></td>
<td valign="bottom" nowrap="nowrap" style="text-align:center;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">&#160; </font></td></tr>
<tr>
<td valign="bottom" style="text-align:center;" width="44%"><font style="display:inline;font-family:times new roman;font-size:10pt;">&#160; </font></td>
<td valign="bottom" style="text-align:center;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">&#160; </font></td>
<td valign="bottom" colspan="2" style="text-align:center;" width="10%"><font style="display:inline;font-family:times new roman;font-size:10pt;">&#160; </font></td>
<td valign="bottom" nowrap="nowrap" style="text-align:center;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">&#160; </font></td>
<td valign="bottom" style="text-align:center;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">&#160; </font></td>
<td valign="bottom" colspan="2" style="text-align:center;" width="10%">
<div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"><font style="display:inline;font-family:times new roman;font-size:10pt;">Cash </font></div></td>
<td valign="bottom" nowrap="nowrap" style="text-align:center;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">&#160; </font></td>
<td valign="bottom" style="text-align:center;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">&#160; </font></td>
<td valign="bottom" colspan="2" style="text-align:center;" width="10%">
<div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"><font style="display:inline;font-family:times new roman;font-size:10pt;">Available-for- </font></div></td>
<td valign="bottom" nowrap="nowrap" style="text-align:center;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">&#160; </font></td></tr>
<tr>
<td valign="bottom" style="border-bottom:black 2px solid;text-align:left;" width="44%">
<div style="text-align:left;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"><font style="display:inline;font-family:times new roman;font-size:10pt;">Valuation Inputs </font></div></td>
<td valign="bottom" style="border-bottom:black 2px solid;text-align:center;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">&#160; </font></td>
<td valign="bottom" nowrap="nowrap" colspan="2" style="border-bottom:black 2px solid;text-align:center;" width="10%">
<div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"><font style="display:inline;font-family:times new roman;font-size:10pt;">Total Investments </font></div></td>
<td valign="bottom" nowrap="nowrap" style="border-bottom:black 2px solid;text-align:center;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">&#160; </font></td>
<td valign="bottom" style="border-bottom:black 2px solid;text-align:center;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">&#160; </font></td>
<td valign="bottom" colspan="2" style="border-bottom:black 2px solid;text-align:center;" width="10%">
<div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"><font style="display:inline;font-family:times new roman;font-size:10pt;">Equivalents </font></div></td>
<td valign="bottom" nowrap="nowrap" style="border-bottom:black 2px solid;text-align:center;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">&#160; </font></td>
<td valign="bottom" style="border-bottom:black 2px solid;text-align:center;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">&#160; </font></td>
<td valign="bottom" colspan="2" style="border-bottom:black 2px solid;text-align:center;" width="10%">
<div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"><font style="display:inline;font-family:times new roman;font-size:10pt;">Sale </font></div></td>
<td valign="bottom" nowrap="nowrap" style="border-bottom:black 2px solid;text-align:left;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">&#160; </font></td></tr>
<tr>
<td valign="bottom" style="text-align:justify;" width="44%">
<div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"><font style="display:inline;font-family:times new roman;font-size:10pt;">Level 1 - quoted prices </font></div></td>
<td valign="bottom" style="text-align:justify;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">&#160; </font></td>
<td valign="bottom" style="text-align:left;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">$ </font></td>
<td valign="bottom" style="text-align:right;" width="9%"><font style="display:inline;font-family:times new roman;font-size:10pt;">18,832 </font></td>
<td valign="bottom" nowrap="nowrap" style="text-align:left;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">&#160; </font></td>
<td valign="bottom" style="text-align:justify;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">&#160; </font></td>
<td valign="bottom" style="text-align:left;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">$ </font></td>
<td valign="bottom" style="text-align:right;" width="9%"><font style="display:inline;font-family:times new roman;font-size:10pt;">6,158 </font></td>
<td valign="bottom" nowrap="nowrap" style="text-align:left;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">&#160; </font></td>
<td valign="bottom" style="text-align:justify;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">&#160; </font></td>
<td valign="bottom" style="text-align:left;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">$ </font></td>
<td valign="bottom" style="text-align:right;" width="9%"><font style="display:inline;font-family:times new roman;font-size:10pt;">12,674 </font></td>
<td valign="bottom" nowrap="nowrap" style="text-align:left;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">&#160; </font></td></tr>
<tr>
<td valign="bottom" style="text-align:justify;" width="44%">
<div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"><font style="display:inline;font-family:times new roman;font-size:10pt;">Level 2 - other significant observable inputs </font></div></td>
<td valign="bottom" style="text-align:justify;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">&#160; </font></td>
<td valign="bottom" style="text-align:left;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">&#160; </font></td>
<td valign="bottom" style="text-align:right;" width="9%"><font style="display:inline;font-family:times new roman;font-size:10pt;">- </font></td>
<td valign="bottom" nowrap="nowrap" style="text-align:left;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">&#160; </font></td>
<td valign="bottom" style="text-align:justify;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">&#160; </font></td>
<td valign="bottom" style="text-align:left;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">&#160; </font></td>
<td valign="bottom" style="text-align:right;" width="9%"><font style="display:inline;font-family:times new roman;font-size:10pt;">- </font></td>
<td valign="bottom" nowrap="nowrap" style="text-align:left;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">&#160; </font></td>
<td valign="bottom" style="text-align:justify;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">&#160; </font></td>
<td valign="bottom" style="text-align:left;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">&#160; </font></td>
<td valign="bottom" style="text-align:right;" width="9%"><font style="display:inline;font-family:times new roman;font-size:10pt;">- </font></td>
<td valign="bottom" nowrap="nowrap" style="text-align:left;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">&#160; </font></td></tr>
<tr>
<td valign="bottom" style="text-align:justify;" width="44%">
<div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"><font style="display:inline;font-family:times new roman;font-size:10pt;">Level 3 - significant unobservable inputs </font></div></td>
<td valign="bottom" style="text-align:justify;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">&#160; </font></td>
<td valign="bottom" style="text-align:left;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">&#160; </font></td>
<td valign="bottom" style="text-align:right;" width="9%"><font style="display:inline;font-family:times new roman;font-size:10pt;">- </font></td>
<td valign="bottom" nowrap="nowrap" style="text-align:left;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">&#160; </font></td>
<td valign="bottom" style="text-align:justify;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">&#160; </font></td>
<td valign="bottom" style="text-align:left;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">&#160; </font></td>
<td valign="bottom" style="text-align:right;" width="9%"><font style="display:inline;font-family:times new roman;font-size:10pt;">- </font></td>
<td valign="bottom" nowrap="nowrap" style="text-align:left;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">&#160; </font></td>
<td valign="bottom" style="text-align:justify;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">&#160; </font></td>
<td valign="bottom" style="text-align:left;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">&#160; </font></td>
<td valign="bottom" style="text-align:right;" width="9%"><font style="display:inline;font-family:times new roman;font-size:10pt;">- </font></td>
<td valign="bottom" nowrap="nowrap" style="text-align:left;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">&#160; </font></td></tr>
<tr>
<td valign="bottom" style="border-bottom:black 3px double;text-align:justify;border-top:black 2px solid;" width="44%">
<div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"><font style="display:inline;font-family:times new roman;font-size:10pt;">Total </font></div></td>
<td valign="bottom" style="border-bottom:black 3px double;text-align:justify;border-top:black 2px solid;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">&#160; </font></td>
<td valign="bottom" style="border-bottom:black 3px double;text-align:left;border-top:black 2px solid;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">$ </font></td>
<td valign="bottom" style="border-bottom:black 3px double;text-align:right;border-top:black 2px solid;" width="9%"><font style="display:inline;font-family:times new roman;font-size:10pt;">18,832 </font></td>
<td valign="bottom" nowrap="nowrap" style="border-bottom:black 3px double;text-align:left;border-top:black 2px solid;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">&#160; </font></td>
<td valign="bottom" style="border-bottom:black 3px double;text-align:justify;border-top:black 2px solid;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">&#160; </font></td>
<td valign="bottom" style="border-bottom:black 3px double;text-align:left;border-top:black 2px solid;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">$ </font></td>
<td valign="bottom" style="border-bottom:black 3px double;text-align:right;border-top:black 2px solid;" width="9%"><font style="display:inline;font-family:times new roman;font-size:10pt;">6,158 </font></td>
<td valign="bottom" nowrap="nowrap" style="border-bottom:black 3px double;text-align:left;border-top:black 2px solid;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">&#160; </font></td>
<td valign="bottom" style="border-bottom:black 3px double;text-align:justify;border-top:black 2px solid;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">&#160; </font></td>
<td valign="bottom" style="border-bottom:black 3px double;text-align:left;border-top:black 2px solid;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">$ </font></td>
<td valign="bottom" style="border-bottom:black 3px double;text-align:right;border-top:black 2px solid;" width="9%"><font style="display:inline;font-family:times new roman;font-size:10pt;">12,674 </font></td>
<td valign="bottom" nowrap="nowrap" style="border-bottom:black 3px double;text-align:left;border-top:black 2px solid;" width="1%"><font style="display:inline;font-family:times new roman;font-size:10pt;">&#160; </font></td></tr></table></div>
<div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"><font style="display:inline;font-family:times new roman;font-size:10pt;">&#160; </font></div>
<div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"><font style="display:inline;font-family:times new roman;font-size:10pt;">The Company had no other financial instruments including futures, forwards and swap contracts. For the periods ended July 31, 2011 and April 30, 2011, there were no Level 2 nor Level 3 investments. The Company does not have any liabilities subject to Fair Value Measurement. </font></div>
<div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;">&#160;</div>
<div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"><font style="display:inline;font-family:times new roman;font-size:10pt;">Advertising expenses:&#160;&#160;The Company expenses advertising costs as incurred. </font></div>
<div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;">&#160;</div>
<div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"><font style="display:inline;font-family:times new roman;font-size:10pt;">Reclassification: Certain items in the prior year financial statements have been reclassified to conform to the current year presentation. </font></div>
<div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"><font style="display:inline;font-family:times new roman;font-size:10pt;">&#160; </font></div>
<div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"><font style="display:inline;font-family:times new roman;font-size:10pt;">Income Taxes: </font></div>
<div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"><font style="display:inline;font-family:times new roman;font-size:10pt;">The Company computes its income tax provision in accordance with the Income Tax Topic of the FASB&#8217;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></div>
<div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;">&#160;</div>
<div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"><font style="display:inline;font-family:times new roman;font-size:10pt;">The Income Tax Topic of the FASB&#8217;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 July 31, 2011, 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&#8217;s financial statements. </font></div>
<div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;">&#160;</div>
<div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"><font style="display:inline;font-family:times new roman;font-size:10pt;">Earnings per share: Earnings per share are based on the weighted average number of shares of common stock and common stock equivalents outstanding during each period. </font></div>
<div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"><font style="display:inline;font-family:times new roman;font-size:10pt;">Cash and Cash Equivalents: 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 July 31, 2011 and April 30, 2011, cash equivalents included $6,615,000 and $6,158,000, respectively, invested in mutual funds that invest in U.S. Government Securities and bank certificates of deposits. </font></div>
<div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;">&#160;</div>
<div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"><font style="display:inline;font-family:times new roman;font-size:10pt;">Use of Estimates: The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates. </font></div>
<div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;">&#160;</div>
<div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"><font style="display:inline;font-family:times new roman;font-size:10pt;">Expenses Associated with Restructuring: </font></div>
<div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;"><font style="display:inline;font-family:times new roman;font-size:10pt;">The Company expensed all costs associated with the Restructuring Transaction as incurred (see Note 11 - Legal Proceedings and Restructuring). </font></div></div><span></span></td>
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  <body><span style="display: none;">v2.3.0.11</span><table class="report" border="0" cellspacing="2" id="ID0E2H">
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          <div style="width: 200px;"><strong>Treasury Stock and Repurchase Program:<br></strong></div>
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          <div>Jul. 31, 2011</div>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_valu_TreasuryStockAbstract', window );"><strong>Treasury Stock [Abstract]</strong></a></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TreasuryStockTextBlock', window );">Treasury Stock and Repurchase Program:</a></td>
        <td class="text"><div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;font-weight:bold;" >Note 10 - Treasury Stock and Repurchase Program:<br></br>
</font>
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</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >On January 20, 2011, the Company&#8217;s Board of Directors approved the repurchase of shares of the Company&#8217;s common stock, at such times and prices as management determined to be advisable up to an aggregate purchase price of $3,200,000. During fiscal 2011, the Company repurchased an aggregate of 6,719 shares of the Company&#8217;s common stock for $89,812, at an average price of $13.37 per share. During the three months ended July 31, 2011, the Company repurchased 11,700 shares of the Company&#8217;s common stock for $158,353, at an average price of $13.53 per share. Under the January 20, 2011 authorization, $2,951,835 remains available for additional share repurchases. The repurchase authorization extends through January 15, 2012, unless further extended or earlier terminated by the Board of Directors.<br></br>
</font>
</div><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" >
</div><div style="text-align:justify;" ><table cellspacing="0" cellpadding="0" width="100%" style="text-align:justify;font-family:times new roman;font-size:10pt;" ><tr style="text-align:justify;" ><td valign="bottom" style="text-align:justify;" ><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Treasury stock, at cost, consists of the following:
</font>
</div>
</td><td valign="bottom" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" colspan="2" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" colspan="2" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" colspan="2" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td>
</tr><tr><td valign="bottom" style="text-align:justify;" ><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >(in thousands except for
</font>
</div>
</td><td valign="bottom" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" colspan="2" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" colspan="2" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" colspan="2" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td>
</tr><tr><td valign="bottom" style="text-align:justify;" ><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >shares and cost per
</font>
</div>
</td><td valign="bottom" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" colspan="2" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" nowrap="nowrap" style="text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" colspan="3" style="text-align:center;" ><div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Total Average
</font>
</div>
</td><td valign="bottom" nowrap="nowrap" style="text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" colspan="3" style="text-align:center;" ><div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Average Cost
</font>
</div>
</td><td valign="bottom" nowrap="nowrap" style="text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td>
</tr><tr><td valign="bottom" style="text-align:left;padding-bottom:2px;" ><div style="text-align:left;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >share)
</font>
</div>
</td><td valign="bottom" style="text-align:center;padding-bottom:2px;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" colspan="2" style="border-bottom:black
 2px solid;text-align:center;" ><div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Shares
</font>
</div>
</td><td valign="bottom" nowrap="nowrap" style="border-bottom:black 2px solid;text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" colspan="3" style="border-bottom:black 2px solid;text-align:center;" ><div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Cost Assigned
</font>
</div>
</td><td valign="bottom" nowrap="nowrap" style="border-bottom:black 2px solid;text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" style="border-bottom:black 2px solid;text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" colspan="2" style="border-bottom:black 2px solid;text-align:center;" ><div style="text-align:center;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >per Share
</font>
</div>
</td><td valign="bottom" nowrap="nowrap" style="border-bottom:black 2px solid;text-align:left;padding-bottom:2px;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td>
</tr><tr><td valign="bottom" style="text-align:justify;" ><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Balance April 30, 2011
</font>
</div>
</td><td valign="bottom" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >25,119
</font>
</td><td valign="bottom" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >$
</font>
</td><td valign="bottom" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >444
</font>
</td><td valign="bottom" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" colspan="2" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td>
</tr><tr><td valign="bottom" width="64%" style="text-align:justify;padding-bottom:2px;" ><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Purchases effected in open market
</font>
</div>
</td><td valign="bottom" width="1%" style="text-align:justify;padding-bottom:2px;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="border-bottom:black 2px solid;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="border-bottom:black 2px solid;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >11,700
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="border-bottom:black 2px solid;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="border-bottom:black 2px solid;text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="border-bottom:black 2px solid;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="border-bottom:black 2px solid;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >158
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="border-bottom:black 2px solid;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="border-bottom:black 2px solid;text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="border-bottom:black 2px solid;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >$
</font>
</td><td valign="bottom" width="9%" style="border-bottom:black 2px solid;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >13.53
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="border-bottom:black 2px solid;text-align:left;padding-bottom:2px;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td>
</tr><tr><td valign="bottom" width="64%" style="text-align:justify;" ><div style="text-align:justify;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Balance July 31, 2011
</font>
</div>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >36,819
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new
 roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >$
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >602
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="9%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >
</font>
</td>
</tr>
</table>
</div><div style="text-align:justify;" >
</div>
</div><span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_TreasuryStockTextBlock">
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for an entity's treasury stock, including the average cost per share, carrying basis for each class of treasury stock, description of share repurchase program authorized by an entity's board of directors, the number of shares repurchased, the cost of the shares repurchased, the remaining maximum dollar value of shares available for repurchase under the program, the treatment of the purchase price in excess of the current market value, number of shares held for each class of treasury stock, and other information necessary to a fair presentation.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
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                    <td><nobr>us-gaap_TreasuryStockTextBlock</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>nonnum:textBlockItemType</td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
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                    <td><strong> Name:</strong></td>
                    <td><nobr>valu_TreasuryStockAbstract</nobr></td>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>33
<FILENAME>R2.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
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﻿<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=utf-8">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.3.0.11</span><table class="report" border="0" cellspacing="2" id="ID0E4WAG">
      <tr>
        <th class="tl" colspan="1" rowspan="1">
          <div style="width: 200px;"><strong>Consolidated Condensed Balance Sheets (USD $)<br>In Thousands</strong></div>
        </th>
        <th class="th">
          <div>Jul. 31, 2011</div>
        </th>
        <th class="th">
          <div>Apr. 30, 2011</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsCurrentAbstract', window );"><strong>Current Assets:</strong></a></td>
        <td class="text"> <span></span></td>
        <td class="text"> <span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsAtCarryingValue', window );">Cash and cash equivalents (including short term investments of $6,615 and $6,158, respectively)</a></td>
        <td class="nump">$ 7,186<span></span></td>
        <td class="nump">$ 6,802<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AvailableForSaleSecuritiesCurrent', window );">Securities available-for-sale</a></td>
        <td class="nump">9,596<span></span></td>
        <td class="nump">12,674<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountsReceivableNetCurrent', window );">Accounts receivable, net of allowance for doubtful accounts of $45 and $45, respectively</a></td>
        <td class="nump">1,298<span></span></td>
        <td class="nump">1,599<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DueFromAffiliateCurrent', window );">Receivable from affiliates</a></td>
        <td class="nump">1<span></span></td>
        <td class="nump">38<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_valu_PrepaidAndRefundableIncomeTaxes', window );">Prepaid and refundable income taxes</a></td>
        <td class="nump">217<span></span></td>
        <td class="nump">59<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PrepaidExpenseAndOtherAssetsCurrent', window );">Prepaid expenses and other current assets</a></td>
        <td class="nump">992<span></span></td>
        <td class="nump">1,028<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredTaxAssetsNetCurrent', window );">Deferred income taxes</a></td>
        <td class="nump">1,806<span></span></td>
        <td class="nump">3,022<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsCurrent', window );">Total current assets</a></td>
        <td class="nump">21,096<span></span></td>
        <td class="nump">25,222<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsNoncurrentAbstract', window );"><strong>Long term assets:</strong></a></td>
        <td class="text"> <span></span></td>
        <td class="text"> <span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermInvestments', window );">Investment in EAM Trust</a></td>
        <td class="nump">56,226<span></span></td>
        <td class="nump">56,367<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentNet', window );">Property and equipment, net</a></td>
        <td class="nump">4,019<span></span></td>
        <td class="nump">4,084<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IntangibleAssetsNetExcludingGoodwill', window );">Capitalized software and other intangible assets, net</a></td>
        <td class="nump">3,621<span></span></td>
        <td class="nump">2,130<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsNoncurrent', window );">Total long term assets</a></td>
        <td class="nump">63,866<span></span></td>
        <td class="nump">62,581<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Assets', window );">Total assets</a></td>
        <td class="nump">84,962<span></span></td>
        <td class="nump">87,803<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesCurrentAbstract', window );"><strong>Current Liabilities:</strong></a></td>
        <td class="text"> <span></span></td>
        <td class="text"> <span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountsPayableAndAccruedLiabilitiesCurrent', window );">Accounts payable and accrued liabilities</a></td>
        <td class="nump">3,391<span></span></td>
        <td class="nump">4,266<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccruedSalariesCurrent', window );">Accrued salaries</a></td>
        <td class="nump">781<span></span></td>
        <td class="nump">913<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DividendsPayableCurrent', window );">Dividends payable</a></td>
        <td class="nump">1,993<span></span></td>
        <td class="nump">1,995<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccruedIncomeTaxesCurrent', window );">Accrued taxes payable</a></td>
        <td class="nump">336<span></span></td>
        <td class="nump">336<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_valu_ReserveForSettlementExpensesIncludingFairFund', window );">Reserve for settlement expenses</a></td>
        <td class="nump">1,384<span></span></td>
        <td class="nump">1,464<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredRevenueCurrent', window );">Unearned revenue</a></td>
        <td class="nump">21,103<span></span></td>
        <td class="nump">22,442<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesCurrent', window );">Total current liabilities</a></td>
        <td class="nump">28,988<span></span></td>
        <td class="nump">31,416<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesNoncurrentAbstract', window );"><strong>Long term liabilities:</strong></a></td>
        <td class="text"> <span></span></td>
        <td class="text"> <span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredRevenueNoncurrent', window );">Unearned revenue</a></td>
        <td class="nump">4,296<span></span></td>
        <td class="nump">4,559<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredTaxLiabilitiesNoncurrent', window );">Deferred income taxes</a></td>
        <td class="nump">18,548<span></span></td>
        <td class="nump">18,574<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesNoncurrent', window );">Total long term liabilities</a></td>
        <td class="nump">22,844<span></span></td>
        <td class="nump">23,133<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract', window );"><strong>Shareholders' Equity:</strong></a></td>
        <td class="text"> <span></span></td>
        <td class="text"> <span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockValue', window );">Common stock, $.10 par value; authorized 30,000,000 shares; issued 10,000,000 shares</a></td>
        <td class="nump">1,000<span></span></td>
        <td class="nump">1,000<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdditionalPaidInCapitalCommonStock', window );">Additional paid-in capital</a></td>
        <td class="nump">991<span></span></td>
        <td class="nump">991<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RetainedEarningsAccumulatedDeficit', window );">Retained earnings</a></td>
        <td class="nump">31,727<span></span></td>
        <td class="nump">31,644<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TreasuryStockValue', window );">Treasury stock, at cost (36,819 shares on 7/31/11 and 25,119 shares on 4/30/11)</a></td>
        <td class="num">(602)<span></span></td>
        <td class="num">(444)<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax', window );">Accumulated other comprehensive income, net of tax</a></td>
        <td class="nump">14<span></span></td>
        <td class="nump">63<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest', window );">Total shareholders' equity</a></td>
        <td class="nump">33,130<span></span></td>
        <td class="nump">33,254<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesAndStockholdersEquity', window );">Total liabilities and shareholders' equity</a></td>
        <td class="nump">$ 84,962<span></span></td>
        <td class="nump">$ 87,803<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsPayableAndAccruedLiabilitiesCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Sum of the carrying values as of the balance sheet date of obligations incurred through that date and due within one year (or the operating cycle, if longer), including liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received, taxes, interest, rent and utilities, accrued salaries and bonuses, payroll taxes and fringe benefits.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 02<br> -Paragraph 20<br> -Article 5<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 02<br> -Paragraph 19<br> -Article 5<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.19,20)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AccountsPayableAndAccruedLiabilitiesCurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsReceivableNetCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount due from customers or clients, within one year of the balance sheet date (or the normal operating cycle, whichever is longer), for goods or services (including trade receivables) that have been delivered or sold in the normal course of business, reduced to the estimated net realizable fair value by an allowance established by the entity of the amount it deems uncertain of collection.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 02<br> -Paragraph 3<br> -Subparagraph a(1)<br> -Article 5<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 02<br> -Paragraph 4<br> -Article 5<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.3-4)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AccountsReceivableNetCurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccruedIncomeTaxesCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Carrying amount as of the balance sheet date of the unpaid sum of the known and estimated amounts payable to satisfy all currently due domestic and foreign income tax obligations.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Article 7<br> -Section 03<br> -Paragraph 15<br> -Subparagraph b(1)<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Article 9<br> -Section 03<br> -Paragraph 15<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 02<br> -Paragraph 20<br> -Article 5<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.20)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Statement of Financial Accounting Standard (FAS)<br> -Number 109<br> -Section Appendix E<br> -Paragraph 289<br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name FASB Interpretation (FIN)<br> -Number 48<br> -Paragraph 15, 21<br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AccruedIncomeTaxesCurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccruedSalariesCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Carrying value as of the balance sheet date of the obligations incurred through that date and payable for employees' services provided. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 8<br> -URI http://asc.fasb.org/extlink&amp;oid=6361293&amp;loc=d3e6935-107765<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.20)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher AICPA<br> -Name Accounting Research Bulletin (ARB)<br> -Number 43<br> -Chapter 3<br> -Section A<br> -Paragraph 7<br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 6<br> -URI http://asc.fasb.org/extlink&amp;oid=6361293&amp;loc=d3e6911-107765<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 02<br> -Paragraph 20<br> -Article 5<br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Current Liabilities<br> -URI http://asc.fasb.org/extlink&amp;oid=6509677<br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher AICPA<br> -Name Accounting Research Bulletin (ARB)<br> -Number 43<br> -Chapter 3<br> -Section A<br> -Paragraph 8<br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AccruedSalariesCurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 13<br> -URI http://asc.fasb.org/extlink&amp;oid=6920043&amp;loc=d3e653-108580<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Statement of Financial Accounting Standard (FAS)<br> -Number 130<br> -Paragraph 14, 17, 26<br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 02<br> -Paragraph 31<br> -Article 5<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher AICPA<br> -Name Accounting Principles Board Opinion (APB)<br> -Number 12<br> -Paragraph 10<br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name FASB Staff Position (FSP)<br> -Number FAS115-1/124-1<br> -Paragraph 15D<br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 11<br> -URI http://asc.fasb.org/extlink&amp;oid=6920043&amp;loc=d3e637-108580<br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 04<br> -Article 3<br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 14<br> -URI http://asc.fasb.org/extlink&amp;oid=6920043&amp;loc=d3e681-108580<br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
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                    <td><strong> Balance Type:</strong></td>
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                    <td><strong> Period Type:</strong></td>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Value received from shareholders in common stock-related transactions that are in excess of par value or stated value and amounts received from other stock-related transactions. Includes only common stock transactions (excludes preferred stock transactions). May be called contributed capital, capital in excess of par, capital surplus, or paid-in capital.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 02<br> -Paragraph 31<br> -Article 5<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.30(a)(1))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AdditionalPaidInCapitalCommonStock</nobr></td>
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                  <tr>
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                    <td>us-gaap</td>
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                    <td><strong> Data Type:</strong></td>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Article 7<br> -Section 03<br> -Paragraph 12<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Topic 210<br> -SubTopic 10<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br> -Section S99<br> -Name Accounting Standards Codification<br> -Publisher FASB<br> -Paragraph 1<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Statement of Financial Accounting Concepts (CON)<br> -Number 6<br> -Paragraph 25<br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 02<br> -Paragraph 18<br> -Article 5<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.18)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_Assets</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap</td>
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                    <td><strong> Data Type:</strong></td>
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                    <td><strong> Balance Type:</strong></td>
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                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold, or consumed within one year (or the normal operating cycle, if longer). Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=6361293&amp;loc=d3e6801-107765<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Section 45<br> -SubTopic 10<br> -Topic 210<br> -URI http://asc.fasb.org/extlink&amp;oid=6361293&amp;loc=d3e6676-107765<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Paragraph 1<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 02<br> -Paragraph 9<br> -Article 5<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.9)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6361293&amp;loc=d3e6676-107765<br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AssetsCurrent</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap</td>
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                    <td>xbrli:monetaryItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AssetsCurrentAbstract</nobr></td>
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                    <td><strong> Balance Type:</strong></td>
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          </td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetsNoncurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold or consumed after one year or beyond the normal operating cycle, if longer.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 02<br> -Paragraph 18<br> -Article 5<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.10-17)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AssetsNoncurrent</nobr></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
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              </div>
            </div>
          </td>
        </tr>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AvailableForSaleSecuritiesCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Investments in debt and equity securities which are categorized neither as trading securities nor held-to-maturity securities and which are intended be sold or mature within one year from the balance sheet date or the normal operating cycle, whichever is longer. Such securities are reported at fair value; unrealized gains (losses) related to Available-for-sale Securities are excluded from earnings and reported in a separate component of shareholders' equity (other comprehensive income), unless the Available-for-sale security is designated as a hedge or is determined to have had an other than temporary decline in fair value below its amortized cost basis. All or a portion of the unrealized holding gain (loss) of an Available-for-sale security that is designated as being hedged in a fair value hedge is recognized in earnings during the period of the hedge, as are other than temporary declines in fair value below the cost basis for investments in equity securities and debt securities that an entity intends to sell or it is more likely than not that it will be required to sell before the recovery of its amortized cost basis. Other than temporary declines in fair value below the cost basis for debt securities categorized as Available-for-sale that an entity does not intend to sell and for which it is not more likely than not that the entity will be required to sell before the recovery of its amortized cost basis are bifurcated into credit losses and losses related to all other factors. Other than temporary declines in fair value below cost basis related to credit losses are recognized in earnings, and losses related to all other factors are recognized in other comprehensive income.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 320<br> -SubTopic 10<br> -Section 45<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6871852&amp;loc=d3e26626-111562<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Statement of Financial Accounting Standard (FAS)<br> -Number 133<br> -Paragraph 22<br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Statement of Financial Accounting Standard (FAS)<br> -Number 115<br> -Paragraph 16<br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name FASB Staff Position (FSP)<br> -Number FAS115-1/124-1<br> -Paragraph 15D<br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Statement of Financial Accounting Standard (FAS)<br> -Number 115<br> -Paragraph 12<br> -Subparagraph b<br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name FASB Staff Position (FSP)<br> -Number FAS115-1/124-1<br> -Paragraph 15C<br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Statement of Financial Accounting Standard (FAS)<br> -Number 115<br> -Paragraph 13, 17<br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher AICPA<br> -Name Accounting Research Bulletin (ARB)<br> -Number 43<br> -Chapter 3<br> -Section A<br> -Paragraph 4, 5<br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 320<br> -SubTopic 10<br> -Section 25<br> -Paragraph 1<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=6379932&amp;loc=d3e22054-111558<br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AvailableForSaleSecuritiesCurrent</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Includes currency on hand as well as demand deposits with banks or financial institutions. It also includes other kinds of accounts that have the general characteristics of demand deposits in that the Entity may deposit additional funds at any time and also effectively may withdraw funds at any time without prior notice or penalty. Cash equivalents, excluding items classified as marketable securities, include short-term, highly liquid investments that are both readily convertible to known amounts of cash, and so near their maturity that they present minimal risk of changes in value because of changes in interest rates. Generally, only investments with original maturities of three months or less qualify under that definition. Original maturity means original maturity to the entity holding the investment. For example, both a three-month US Treasury bill and a three-year Treasury note purchased three months from maturity qualify as cash equivalents. However, a Treasury note purchased three years ago does not become a cash equivalent when its remaining maturity is three months. Compensating balance arrangements that do not legally restrict the withdrawal or usage of cash amounts may be reported as Cash and Cash Equivalents, while legally restricted deposits held as compensating balances against borrowing arrangements, contracts entered into with others, or company statements of intention with regard to particular deposits are not generally reported as cash and cash equivalents. Includes cash and cash equivalents associated with the entity's continuing operations. Excludes cash and cash equivalents associated with the disposal group (and discontinued operation).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.1)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 02<br> -Paragraph 1<br> -Article 5<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Statement of Financial Accounting Standard (FAS)<br> -Number 95<br> -Paragraph 7<br> -Footnote 1<br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3044-108585<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Statement of Financial Accounting Standard (FAS)<br> -Number 95<br> -Paragraph 8, 9<br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=6361293&amp;loc=d3e6676-107765<br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Cash<br> -URI http://asc.fasb.org/extlink&amp;oid=6506951<br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Statement of Financial Accounting Standard (FAS)<br> -Number 95<br> -Paragraph 7, 26<br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Cash Equivalents<br> -URI http://asc.fasb.org/extlink&amp;oid=6507016<br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CashAndCashEquivalentsAtCarryingValue</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockValue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Aggregate par or stated value of issued nonredeemable common stock (or common stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable common shares, par value and other disclosure concepts are in another section within stockholders' equity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 02<br> -Paragraph 30<br> -Article 5<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.29)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CommonStockValue</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredRevenueCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The carrying amount of consideration received or receivable as of the balance sheet date on potential earnings that were not recognized as revenue in conformity with GAAP, and which are expected to be recognized as such within one year or the normal operating cycle, if longer, including sales, license fees, and royalties, but excluding interest income.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 8<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=6361293&amp;loc=d3e6935-107765<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher AICPA<br> -Name Accounting Research Bulletin (ARB)<br> -Number 43<br> -Chapter 3<br> -Section A<br> -Paragraph 7, 8<br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Staff Accounting Bulletin (SAB)<br> -Number Topic 13<br> -Section A<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 605<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB TOPIC 13.A.4(a).Q1)<br> -URI http://asc.fasb.org/extlink&amp;oid=6600647&amp;loc=d3e214044-122780<br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DeferredRevenueCurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredRevenueNoncurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The noncurrent portion of deferred revenue amount as of balance sheet date. Deferred revenue is a liability related to a revenue producing activity for which revenue has not yet been recognized, and is not expected to be recognized in the next twelve months. Generally, an entity records deferred revenue when it receives consideration from a customer before achieving certain criteria that must be met for revenue to be recognized in conformity with GAAP.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 605<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB TOPIC 13.A.4(a).Q1)<br> -URI http://asc.fasb.org/extlink&amp;oid=6600647&amp;loc=d3e214044-122780<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 8<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=6361293&amp;loc=d3e6935-107765<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher AICPA<br> -Name Accounting Research Bulletin (ARB)<br> -Number 43<br> -Chapter 3<br> -Section A<br> -Paragraph 7, 8<br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Staff Accounting Bulletin (SAB)<br> -Number Topic 13<br> -Section A<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Statement of Financial Accounting Standard (FAS)<br> -Number 48<br> -Paragraph 6<br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DeferredRevenueNoncurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredTaxAssetsNetCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The current portion of the aggregate tax effects as of the balance sheet date of all future tax deductions arising from temporary differences between tax basis and generally accepted accounting principles basis recognition of assets, liabilities, revenues and expenses, which can only be deducted for tax purposes when permitted under enacted tax laws; after deducting the allocated valuation allowance, if any, to reduce such amount to net realizable value. Deferred tax liabilities and assets are classified as current or noncurrent based on the classification of the related asset or liability for financial reporting. A deferred tax liability or asset that is not related to an asset or liability for financial reporting, including deferred tax assets related to carryforwards, are classified according to the expected reversal date of the temporary difference. An unrecognized tax benefit that is directly related to a position taken in a tax year that results in a net operating loss carryforward is presented as a reduction of the related deferred tax asset.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32537-109319<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 45<br> -Paragraph 5<br> -URI http://asc.fasb.org/extlink&amp;oid=6907571&amp;loc=d3e31928-109318<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Statement of Financial Accounting Standard (FAS)<br> -Number 109<br> -Paragraph 41, 42, 43<br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 45<br> -Paragraph 9<br> -URI http://asc.fasb.org/extlink&amp;oid=6907571&amp;loc=d3e31958-109318<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 45<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=6907571&amp;loc=d3e31917-109318<br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 45<br> -Paragraph 6<br> -URI http://asc.fasb.org/extlink&amp;oid=6907571&amp;loc=d3e31931-109318<br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DeferredTaxAssetsNetCurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredTaxLiabilitiesNoncurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Represents the noncurrent portion of deferred tax liabilities, which result from applying the applicable tax rate to net taxable temporary differences pertaining to each jurisdiction to which the entity is obligated to pay income tax. A noncurrent taxable temporary difference is a difference between the tax basis and the carrying amount of a noncurrent asset or liability in the financial statements prepared in accordance with generally accepted accounting principles. In a classified statement of financial position, an enterprise separates deferred tax liabilities and assets into a current amount and a noncurrent amount. Deferred tax liabilities and assets are classified as current or noncurrent based on the classification of the related asset or liability for financial reporting. A deferred tax liability or asset that is not related to an asset or liability for financial reporting, including deferred tax assets related to carryforwards, are classified according to the expected reversal date of the temporary difference.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 45<br> -Paragraph 9<br> -URI http://asc.fasb.org/extlink&amp;oid=6907571&amp;loc=d3e31958-109318<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Statement of Financial Accounting Standard (FAS)<br> -Number 109<br> -Paragraph 41, 42<br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 45<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=6907571&amp;loc=d3e31917-109318<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 45<br> -Paragraph 6<br> -URI http://asc.fasb.org/extlink&amp;oid=6907571&amp;loc=d3e31931-109318<br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DeferredTaxLiabilitiesNoncurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DividendsPayableCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Carrying value as of the balance sheet date of dividends declared but unpaid on equity securities issued by the entity and outstanding. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 8<br> -URI http://asc.fasb.org/extlink&amp;oid=6361293&amp;loc=d3e6935-107765<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.20)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher AICPA<br> -Name Accounting Research Bulletin (ARB)<br> -Number 43<br> -Chapter 3<br> -Section A<br> -Paragraph 7<br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 02<br> -Paragraph 20<br> -Article 5<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Current Liabilities<br> -URI http://asc.fasb.org/extlink&amp;oid=6509677<br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DividendsPayableCurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
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              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DueFromAffiliateCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of receivables due from an entity that is affiliated with the reporting entity by means of direct or indirect ownership, due within 1 year (or 1 business cycle).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.3(a)(2))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Statement of Financial Accounting Standard (FAS)<br> -Number 57<br> -Paragraph 2<br> -Subparagraph d<br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 02<br> -Paragraph 3<br> -Subparagraph a<br> -Article 5<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Article 4<br> -Section 08<br> -Paragraph k<br> -Subparagraph 1<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 850<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39599-107864<br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 850<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (d)<br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39549-107864<br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08.(k)(1))<br> -URI http://asc.fasb.org/extlink&amp;oid=6881521&amp;loc=d3e23780-122690<br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 850<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39622-107864<br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DueFromAffiliateCurrent</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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              </div>
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          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IntangibleAssetsNetExcludingGoodwill">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Sum of the carrying amounts of all intangible assets, excluding goodwill, as of the balance sheet date, net of accumulated amortization and impairment charges.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Statement of Financial Accounting Standard (FAS)<br> -Number 142<br> -Paragraph 42, 45<br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 350<br> -SubTopic 30<br> -Section 50<br> -Paragraph 2<br> -Subparagraph ((a)(1),(b))<br> -URI http://asc.fasb.org/extlink&amp;oid=6905858&amp;loc=d3e16323-109275<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 350<br> -SubTopic 30<br> -Section 45<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6388964&amp;loc=d3e16212-109274<br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IntangibleAssetsNetExcludingGoodwill</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap</td>
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                    <td><strong> Data Type:</strong></td>
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                    <td><strong> Balance Type:</strong></td>
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          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesAndStockholdersEquity">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total of all Liabilities and Stockholders' Equity items (or Partners' Capital, as applicable), including the portion of equity attributable to noncontrolling interests, if any.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 02<br> -Paragraph 32<br> -Article 5<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.32)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Article 7<br> -Section 03<br> -Paragraph 25<br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_LiabilitiesAndStockholdersEquity</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap</td>
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                    <td><strong> Data Type:</strong></td>
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                    <td><strong> Balance Type:</strong></td>
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          </td>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total obligations incurred as part of normal operations that are expected to be paid during the following twelve months or within one business cycle, if longer.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 02<br> -Paragraph 21<br> -Article 5<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.21)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_LiabilitiesCurrent</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
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                    <td><strong> Balance Type:</strong></td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesCurrentAbstract">
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_LiabilitiesCurrentAbstract</nobr></td>
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                    <td>na</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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              </div>
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          </td>
        </tr>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesNoncurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total obligations incurred as part of normal operations that is expected to be repaid beyond the following twelve months or one business cycle.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 02<br> -Paragraph 22, 23, 24, 25, 26, 27<br> -Article 5<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.22-26)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_LiabilitiesNoncurrent</nobr></td>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_LiabilitiesNoncurrentAbstract</nobr></td>
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                    <td><strong> Data Type:</strong></td>
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                    <td><strong> Balance Type:</strong></td>
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                    <td><strong> Period Type:</strong></td>
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          </td>
        </tr>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LongTermInvestments">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The total amount of investments that are intended to be held for an extended period of time (longer than one operating cycle).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.12)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_LongTermInvestments</nobr></td>
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                    <td><strong> Data Type:</strong></td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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                    <td><strong> Period Type:</strong></td>
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          </td>
        </tr>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PrepaidExpenseAndOtherAssetsCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The total of the amounts paid in advance for capitalized costs that will be expensed with the passage of time or the occurrence of a triggering event, and will be charged against earnings within one year or the normal operating cycle, if longer, and the aggregate carrying amount of current assets, as of the balance sheet date, not separately presented elsewhere in the balance sheet. Current assets are expected to be realized or consumed within one year (or the normal operating cycle, if longer).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 02<br> -Paragraph 8<br> -Article 5<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher AICPA<br> -Name Accounting Research Bulletin (ARB)<br> -Number 43<br> -Section A<br> -Paragraph 4<br> -Chapter 3<br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Section 45<br> -SubTopic 10<br> -Topic 210<br> -URI http://asc.fasb.org/extlink&amp;oid=6361293&amp;loc=d3e6676-107765<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Paragraph 1<br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PrepaidExpenseAndOtherAssetsCurrent</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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                    <td><strong> Period Type:</strong></td>
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          </td>
        </tr>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentNet">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Tangible assets that are held by an entity for use in the production or supply of goods and services, for rental to others, or for administrative purposes and that are expected to provide economic benefit for more than one year; net of accumulated depreciation. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.13)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Article 7<br> -Section 03<br> -Paragraph 8<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 02<br> -Paragraph 13<br> -Subparagraph a<br> -Article 5<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Statement of Financial Accounting Standard (FAS)<br> -Number 12<br> -Paragraph 5<br> -Subparagraph b, c<br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
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end

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
