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For Immediate Release December 13 , 2021 NEWS RELEASE Value Line , Inc. 551 Fifth Avenue New York , NY 10176 Contact : Howard A. Brecher Value Line , Inc. 212-907-1500 www.valueline.com www.ValueLinePro.com , www.ValueLineLibrary.com Facebook | LinkedIn | Twitter Complimentary Value Line® Reports on Dow 30 Stocks VALUE LINE , INC . ANNOUNCES SECOND QUARTER EARNINGS _ New York ( Globe Newswire ) – Value Line , Inc. , ( NASDAQ : VALU ) reported results through the second fiscal quarter ended October 31 , 2021 and fiscal first half ended the same date . During the six months ( May 2021 through October 2021 ) , the Company's net income of $ 14,401,000 , or $ 1.51 per share , was 41.3 % above net income of $ 10,193,000 , or $ 1.06 per share , for the six months ended October 31 , 2020. During the six months ended October 31 , 2021 , the Company's income from operations of $ 5,002,000 was 13.3 % above income from operations of $ 4,414,000 during the six months ended October 31 , 2020. For the six months ended October 31 , 2021 , operating expenses decreased 6.1 % compared to operating expenses during the six months ended October 31 , 2020 . During the three months ( August 2021 through October 2021 ) , the Company's net income of $ 8,504,000 , or $ 0.89 per share , was 72.9 % above net income of $ 4,919,000 , or $ 0.51 per share , for the three months ended October 31 , 2020. During the three months ended October 31 , 2021 , the Company's income from operations of $ 2,737,000 was 25.1 % above income from operations of $ 2,188,000 during the three months ended October 31 , 2020. For the three months ended October 31 , 2021 , operating expenses decreased 9.8 % compared to operating expenses during the three months ended October 31 , 2020 . The largest factors in the increase in net income during the three and six months ended October 31 , 2021 , compared to the prior fiscal year , were a gain on forgiveness by the U.S. Small Business Administration of the Paycheck Protection Program loan , an increase from revenues and profits interests in EAM Trust , the entity that manages and distributes The Value Line Family of Mutual Funds , and well controlled expenses . Shareholders ' equity reached $ 76,690,000 at October 31 , 2021 , an increase of 29.5 % over the shareholders ' equity of $ 59,228,000 at October 31 , 2020. Retained earnings at October 31 , 2021 , were $ 82,700,000 , representing an increase of 30.2 % over retained earnings at October 31 , 2020. The Company's current assets at October 31 , 2021 , were $ 55,378,000 , a 35 % increase over current assets at October 31 , 2020 . During the six months ended October 31 , 2021 , there were 9,557,333 average common shares outstanding as compared to 9,612,756 average common shares outstanding during the six months ended October 31 , 2020 , reflecting buybacks of shares under the Company's stock repurchase program . 1