<Page>

                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 10-K

            /X/ Annual Report Pursuant to Section 13 or 15(d) of the
                         Securities Exchange Act of 1934

                    For the fiscal year ended April 30, 2003

                                       or

            Transition Report Pursuant to Section 13 or 15(d) of the
                         Securities Exchange Act of 1934

                  For the transition period from       to

                         Commission File Number 0-11306

                                VALUE LINE, INC.
             (Exact name of registrant as specified in its charter)

            New York                                        13-3139843
(State or other jurisdiction of                    (IRS Employer Identification
 incorporation or organization)                               Number)

                  220 East 42nd Street, New York, NY 10017-5891
               (Address of principal executive offices) (Zip Code)

       Registrant's telephone number, including area code: (212) 907-1500

           Securities registered pursuant to Section 12(b) of the Act:

                                      None

           Securities registered pursuant to Section 12(g) of the Act:

                          Common Stock, $.10 par value

     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 and (2) has been subject to such filing
requirements for the past 90 days.

                                                   Yes /X/  No / /

     Indicate by check mark if disclosure of delinquent filers pursuant to Item
405 of Regulation S-K is not contained herein, and will not be contained, to the
best of registrant's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K or any amendment to this
Form 10-K. / /

<Page>

     Indicate by check mark whether the registrant is an accelerated filer (as
defined in Rule 12b-2 of the Act). Yes / / No /X/

     The aggregate market value of the registrant's voting and non-voting common
stock held by non-affiliates at June 18, 2003, was $ 72,427,000. There were
9,981,600 shares of the registrant's Common Stock outstanding at June 18, 2003.

DOCUMENTS INCORPORATED BY REFERENCE

     None

                                     Part I

Item 1.  BUSINESS.

     Value Line, Inc. (the "Company"), a New York corporation, was organized in
1982 and is the successor to substantially all of the operations of Arnold
Bernhard & Company, Inc. ("AB&Co."). As of June 18, 2003, AB & Co. owned
approximately 86% of the Company's issued and outstanding common stock.

     The Company's primary businesses are producing investment related
periodical publications through its wholly-owned subsidiary, Value Line
Publishing, Inc. ("VLP"), and providing investment advisory services to mutual
funds, institutions and individual clients. VLP publishes in both print and
electronic formats The Value Line Investment Survey(TM), one of the nation's
major periodical investment services, as well as The Value Line Investment
Survey - Small and Mid-Cap Edition, The Value Line 600, Value Line Select, The
Value Line Mutual Fund Survey, The Value Line No-Load Fund Advisor, Value Line
Insight, The Value Line Special Situations Service, The Value Line Options
Survey and The Value Line Convertibles Survey. VLP also provides current and
historical financial databases (DataFile, Estimates & Projections, Convertibles,
Mutual Funds and other services) in standard computer formats and markets
investment analysis software, Value Line Investment Survey FOR WINDOWS(R),
Mutual Fund Survey FOR WINDOWS(R), Value Line Daily Options Survey and Value
Line Electronic Convertibles. These electronic products are available on CD-Rom
and offered directly on the Company's internet site, www.valueline.com. The
Company's print and electronic services are marketed through media, direct mail
and the internet to retail and institutional investors.

     The Company is the investment adviser for the Value Line Family of Mutual
Funds, which on April 30, 2003, included 15 open-end investment companies with
various investment objectives. In addition, the Company manages investments for
private and institutional clients. The Company is registered with the Securities
and Exchange Commission as an investment adviser under the Investment Advisers
Act of 1940.

     In addition to VLP, the Company's other wholly-owned subsidiaries include a
registered broker-dealer, Value Line Securities, Inc., and an advertising
agency, Vanderbilt Advertising Agency, Inc. These subsidiaries primarily provide
services used by the Company in its investment management and publishing
businesses. Compupower Corporation, another subsidiary, serves the subscription
fulfillment needs of the Company's publishing operations. Value Line
Distribution Center, Inc. ("VLDC") handles all of the mailings of the
publications to the Company's subscribers. Additionally, VLDC provides office
space for Compupower

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Corporation's computer operations center. The name "Value Line," as used to
describe the Company, its products, and its subsidiaries, is a registered
trademark of the Company. As used herein, except as the context otherwise
requires, the term "Company" includes the Company and its consolidated
subsidiaries.

A. Investment Information and Publications.

     VLP publishes investment related publications and produces electronic
products described below:

     l. Publications:

     The Value Line Investment Survey is a weekly investment related periodical
that in addition to various timely articles on current economic, financial and
investment matters ranks common stocks for future relative performance based on
computer-generated statistics of financial results and stock market performance.
A combined Index on our Web site allows the subscriber to easily locate a
specific stock among the approximately 3,500 stocks covered in the Small and
Mid-Cap Edition and in the standard edition of The Value Line Investment Survey.
Two of the more important evaluations for each stock covered are
"Timeliness(TM)" and "Safety (TM)." "TIMELINESS(TM)" relates to the probable
relative price performance of one stock over the next six to twelve months, as
compared to the rest of the approximately 1,700 covered stocks. Rankings are
updated each week and range from Rank 1 for the expected best performing stocks
to Rank 5 for the expected poorest performers. "Safety" Ranks are a measure of
risk and are based primarily on the issuer's relative financial strength and its
stock's price stability. "Safety" ranges from Rank 1 for the least risky stocks
to Rank 5 for the riskiest. VLP employs approximately 110 analysts and
statisticians who prepare articles of interest for each periodical and who
evaluate stock performance and provide future earnings estimates and quarterly
written evaluations with more frequent updates when relevant.

     The Small and Mid-Cap Edition of The Value Line Investment Survey is a
weekly publication introduced in 1995 that provides detailed descriptions of
approximately 1,800 small-and medium-capitalization stocks, many listed on
NASDAQ, beyond the 1,700 stocks of larger-capitalization companies traditionally
covered in The Value Line Investment Survey - Standard Edition. Like The Value
Line Investment Survey, the Small and Mid-Cap Edition has its own "Summary &
Index" providing updated performance ranks and other data, as well as "screens"
of key financial performance measures. The "Ratings and Reports" section,
providing updated reports on about 140 stocks each week, has been organized to
correspond closely to the industries reviewed in the Standard Edition of The
Value Line Investment Survey. A combined Index, published semiannually,
allows the subscriber to easily locate a specific stock among the
approximately 3,500 stocks covered.

     The Small and Mid-Cap Edition includes a number of unique as well as
standard features. One unique feature, The Performance Ranking System,
incorporates many of the elements of the Value Line Timeliness(TM) Ranking
System, modified to accommodate the 1,800 stocks in the Small and Mid-Cap
Edition. The Performance(TM) Rank is based on earnings growth and price momentum
and is designed to predict relative price performance over the next six to 12
months.

     The principal difference between the Small and Mid-Cap Edition and The
Value Line Investment Survey's Standard Edition is that the Small and Mid-Cap
Edition does not include Value Line's financial forecasts or analysts' comments.
This modification has allowed VLP to offer this service at a relatively low
price.

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     The Value Line Mutual Fund Survey is published once every three weeks and
was introduced in 1993. It provides full-page profiles of 700 mutual funds and
condensed coverage of more than 1,250 funds. Every three weeks subscribers
receive an updated issue, containing over 200 fund reports, plus a "Performance
& Index" providing current rankings and performance figures for the full
universe of more than 2,000 funds, as well as articles on investment trends and
issues concerning mutual fund investors. The Value Line Mutual Fund Survey also
includes annual profiles and analyses on 100 of the nation's major fund
families. Funds are ranked for both risk and overall risk-adjusted performance
using strictly quantitative means. A large binder is provided to house the fund
reports.

     The Value Line No-Load Fund Advisor is a 36-page monthly newsletter for
investors who wish to manage their own portfolios of no- and low-load, open-end
mutual funds. Each issue features strategies for maximizing total return, with
special attention given to tax considerations. Also featured are in-depth
interviews with noted portfolio managers, model portfolios for a range of
investor profiles, and information about retirement planning, industry news, and
listings (with descriptions) of new funds worthy of further consideration. A
full statistical review, including latest performance, rankings and sector
weightings, is updated each month on 600 leading no-load and low-load funds.

     Value Line Insight is a 12-page monthly newsletter that brings together the
views and opinions of economists, analysts and mutual fund managers from the
Company and external sources. The product critically assesses mutual fund
manager stock selections using the Company's stock research. It is designed
to help individual stock investors see what professionals are doing while mutual
fund investors get a critical review of management actions.

     Value Line Industry Watch is a 16-page monthly newsletter that brings
together two powerful, proprietary Value Line tools into one-easy-to-use format.
First, Value Line analysts examine over 90 industries to determine which are
likely to be the top performers, and which the worst. From here, our analysts
select stocks that receive high scores in Value Line's Timeliness Ranking
System. We highlight the best stocks in the best industries so our readers can
ffocus their investment efforts.

     Every issue of Value Line Industry Watch begins with an economic overview
which explains how the current political and economic events are affecting
various industries in the marketplace. Each issue provides an in-depth
discussion of one or more industries that we consider to be especially
noteworthy. Our industry review provides an intelligent backdrop for the heart
of every issue: detailed reports on specific companies whose stock we expect
will outperform the market. Our stock profiles include a basic review of the
company with an explanation of why the business is doing well and the reasons we
believe that stock is well positioned for appreciation. The stock profiles also
include Value Line's proprietary ranks for Timeliness and Safety.

     The Value Line Special Situations Service, published periodically 24 times
a year, concentrates on fast-growing, smaller companies whose stocks are
perceived by VLP analysts as having exceptional appreciation potential.

     The Value Line Options Survey, a semi-monthly periodical service published
24 times a year, evaluates and ranks the expected performance of the most active
options listed on United States exchanges (approximately 80,000). An electronic
version of this publication, The Value Line Daily Options Survey (available over
the Internet), was introduced during the latter part of

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fiscal 1995. A new enhanced version was introduced in May of 2002. New features
include an interactive database and a new spreadsheet.

     The Value Line Convertibles Survey, a semi-monthly periodical service
published 24 times a year, evaluates and ranks approximately 600 convertible
securities (bonds and preferred stocks) and approximately 80 warrants for future
market performance. The same information is also available online.

     Value Line Select, a monthly publication, was first published in January
1998. As a stock recommendation service with an exclusive circulation, it
focuses each month on one company that VLP analysts, economists and
statisticians recommend as an investment. Recommendations are backed by in-depth
research and are subject to ongoing monitoring.

     The Value Line 600 is a monthly service, which contains full-page reports
on more than 600 stocks. Its reports provide information on many actively
traded, larger capitalization issues as well as some smaller growth stocks.
Since it was introduced in fiscal 1996, it has proven to be very popular among
investors who want the same type of analysis provided in the full Investment
Survey, but who don't want or need coverage of the large number of companies
contained in that publication. Readers also receive supplemental reports as well
as a monthly Index, which includes updated statistics.

     2. Electronic Products:

     Value Line Investment Survey FOR WINDOWS(R), on CD-ROM, is a powerful
menu-driven software program with fast filtering, ranking, reporting and
graphing capabilities utilizing over 300 data fields for over 8,300 stocks,
industries and indices, including the 1,700 stocks covered in VLP's benchmark
publication, The Value Line Investment Survey. The product was introduced in
June 1996. Version 3.0 has major enhancements to the user interface and the
ability for users to update data from the Company's Internet site
(www.valueline.com). New features are added continuously.

     Value Line Investment Survey FOR WINDOWS(R) provides over 300 search fields
and more than 100 charting and graphing variables for comparative research. In
addition to containing digital replicas of the entire Value Line Investment
Survey, the Windows version includes weekly data updates through its seamless
integration with the Value Line Web site (www.valueline.com). The software
includes a portfolio module that lets users create and track their own stock
portfolios and ten years of historical financial data for scrutinizing
performance, risk and yield.

     Value Line Mutual Fund Survey FOR WINDOWS(R), a monthly CD-ROM product with
internet updates, is the electronic version of the Value Line Mutual Fund
Survey. The program features powerful sorting, filtering and portfolio analysis.
Version 2 was introduced in 1998, with added features such as style attribution
analysis, portfolio stress tester, portfolio rebalancing, correlation of fund
returns and hypothetical assets to differentiate it from the competition.

     Windows is a registered trademark of Microsoft Corp. Value Line, Inc. and
Microsoft Corp. are not affiliated companies.

     Value Line DataFile contains current and historic annual and quarterly
financial records for more than 8,300 active companies and over 5,000 companies
that no longer exist in numerous industries, including air transport, industrial
services, beverage, machinery, bank, insurance and finance, savings and loan
associations, toys, and securities brokers. DataFile has over 400 annual and
over 80 quarterly fields for each of the companies included in the database.
DataFile is sold to the institutional market. Value Line DataFile II, which
includes less historical data is

                                        5
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also available. This version complies with Microsoft Access format for small
businesses. During fiscal 1997, Value Line introduced the Value Line Mutual Fund
DataFile. It covers over 12,500 mutual funds with up to 20 years of historical
data which consists of almost 200 data fields. VLP also offers an Estimates and
Projections File, with year-ahead and three- to five-year estimates of financial
performance and projections of stock-price ranges on companies covered in the
Value Line Investment Survey, as well as a Convertible Securities File and
custom services.

     The Total Return Service is a customized data service. It was developed to
help publicly traded companies meet the SEC's mandated executive-compensation
disclosure requirements. The service consists of a line graph comparing the
total return of a public company's stock over the last five years to a published
equity market index and a published or constructed industry index.

3. Value Line Internet:

     Most Value Line products and services are available from the Company's Web
site www.valueline.com. The site includes a multimedia section that features
daily market reports and updates on stocks, options, mutual funds and
convertibles as well as webcasting of daily analyst commentary and fast-breaking
developments on companies in the news. In addition, the Company has added a host
of new tools to chart and filter stocks and mutual funds along with tools to
build a portfolio, customize a report and receive Value Line reports.

     A new internet-only service, the Value Line Research Center, includes
on-line access to the Company's leading publications covering stocks, mutual
funds, options and convertible securities as well as special situation stocks.
This service includes full subscriptions to The Value Line Investment Survey,
The Value Line Mutual Fund Survey, The Value Line Daily Options Survey, The
Value Line Investment Survey Small and Mid-Cap Edition, The Value Line
Convertibles Survey, The Special Situations Service, Value Line ETF Survey, The
Value Line No Load Fund Advisor, Value Line Insight, Value Line 600, Value Line
Select and the recently introduced Value Line Industry Watch.

B. Investment Management.

     As of April 30, 2003, the Company was the investment adviser for 15 mutual
funds registered under the Investment Company Act of 1940. Value Line
Securities, Inc., a wholly owned subsidiary of the Company, acts as principal
underwriter and distributor for the Value Line Funds. State Street Bank and
Trust Company, an unaffiliated entity, acts as custodian of the Funds' assets.
Shareholder services for the Value Line Funds are provided by National Financial
Data Services, an unaffiliated entity associated with State Street Bank and
Trust Company.

                                        6
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Total net assets of the Value Line Funds at April 30, 2003, were:

<Table>
<Caption>
                                                        (IN THOUSANDS)
    <S>                                                  <C>
    The Value Line Fund, Inc.                            $    206,062
    Value Line Income and Growth Fund, Inc.                   181,799
    The Value Line Special Situations Fund, Inc.              248,122
    Value Line Leveraged Growth Investors, Inc.               329,804
    The Value Line Cash Fund, Inc.                            213,707
    Value Line U.S. Government Securities Fund, Inc.          156,679
    Value Line Centurion Fund, Inc.                           327,689
    The Value Line Tax Exempt Fund, Inc.                      174,969
    Value Line Convertible Fund, Inc.                          44,085
    Value Line Aggressive Income Trust                         65,966
    Value Line New York Tax Exempt Trust                       31,198
    Value Line Strategic Asset Management Trust               748,918
    Value Line Emerging Opportunities Fund, Inc.              121,987
    Value Line Asset Allocation Fund, Inc.                    141,885
    Value Line U.S. Multinational Company Fund, Inc.            3,798
                                                         ------------
                                                         $  2,996,668
                                                         ============
</Table>

     The shareholders of the Value Line U.S. Multinational Company Fund, Inc.
approved the liquidation of assets and dissolution of the fund on May 16, 2003.

     The investment advisory contracts between each of the Value Line Funds and
the Company provide that the Company will render investment advisory and other
services to the Funds. These contracts must be approved annually in accordance
with statutory procedures. The Company furnishes each fund with its investment
program, subject to such fund's fundamental investment policies and to control
and review by such fund's Board of Directors or Trustees. Each contract also
provides that the Company will furnish, at its expense, various administrative
services, office space, equipment and administrative personnel necessary for
managing the affairs of the funds. Advisory fee rates vary among the funds and
may be subject to certain limitations. Each mutual fund may use "Value Line" in
its name only so long as the Company acts as its investment adviser.

     Value Line Asset Management ("VLAM"), a division of the Company, manages
pension funds and institutional and individual portfolios by utilizing the
techniques developed for The Value Line Investment Survey. VLAM has varied
investment advisory agreements with its clients which call for payments to the
Company calculated on the basis of the market value of the assets under
management.

C. Wholly-Owned Operating Subsidiaries.

     1. Vanderbilt Advertising Agency, Inc.:

     Vanderbilt Advertising Agency, Inc. ("Vanderbilt") places advertising for
the Company's publications, investment advisory services, and mutual funds.
Commission income generated by Vanderbilt serves to reduce the Company's
advertising expenses.

                                        7
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     2. Compupower Corporation:

     Compupower provides computerized subscription fulfillment services for the
Company as well as subscriber relation's services for Company publications.
Additionally, Compupower also provides microfiche and imaging services to the
Company, its affiliates and third-party customers.

     3. Value Line Securities, Inc.:

     Value Line Securities, Inc. ("VLS") is registered as a broker-dealer under
the Securities Exchange Act of 1934 and is a member of the National Association
of Securities Dealers, Inc. VLS acts as the underwriter and distributor of the
Value Line Funds. Shares of the Value Line Funds are sold to the public without
a sales charge (i.e., on a "no-load" basis). VLS effects brokerage transactions
in exchange-listed securities for certain of the Value Line Funds, clearing such
transactions on a fully disclosed basis through unaffiliated broker-dealers who
receive a portion of the gross commissions. During the past three fiscal years,
the Company received service and distribution fees, pursuant to SEC rule 12b-1
from certain Value Line Funds which were used to offset marketing and
distribution costs for these funds.

     4. Value Line Distribution Center, Inc.:

     Value Line Distribution Center, Inc. ("VLDC") handles all of the mailings
of the publications to the Company's subscribers. Additionally, VLDC provides
office space for the Compupower Corporation's subscriber relations and data
processing departments.

D. Other Businesses.

     The Company publishes the Value Line Arithmetic Composite and the Value
Line Geometric Composite, daily indices of the stock market performance of the
approximately 1,700 common stocks contained in The Value Line Investment Survey.
The calculation of both indices is done by a firm unaffiliated with the Company.
Futures contracts based upon fluctuations in the Value Line Arithmetic Composite
are traded on the Kansas City Board of Trade, and options on the Index are
traded on the Philadelphia Stock Exchange. The Company receives fees in
connection with these activities.

THE VALUE LINE STRATEGY TRUST SERIES I: The Company has licensed for a fee
certain trademarks and proprietary information for a series of unit investment
trusts, THE VALUE LINE STRATEGY TRUST SERIES I. The fundamental strategy for
this Trust and future Trusts in this series is to invest in the 100 Rank #1
stocks and maintain a static portfolio position in these 100 stocks for a
fourteen-month period. At the end of the fourteen months the portfolio will be
liquidated and the investors will be invited to reinvest their distribution in
the next available VALUE LINE STRATEGY TRUST SERIES. These unit investment
trusts are sold by an extensive network of brokerage firms and provide publicity
for the ranking system within the brokerage industry. As of April 30, 2003,
total assets of approximately $26,728,000 had been invested in these Trusts.

VALUE LINE TARGET 25 PORTFOLIO: The fundamental strategy for this Trust and
future Trusts in this series is to invest in a selected 25 stocks of the 100
Rank #1 stocks and maintain a static

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portfolio position in these 25 stocks for a thirteen-month period. At the end of
the thirteen months the portfolio is liquidated and the investors are invited to
reinvest their distribution in the next available VALUE LINE TARGET 25
PORTFOLIO. First Trust Portfolios, the underwriter of this UIT, has indicated
that it intends to introduce a new UIT series every month. These unit investment
trusts are sold by an extensive network of brokerage firms and provide a unique
exposure for the ranking system within the brokerage industry. As of April 30,
2003, aggregate assets of over $138,502,000 had been invested in these Trusts.

THE TARGET VIP AND THE U.S.A. MOMENTUM PORTFOLIOS: These are UIT products
sponsored by First Trust Portfolios which use as a component of their portfolio
strategy the Value Line Target 25 strategy. As of April 30, 2003, $49,253,000
was invested in these trusts.

ENHANCED INDEX PORTFOLIO: The Enhanced Index Portfolio offered by First Trust
Portfolios, uses the same investment strategy as the Value Line Target 25
Portfolio except that the Enhanced Index Portfolio maintains a static investment
position for a period of fifteen months. The fundamental difference is that this
portfolio only places one-third of its assets into the Value Line Target 25
portfolio strategy. (The other two-thirds of the assets use a Dow Jones Index
and the Nasdaq 100 Index strategy). As of April 30, 2003, aggregate assets of
over $3,200,000 have been invested in the Value Line Target 25 Portfolio via
this trust.

E. Investments.

     From time to time, the Company invests in the Value Line Funds, long term
fixed income government obligations and in other marketable securities.

F. Employees.

     At April 30, 2003, the Company and its subsidiaries employed 261 people.

     The Company, its affiliates, officers, directors and employees may from
time to time own securities which are also held in the portfolios of the Value
Line Funds or recommended in the Company's publications. Analysts covering
stocks may not own stocks they cover. The Company has imposed rules upon itself
requiring monthly reports of securities transactions by employees for their
respective accounts and restricting trading in various types of securities in
order to avoid possible conflicts of interest.

G. Assets.

     The Company's assets identifiable to each of its principal business
segments were as follows:

<Table>
<Caption>
                                                             APRIL 30,
                                                       2003             2002
                                                          (IN THOUSANDS)
     <S>                                           <C>                <C>
     Investment Periodicals
        & Related Publications                     $  18,648          $  19,614
     Investment Management                           227,786            248,188
     Corporate Assets                                    380                933
                                                   ---------          ---------
                                                   $ 246,814          $ 268,735
</Table>

                                        9
<Page>

H. Competition.

     The investment management and the investment information and publications
industries are very competitive. There are many competing firms and a wide
variety of product offerings. Some of the firms in these industries are
substantially larger and have greater financial resources than the Company. The
Company believes that it is one of the world's largest independent securities
research organizations and that it publishes one of the world's largest
investment periodicals service in terms of number of subscriptions, annual
revenues and number of equity research analysts.

I. Executive Officers.

     The following table lists the names, ages (at June 18, 2003), and principal
occupations and employment during the past five years of the Company's Executive
Officers. All officers are elected to terms of office for one year. Each of the
following has held an executive position with the companies indicated for at
least five years.

<Table>
<Caption>
NAME                        AGE      PRINCIPAL OCCUPATION OR EMPLOYMENT
---------------------       ---      ----------------------------------
<S>                         <C>      <C>
Jean Bernhard Buttner       68       Chairman of the Board, President and Chief Executive
                                     Officer of the Company and AB&Co.  Chairman of the
                                     Board and President of each of the Value Line Funds.

Samuel Eisenstadt           80       Senior Vice President and Research Chairman.

David T. Henigson           45       Vice President and Treasurer;
                                     Director of Compliance and Internal Audit;
                                     Vice President, Secretary and Treasurer of each of the
                                     Value Line Funds; Vice President of AB&Co.

Howard A. Brecher           49       Vice President and Secretary;
                                     Vice President, Secretary, Treasurer and General Counsel
                                     of AB&Co.

Stephen R. Anastasio        44       Chief Financial Officer; Corporate Controller.
</Table>

WEB SITE ACCESS TO SEC REPORTS

     The Company's Web site address is www.valueline.com. The Company's annual
report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K
and any amendments to these reports are available free of charge on the
Financial Info page of the Company's Web site as soon as reasonably practicable
after the reports are filed electronically with the Securities and Exchange
Commission.

                                       10
<Page>

Item 2.  PROPERTIES.

     On June 4, 1993, the Company entered into a lease agreement for
approximately 77,000 square feet that provided for the relocation of its office
space to 220 East 42nd Street, New York, New York. On September 14, 2000, the
Company amended its New York lease for office space and returned to the landlord
6,049 sq. ft. of excess capacity. The Company now leases approximately 71,000
square feet of office space at 220 East 42nd Street in New York. During January
1996, a subsidiary of the Company purchased for cash an approximately 85,000
square feet warehouse facility for $4,100,000. That facility consolidated into a
single location the distribution operations for the various Company publications
and the fulfillment operations of Compupower Corporation. The remaining building
capacity provides warehouse space, a disaster recovery site and is available for
future business expansion. The Company believes the capacity of these facilities
is sufficient to meet the Company's current and expected future requirements.

Item 3.  LEGAL PROCEEDINGS.

     There are no material pending legal proceedings.

Item 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

     No matters were submitted to a vote of the stockholders during the fourth
quarter of the fiscal year ended April 30, 2003.

                                     Part II

Item 5.  MARKET FOR THE REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER
         MATTERS.

     The Registrant's Common Stock is traded on the over-the-counter market. The
approximate number of record holders of the Registrant's Common Stock at
April 30, 2003 was 1,203. Over-the-counter price quotations reflect inter-dealer
prices, without retail mark-up, mark-down or commission and may not necessarily
represent actual transactions. The range of the bid and asked quotations and the
dividends paid on these shares during the past two fiscal years were as follows:

<Table>
<Caption>
                                                                           DIVIDEND
                                  HIGH                      LOW            DECLARED
QUARTER ENDED                BID        ASKED         BID        ASKED     PER SHARE
<S>                       <C>         <C>          <C>         <C>           <C>
July 31, 2001             $ 44.7000   $ 47.5000    $ 37.4800   $ 38.0600     $ .25
October 31, 2001            50.5100     55.5400      38.0000     40.0000       .25
January 31, 2002            50.1700     52.0000      39.4800     40.7900       .25
April 30, 2002            $ 49.0500   $ 50.2310    $ 44.5000   $ 45.3000     $ .25

July 31, 2002             $ 48.7600   $ 49.2500    $ 37.8600   $ 38.8990     $ .25
October 31, 2002            44.6900     46.9800      37.5000     38.7000       .25
January 31, 2003            45.9600     46.9600      37.4400     38.0000       .25
April 30, 2003            $ 48.3500   $ 49.0100    $ 44.7000   $ 44.9600     $ .25
</Table>

                                       11
<Page>

Item 6.  SELECTED FINANCIAL DATA.

     Earnings per share for each of the fiscal years shown below are based on
the weighted average number of shares outstanding.

<Table>
<Caption>
                                                     YEARS ENDED APRIL 30,
                                     2003        2002        2001        2000       1999
                                           (IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
<S>                               <C>         <C>         <C>         <C>         <C>
Revenues:

  Investment periodicals
    and related publications      $  52,469   $  53,114   $  56,042   $  58,857   $  62,220

  Investment management
    fees and services             $  29,600   $  34,329   $  42,349   $  37,385   $  33,080

  Gain on sale of
    operating facility            $       -   $       -   $       -   $       -   $     518

  Total revenues                  $  82,069   $  87,443   $  98,391   $  96,242   $  95,818

Income from operations            $  24,095   $  29,186   $  37,811   $  36,428   $  39,436

Net income                        $  19,987   $  20,323   $  24,091   $  33,698   $  27,172

Earnings per share, basic and
  fully diluted                   $    2.00   $    2.04   $    2.41   $    3.38   $    2.72

Total assets                      $ 246,814   $ 268,735   $ 270,992   $ 298,198   $ 243,807

Cash dividends
  declared per share              $    1.00   $    1.00   $    1.00   $    1.00   $    1.00
</Table>

                                       12
<Page>

Item 7.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
         OF OPERATIONS.

                                   FISCAL 2003

                                OPERATING RESULTS

     Net income for the twelve months ended April 30, 2003 of $19,987,000 or
$2.00 per share compared to net income of $20,323,000 or $2.04 per share in
fiscal 2002. Net income of $6,792,000 or $.68 per share for the last quarter of
fiscal 2003 exceeded net income of $4,591,000 or $0.47 per share for the fourth
quarter of the prior fiscal year by 48% due primarily to a lower income tax rate
and an increase in income from securities transactions. The lower income tax
rate was the result of a favorable tax determination from a local tax
jurisdiction regarding the Company's income allocation method. Operating income
of $24,095,000 for the twelve months ended April 30, 2003 was below operating
income of $29,186,000 for the same period of last fiscal year. Revenues of
$82,069,000 for the twelve months ended April 30, 2003 were the seventh highest
in the Company's history and compared to revenues of $87,443,000 in the prior
year. The decline in revenues and net income during the twelve months ended
April 30, 2003 was largely the result of a 14% decline in investment management
fees and services revenues that resulted primarily from a decrease in average
net asset values in the Value Line mutual funds. The change in net asset values
in Value Line's mutual funds was largely attributable to the overall decline in
the financial markets with the NASDAQ index falling 13% during the twelve months
ended April 30, 2003, representing a 71% decline from its all time high.

     During fiscal 2003, the Company's stock outperformed the major market
indices. Value Line, Inc's. stock was up 2.4% for the twelve months ended
April 30, 2003, while during this same period, the NASDAQ index fell 13%.

     Subscription revenues of $52,469,000 were 1% below revenues for the same
period of the prior fiscal year. The decrease in subscription revenues compared
to the prior year's was primarily a result of the 2% decline in revenues from
THE VALUE LINE INVESTMENT SURVEY and related products, which included VALUE LINE
INVESTMENT SURVEY FOR WINDOWS, THE VALUE LINE RESEARCH CENTER, THE VALUE LINE
600, THE VLIS SMALL AND MID-CAP STOCK EDITION, AND VALUE LINE SELECT. Investment
management fees and services revenues of $29,600,000 for the twelve months ended
April 30, 2003 were 14% below the prior fiscal year's revenues of $34,329,000.
The change in total revenues was primarily attributable to the continued
difficult financial market conditions impacting severely on investment
management fees and services revenues, with stable subscription revenue
moderating the overall effect.

     Operating expenses for the twelve months ended April 30, 2003 of
$57,974,000 were comparable to last year's expenses of $58,257,000. Total
advertising and promotional expenses of $20,418,000 were 2% above the prior
year's expenses of $19,928,000. The increase in advertising expenses resulted
primarily from a 9% increase in postage rates associated with the Company's
direct mail advertising for the Company's publications and the Value Line's
mutual funds and an increase in discount brokerage commissions incurred for
sales of Value Line's mutual funds' shares. Salaries and employee benefit
expenses of $19,938,000 were 9% below expenses of $21,801,000 recorded in the
prior fiscal year. Production and distribution costs for the twelve months ended
April 30, 2003 of $9,400,000 were 6% above expenses of $8,831,000 for the twelve
months ended April 30, 2002. The increase in production and distribution

                                       13
<Page>

expenses resulted from an increase in the average subscription circulation and
the aforementioned increase in U.S. postal rates. Additionally, expenses
associated with outsourcing a portion of the Company's stock and mutual fund
data collection services and amortization of previously deferred costs for the
development of computer software for internal use contributed to the higher
production expenses. Office and administrative expenses of $8,218,000 were 7%
above last year's expenses of $7,697,000. The net increase in administrative
expenses compared to last year's resulted primarily from higher insurance
premiums and increases in professional fees.

     The Company's securities portfolios produced a gain of $6,626,000 for the
twelve months ended April 30, 2003, which was 14% above the gain of $5,828,000
for the same period of last fiscal year. The Company's trading portfolio
produced losses of $940,000 during the twelve months ended April 30, 2003 versus
losses of $5,625,000 during the same period of last fiscal year. The value of
the Company's securities portfolios has been negatively impacted by the
declining financial market with the NASDAQ down 13% during the twelve months
ended April 30, 2003. Income from securities transactions for the twelve months
ended April 30, 2003 also included dividend and interest income of $4,361,000
and capital gains of $3,211,000 from sales of securities from the Company's
long-term portfolio. This compares to dividend and interest income of $2,829,000
and capital gains of $8,633,000 from sales of securities from the Company's
long-term portfolio for the same period of last fiscal year.

                         LIQUIDITY AND CAPITAL RESOURCES

     The Company had liquid resources, which were used in its business, of
$228,471,000 at April 30, 2003. In addition to $12,408,000 of working capital,
the Company had long-term securities with a market value of $216,063,000, that,
although classified as non-current assets, are also readily marketable should
the need arise.

     The Company's cash flow from operations of $16,816,000 for the twelve
months ended April 30, 2003 was 17% lower than fiscal 2002's cash flow of
$20,145,000. The decrease in cash flow from operations was primarily a result of
lower pretax earnings and a decrease in unserved paid subscription orders. Net
cash outflows of $114,066,000 from investing activities during the twelve months
of fiscal 2003 were $134,841,000 higher than net cash inflows for the twelve
months of fiscal 2002 due largely to the Company's decision to re-deploy its
cash holdings into Government debt obligations with higher effective yields.

     From time to time, the Company's Parent has purchased additional shares of
Value Line, Inc. in the market when, and as the Parent has determined it to be
appropriate. The Company understands that the Parent may make additional
purchases from time to time in the future.

     Management believes that the Company's cash and other liquid asset
resources used in its business together with the future cash flows from
operations will be sufficient to finance current and forecasted operations.
Management anticipates no borrowing for fiscal year 2004.

                                       14
<Page>

                                   FISCAL 2002

                                OPERATING RESULTS

     Net income for the twelve months ended April 30, 2002 of $20,323,000 or
$2.04 per share compared to net income of $24,091,000 or $2.41 per share in
fiscal 2001. Operating income of $29,186,000 for the twelve months ended April
30, 2002 was below operating income of $37,811,000 for the same period last
fiscal year. Revenues of $87,443,000 for the twelve months ended April 30, 2002
were the sixth highest in the Company's history and compared to revenues of
$98,391,000 in the prior year. The decline in net income during the twelve
months ended April 30, 2002 was largely the result of the lower level of
revenues, primarily reduced investment management fees and services revenue due
to a decline in average net asset values in the Value Line mutual funds. The
change in net asset values in the Value Line mutual funds was largely
attributable to the overall decline in the financial markets with the NASDAQ
index falling 20% during the twelve months ended April 30, 2002, representing a
67% decline from its all time high. Additionally, income from securities
transactions included $8,000,000 or $.48 per share of capital losses recognized
from sales of securities and a reduction in capital gain distributions from the
Company's investments in the Value Line mutual funds.

     Subscription revenues of $53,114,000 were 5% below revenues for the same
period of the prior fiscal year. The decrease in subscription revenues compared
to the prior year's was primarily a result of the 5% decline in revenues from
THE VALUE LINE INVESTMENT SURVEY and related products, which included VALUE LINE
INVESTMENT SURVEY FOR WINDOWS, THE VALUE LINE RESEARCH CENTER, THE VALUE LINE
600, THE VLIS SMALL AND MID-CAP STOCK EDITION, AND VALUE LINE SELECT. As of
April 30, 2002, combined circulation to THE VALUE INVESTMENT SURVEY, VALUE LINE
INVESTMENT SURVEY FOR WINDOWS, THE VALUE LINE RESEARCH CENTER, AND THE VALUE
LINE 600 was 15% higher than the prior year's circulation. During fiscal 2002,
the Company experienced an increase in subscription activity with total new
subscription orders rising 14% from the level during the twelve months of the
prior fiscal year. Investment management fees and services revenue of
$34,329,000 for the twelve months ended April 30, 2002 was 19% below the prior
fiscal year's revenue. The change in total subscription and investment
management fees and services revenues was primarily attributable to the
continued difficult financial market conditions.

     Operating expenses for the twelve months ended April 30, 2002 of
$58,257,000 were 4% below last year's expenses of $60,580,000. Total
advertising expenses of $19,928,000 were 7% below the prior year's expenses
of $21,342,000. The decrease in advertising expenses resulted primarily from
a lower level of marketing costs for two of the equity mutual funds for which
the Company is the advisor and a decline in discount brokerage commissions
incurred for sales of the Value Line mutual funds directly related to a lower
level of assets in the Value Line family of mutual funds. The Company
increased its direct mail marketing efforts for the Value Line publications
and the Value Line mutual funds by 34% compared to the same period last
fiscal year primarily due to the effectiveness of this method of advertising.
In addition, the United States Postal Service raised postal rates
approximately 9% and 2% effective January 1, 2001 and July 1, 2001,
respectively, which increased both direct mail marketing and product
distribution expenses during fiscal 2002. Salaries and employee benefit
expenses of $21,801,000 were 4% below expenses of $22,728,000 recorded in the
prior fiscal year primarily due to reductions in staff levels partially
offset by some annual increases in salaries, benefits and incentive
compensation. Printing, paper and distribution costs for the twelve months
ended April 30, 2002 of $8,831,000 were 10% above expenses of $8,058,000 for
the twelve months ended April 30, 2001. The increase in production and
distribution expenses resulted from an increase in subscription circulation
and the

                                       15
<Page>

aforementioned increase in postage costs. Additionally, expenses associated with
outsourcing a portion of the Company's stock and mutual fund data collection
services and amortization of previously deferred costs for the development of
computer software for internal use contributed to the higher production
expenses. Office and administrative expenses of $7,697,000 were 9% below last
year's expenses of $8,452,000. The net decrease in administrative expenses
primarily resulted from a reclassification of maintenance and amortization
expenses for software development to production expenses and a decline in
depreciation and rent expenses.

     The Company's securities portfolios produced a gain of $5,828,000 for the
twelve months ended April 30, 2002, which was 87% above the gain of $3,118,000
for the same period last fiscal year. The twelve months of fiscal 2002 included
gains of $6,365,000 offset by $3,699,000 of tax management related losses from
sales of securities in the Company's long-term equity securities portfolio.
Additionally, income from securities transactions during fiscal 2002 included
$2,276,000 of capital gain distributions from the Value Line mutual funds, which
was $8,200,000 less than last year's distribution partially due to the Company's
effective tax management. The Company's trading portfolio produced losses of
$2,191,000 during the twelve months ended April 30, 2002 versus a loss of
$5,471,000 during the same period last fiscal year. The value of the Company's
securities portfolios was negatively impacted by the declining financial market
that started at the beginning of fiscal year 2001 and accelerated dramatically
during the current fiscal year. Income from securities transactions included
dividend income of $2,487,000 for the twelve months ended April 30, 2002, which
compared with dividend income of $4,996,000 for the same period last fiscal
year.

                         LIQUIDITY AND CAPITAL RESOURCES

     The Company had liquid resources, which were used in its business, of
$237,521,000 at April 30, 2002. In addition to $108,477,000 of working capital,
the Company had long-term securities with a market value of $129,044,000, that,
although classified as non-current assets, are also readily marketable should
the need arise.

     The Company's cash flow from operations of $20,145,000 for the twelve
months ended April 30, 2002 was 21% lower than fiscal 2001's cash flow of
$25,648,000. The decrease in cash flow from operations was primarily a result of
lower pretax earnings partially offset by an increase in unserved paid
subscription orders. Net cash inflows from investing activities during the
twelve months of fiscal 2002 were $2,039,000 or 9% lower than net cash inflows
for the twelve months of fiscal 2001 due largely to the Company's decision to
re-deploy its cash holdings into the Company's trading portfolio utilizing
varied investment strategies.

     From time to time, the Company's Parent has purchased additional shares of
Value Line, Inc. in the market when, and as the Parent has determined it to be
appropriate. The Company understands that the Parent may make additional
purchases from time to time in the future.

     Management believes that the Company's cash and other liquid asset
resources used in its business together with the future cash flows from
operations will be sufficient to finance current and forecasted operations.
Management anticipates no borrowing for fiscal year 2003.

                                       16
<Page>

Item 8.  FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.

     The following consolidated financial statements of the registrant and its
subsidiaries are included as a part of this Form 10K:

<Table>
<Caption>
                                                                    PAGE NUMBERS
    <S>                                                                  <C>
    Reports of independent accountants                                   33
    Consolidated balance sheets--April 30, 2003 and 2002                 34
    Consolidated statements of income and retained earnings
       --years ended April 30, 2003, 2002 and 2001                       35
    Consolidated statements of cash flows
       --years ended April 30, 2003, 2002 and  2001                      36
    Consolidated statement of changes in stockholders' equity
       --years ended April 30, 2003, 2002 and 2001                       37
    Notes to the consolidated financial statements                       38
    Supplementary schedules                                              48
</Table>

                         Quarterly Results (Unaudited):
                    (in thousands, except per share amounts)

<Table>
<Caption>
                                           INCOME                   EARNINGS
                              TOTAL         FROM         NET          PER
                             REVENUES    OPERATIONS    INCOME        SHARE
<S>                         <C>          <C>          <C>           <C>
2003, by Quarter -
   First                    $  20,505    $   4,975    $   3,000     $  0.30
   Second                      20,386        6,379        4,524        0.45
   Third                       21,153        5,898        5,671        0.57
   Fourth                      20,025        6,843        6,792        0.68
                            ---------    ---------    ---------     -------
    Total                   $  82,069    $  24,095    $  19,987     $  2.00

2002, by Quarter -
   First                    $  22,840    $   7,287    $   4,599     $  0.46
   Second                      21,777        7,290        5,515        0.55
   Third                       21,620        6,315        5,618        0.56
   Fourth                      21,206        8,294        4,591        0.47
                            ---------    ---------    ---------     -------
    Total                   $  87,443    $  29,186    $  20,323     $  2.04

2001, by Quarter -
   First                    $  24,555    $   9,366    $   6,225     $  0.62
   Second                      25,673       10,002        6,497        0.65
   Third                       24,956        8,136       11,793        1.19
   Fourth                      23,207       10,307         (424)      (0.05)
                            ---------    ---------    ---------     -------
    Total                   $  98,391    $  37,811    $  24,091     $  2.41
</Table>

                                       17
<Page>

Item 9.  CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
         FINANCIAL DISCLOSURE.

     There have been no disagreements with the independent accountants on
accounting and financial disclosure matters.

Item 10. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

                             MARKET RISK DISCLOSURES

     Value Line, Inc.'s Consolidated Balance Sheet includes a substantial amount
of assets and liabilities whose fair values are subject to market risks. Value
Line's significant market risks are primarily associated with interest rates and
equity prices. The following sections address the significant market risks
associated with Value Line's business activities.

                               INTEREST RATE RISK

     Value Line's management prefers to invest in highly liquid, government debt
securities with extremely low credit risk. Although the principal is secure, the
price of these debt instruments is interest rate sensitive. Value Line's
strategy is to acquire securities that are attractively priced in relation to
the perceived credit risk. Management recognizes and accepts that losses may
occur. To limit the price fluctuation in these securities from interest rate
changes, Value Line's management invests in relatively short-term obligations
maturing in 1 to 5 years.

     The fair values of Value Line's fixed maturity investments will fluctuate
in response to changes in market interest rates. Increases and decreases in
prevailing interest rates generally translate into decreases and increases in
fair values of those instruments. Additionally, fair values of interest rate
sensitive instruments may be affected by prepayment options, relative values of
alternative investments, and other general market conditions.

     The following table summarizes the estimated effects of hypothetical
increases and decreases in interest rates on assets that are subject to interest
rate risk. It is assumed that the changes occur immediately and uniformly to
each category of instrument containing interest rate risks. The hypothetical
changes in market interest rates do not reflect what could be deemed best or
worst case scenarios. Variations in market interest rates could produce
significant changes in the timing of repayments due to prepayment options
available. For these reasons, actual results might differ from those reflected
in the table. Dollars are in thousands.

<Table>
<Caption>
                                                                        ESTIMATED FAIR VALUE AFTER
                                                                  HYPOTHETICAL CHANGE IN INTEREST RATES
                                                                  -------------------------------------
                                                                             (bp = BASIS POINTS)
                                                          FAIR        100bp      100bp       200bp       300bp
        FIXED INCOME SECURITIES                           VALUE      DECREASE   INCREASE    INCREASE    INCREASE
        -----------------------                           -----      --------   --------    --------    --------
<S>                                                     <C>         <C>         <C>         <C>         <C>
As of April 30, 2003
Investments in securities with fixed maturities         $ 170,913   $ 181,299   $ 161,900   $ 153,116   $ 144,739
As of April 30, 2002
Investments in securities with fixed maturities         $  35,881   $  38,061   $  33,989   $  32,145   $  30,386
</Table>

                                       18
<Page>

                                EQUITY PRICE RISK

     The carrying values of investments subject to equity price risks are based
on quoted market prices or management's estimates of fair value 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 investee, 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.

     The table below summarizes Value Line's equity price risks as of April 30,
2003 and 2002 and shows the effects of a hypothetical 30% increase and a 30%
decrease in market prices as of those dates. The selected hypothetical change
does not reflect what could be considered the best or worst case scenarios.
Dollars are in thousands.

<Table>
<Caption>
                                                           ESTIMATED
                                                        FAIR VALUE AFTER      HYPOTHETICAL PERCENTAGE
                                        HYPOTHETICAL      HYPOTHETICAL         INCREASE (DECREASE) IN
   EQUITY SECURITIES      FAIR VALUE    PRICE CHANGE    CHANGE IN PRICES        SHAREHOLDERS' EQUITY
   -----------------      ----------    ------------    ----------------      -----------------------
<S>                        <C>          <C>               <C>                         <C>
As of April 30, 2003       $ 45,150     30% increase      $   58,695                   4.4%
                                        30% decrease          31,605                  (4.4)%
As of April 30, 2002       $ 93,226     30% increase      $  121,194                   9.3%
                                        30% decrease          65,258                  (9.3)%
</Table>

                                       19
<Page>

                                    Part III

Item 11. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT.

<Table>
<Caption>
(a)  NAMES OF DIRECTORS, AGE AS OF                                                     DIRECTOR
     JUNE 18, 2003 AND PRINCIPAL OCCUPATION                                              SINCE
     -------------------------------------------------------------------------         --------
<S>                                                                                       <C>
Jean Bernhard Buttner* (68).  Chairman of the Board, President, and                       1982
Chief Executive Officer of the Company and Arnold Bernhard & Co., Inc.
Chairman of the Board and President of each of the Value Line Funds.

Harold Bernard, Jr. (72).  Attorney-at-law.  Retired Administrative Law Judge,            1982
National Labor Relations Board.  Director of Arnold Bernhard & Co., Inc.
Judge Bernard is a cousin of Jean Bernhard Buttner.

Samuel Eisenstadt (80).  Senior Vice President and Research Chairman of the               1982
Company.

Herbert Pardes, MD (69).  President and CEO of New York- Presbyterian                     2000
Hospital.

Marion Ruth (68).  Real Estate Executive.  President, Ruth Realty (real estate            2000
broker).  Director or Trustee of each of the Value Line Funds.

Howard A. Brecher* (49).  Vice President of the Company since 1996 and                    1992
Secretary since 1992; Secretary, Treasurer and General Counsel of
Arnold Bernhard & Co., Inc. since 1991, Director since 1992 and
Vice President since 1994.

David T. Henigson* (45).  Vice President of the Company since 1992 and                    1992
Treasurer since 1994; Director of Compliance and Internal Audit of the
Company since 1988; Vice President of each of the Value Line Funds since
1992 and Secretary and Treasurer since 1994; Vice President and
Director of Arnold Bernhard & Co., Inc. since 1992.
</Table>

* Member of the Executive Committee

(b)  The information pertaining to Executive Officers is set forth in Part I
     under the caption "Executive Officers of the Registrant."

                                       20
<Page>

Item 12. EXECUTIVE COMPENSATION.

SUMMARY COMPENSATION TABLE

     The following table sets forth information concerning the compensation for
services in all capacities to the Company for the fiscal years ended April 30,
2003, 2002 and 2001 of the chief executive officer of the Company and each of
the other executive officers of the Company who were serving at April 30, 2003.

<Table>
<Caption>
                                                                                 LONG-TERM
                                                                                COMPENSATION
                                                                                   AWARDS
                                                                                 RESTRICTED
                                                      ANNUAL COMPENSATION           STOCK       OPTIONS      ALL OTHER
     NAME AND                              FISCAL    -----------------------       AWARD(S)     GRANTED    COMPENSATION(b)
PRINCIPAL POSITION                          YEAR     SALARY($)   BONUS(a)($)         ($)          (#)            ($)
------------------                         ------    ---------   -----------    -------------   -------    ---------------
<S>                                         <C>       <C>          <C>                <C>          <C>         <C>
Jean B. Buttner                             2003      898,419        - 0 -            -            -           16,017
 Chairman of the Board                      2002      881,667        - 0 -            -            -           17,976
 and Chief Executive Officer                2001      853,092      900,000            -            -           18,311

Samuel Eisenstadt                           2003      138,900      122,917            -            -           13,547
 Senior Vice President                      2002      136,250      120,000            -            -           13,469
 and Research Chairman                      2001      128,750      120,000            -            -           15,450

David T. Henigson                           2003      100,000      415,000            -            -            9,800
 Vice President                             2002      100,000      395,000            -            -           10,000
                                            2001      100,000      375,000            -            -           12,000

Howard A. Brecher                           2003       50,000      375,000            -            -            4,900
 Vice President                             2002       50,000      325,000            -            -            5,000
                                            2001       50,000      295,000            -            -            6,000

Stephen R. Anastasio (c)                    2003      100,000      120,000            -            -            9,800
 Chief Financial Officer;                   2002      100,000      101,062            -            -           10,000
 Corporate Controller                       2001      100,000      100,000            -            -           12,000
</Table>

(a)  A portion of the bonuses are contingent upon future employment.

(b)  Employees of the Company are members of the Value Line Profit Sharing and
     Savings Plan (the "Plan"). The Plan provides for a defined annual
     contribution which is determined by a formula based upon the salaries of
     eligible employees and the amount of consolidated net operating income as
     defined in the Plan. The Company's contribution expense was $862,000 for
     the year ended April 30, 2003. Each employee's interest in the Plan is
     invested in such proportions as the employee may elect in shares of one or
     more of the mutual funds for which the Company acts as investment adviser.
     Distributions under the Plan vest in accordance with a schedule based upon
     the employee's length of service and are payable upon the employee's
     retirement, death, total and permanent disability or termination of
     employment.

(c)  Mr. Anastasio became Chief Financial Officer in April 2003.

                                       21
<Page>

Aggregated Option Exercises in Last Fiscal Year and Fiscal Year-End Option
Values

     The following table sets forth the number of shares acquired by any of the
named persons upon exercise of stock options in fiscal 2003, the value realized
through the exercise of such options and the number of unexercised options held
by such person, including both those which are presently exercisable and those
which are not presently exercisable.

<Table>
<Caption>
                                                                      NUMBER OF               VALUE OF UNEXERCISED
                                                                 UNEXERCISED OPTIONS          IN-THE-MONEY OPTIONS
                                                                  AT APRIL 30, 2003           AT APRIL 30, 2003 (1)
                       SHARES ACQUIRED                           -------------------          ---------------------
                         UPON OPTION              VALUE                         NOT                            NOT
      NAME                 EXERCISE            REALIZED(1)    EXERCISABLE    EXERCISABLE    EXERCISABLE    EXERCISABLE
      ----             ---------------         -----------    -----------    -----------    -----------    -----------
<S>                         <C>                 <C>               <C>            <C>            <C>            <C>
Howard A. Brecher           1,475               $ 19,388          -              -              -              -
</Table>

----------
(1)  Market value of underlying securities at exercise date or year-end, as the
     case may be, minus the exercise price.

Item 13. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT.

     The following table sets forth information as of July 24, 2003 as to shares
of the Company's Common Stock held by persons known to the Company to be the
beneficial owners of more than 5% of the Company's Common Stock.

<Table>
<Caption>
                 NAME AND ADDRESS                   NUMBER OF SHARES      PERCENTAGE OF SHARES
                OF BENEFICIAL OWNER                BENEFICIALLY OWNED     BENEFICIALLY OWNED(1)
                -------------------                ------------------     ---------------------
                <S>                                     <C>                       <C>
                Arnold Bernhard                         8,609,403                 86.25%
                 & Co., Inc.(1)
                 220 East 42nd Street
                 New York, NY  10017
</Table>

--------------------
(1) Jean Bernhard Buttner, Chairman of the Board, President and Chief Executive
    Officer of the Company, owns all of the outstanding voting stock of Arnold
    Bernhard & Co., Inc.

     The following table sets forth information as of May 30, 2003, with respect
to shares of the Company's Common Stock owned by each director of the Company,
by each executive officer listed in the Summary Compensation Table and by all
officers and directors as a group.

                                       22
<Page>

<Table>
<Caption>
                  NAME AND ADDRESS                  NUMBER OF SHARES       PERCENTAGE OF SHARES
                 OF BENEFICIAL OWNER               BENEFICIALLY OWNED     BENEFICIALLY OWNED(1)
                ----------------------             ------------------     ---------------------
                <S>                                       <C>                      <C>
                Jean Bernhard Buttner                       100(1)                 *
                Harold Bernard, Jr                          450                    *
                Howard A. Brecher                           200                    *
                Samuel Eisenstadt                           100                    *
                David T. Henigson                           150                    *
                Dr. Herbert Pardes                          100                    *
                Marion Ruth                                 200                    *
                Stephen R. Anastasio                        100                    *

                All directors and executive
                 officers as a group (8 persons)          1,400(1)                 *
</Table>

----------
* Less than one percent

(1) Excludes 8,609,403 shares (86.25% of the outstanding shares) owned by Arnold
    Bernhard & Co., Inc. Jean Bernhard Buttner owns all of the outstanding
    voting stock of Arnold Bernhard & Co., Inc. Substantially all of the
    non-voting stock of Arnold Bernhard & Co., Inc. is held by members of the
    Buttner family.

Item 14. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS.

     Arnold Bernhard & Co., Inc. utilizes the services of officers and employees
of the Company to the extent necessary to conduct its business. The Company and
Arnold Bernhard & Co., Inc. allocate costs for office space, equipment and
supplies and support staff pursuant to a servicing and reimbursement
arrangement. During the year ended April 30, 2003, the Company was reimbursed
$527,000 for such expenses. In addition, a tax-sharing arrangement allocates the
tax liabilities of the two companies between them. The Company pays to Arnold
Bernhard & Co., Inc. an amount equal to the Company's liability as if it filed
separate tax returns.

Item 15. CONTROLS AND PROCEDURES.

     (a) Evaluation of controls and procedures.

     The Company's Chief Executive Officer and Chief Financial Officer have
reviewed and evaluated the effectiveness of the Company's disclosure controls
and procedures (as defined in the Exchange Act) within the past ninety days.
Based on that evaluation, the Chief Executive Officer and the Chief Financial
Officer have concluded that the Company's current disclosure controls and
procedures are effective in providing them on a timely basis with material
information relating to the Company required to be disclosed in the reports the
Company files or submits under the Exchange Act.

     (b) Changes in internal controls.

     There have not been any significant changes in the Company's internal
controls or in other factors that could significantly affect these controls
subsequent to the date of their evaluation. There were no significant
deficiencies or material weaknesses and, therefore, no corrective actions were
taken.

                                       23
<Page>

Item 16. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

     Not Applicable.

                                     Part IV

Item 17. EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON FORM 8-K.

 (a) 1.  Financial Statements
         See Item 8.

     2.  Schedules
         Schedule I - Marketable Securities.
         Schedule XIII - Other Investments. (Reg. S-X, Article 5)

     All other Schedules are omitted because they are not applicable or the
     required information is shown in the financial statements or notes thereto.

     3.  Exhibits

          3.1  Articles of Incorporation of the Company, as amended through
               April 17, 1983, are incorporated by reference to the Registration
               Statement - Form S-1 of Value Line, Inc. Part II, Item 16.(a) 3.1
               filed with the Securities and Exchange Commission on April 7,
               1983.

          3.2  Certificate of Amendment of Certificate of Incorporation dated
               October 24, 1989.

         10.8  Form of tax allocation arrangement between the Company and AB&Co.
               incorporated by reference to the Registration Statement - Form
               S-1 of Value Line, Inc. Part II, Item 16.(a) 10.8 filed with the
               Securities and Exchange Commission on April 7, 1983.

         10.9  Form of Servicing and Reimbursement Agreement between the Company
               and AB&Co., dated as of November 1, 1982 incorporated by
               reference to the Registration Statement - Form S-1 of Value Line,
               Inc. Part II, Item 16.(a) 10.9 filed with the Securities and
               Exchange Commission on April 7, 1983.

         10.10 Value Line, Inc. Profit Sharing and Savings Plan as amended and
               restated effective May 1, 1989, including amendments through
               April 30, 1995, incorporated by reference to the Annual Report on
               Form 10-K for the year ended April 30, 1996.

         10.13 Lease for the Company's premises at 220 East 42nd Street, New
               York, N.Y. incorporated by reference to the Annual Report on Form
               10-K for the year ended April 30, 1994.

         21    Subsidiaries of the Registrant.

 (b) Reports on Form 8-K.

               None

 (c) Exhibits.

         21    Subsidiaries of the Registrant.

                                       24
<Page>

                                   SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange
Act of 1934, the Registrant has duly caused this report on Form 10-K for the
fiscal year ended April 30, 2003, to be signed on its behalf by the undersigned,
thereunto duly authorized.


                                     VALUE LINE, INC.
                                      (Registrant)


                           By: s/Jean Bernhard Buttner
                               Jean Bernhard Buttner
                               Chairman & Chief Executive Officer

Pursuant to the requirements of the Securities Exchange Act of 1934, this report
has been signed below by the following persons on behalf of the Registrant and
in the capacities and on the dates indicated.


                           By: s/Jean Bernhard Buttner
                               Jean Bernhard Buttner
                               Chairman & Chief Executive Officer


                           By: s/Stephen R. Anastasio
                               Stephen R. Anastasio
                               Chief Financial Officer


                           By: s/David T. Henigson
                               David T. Henigson
                               Vice President and Treasurer

Dated: July 25, 2003

                                       25
<Page>

               CERTIFICATION PURSUANT TO 18 U.S. C. SECTION 1350,
      AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Jean Bernhard Buttner, certify that:

1.   I have reviewed this annual report on Form 10-K of Value Line, Inc;

2.   Based on my knowledge, this annual 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 annual
report;

3.   Based on my knowledge, the financial statements, and other financial
information included in this annual 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 annual report;

4.   The registrant's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and have:

a)   designed such disclosure controls and procedures 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 annual report is being prepared;

b)   evaluated the effectiveness of the registrant's disclosure controls and
procedures as of a date within 90 days prior to the filing date of this annual
report (the "Evaluation Date"); and

c)   presented in this annual report our conclusions about the effectiveness of
the disclosure controls and procedures based on our evaluation as of the
Evaluation Date;

5.   The registrant's other certifying officers and I have disclosed, based on
our most recent evaluation, to the registrant's auditors and the audit committee
of registrant's board of directors (or persons performing the equivalent
functions):

a)   all significant deficiencies in the design or operation of internal
controls which could adversely affect the registrant's ability to record,
process, summarize and report financial data and have identified for the
registrant's auditors any material weaknesses in internal controls; and

b)   any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant's internal controls; and

6.   The registrant's other certifying officers and I have indicated in this
annual report whether there were significant changes in internal controls or in
other factors that could significantly affect internal controls subsequent to
the date of our most recent evaluation, including any corrective actions with
regard to significant deficiencies and material weaknesses.

Date:  July 25, 2003                     By:  s/ Jean Bernhard Buttner
                                              -------------------------
                                              Jean Bernhard Buttner
                                              Chairman & Chief Executive Officer

                                       26
<Page>

               CERTIFICATION PURSUANT TO 18 U.S. C. SECTION 1350,
      AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, David T. Henigson, certify that:

1.   I have reviewed this annual report on Form 10-K of Value Line, Inc;

2.   Based on my knowledge, this annual 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 annual
report;

3.   Based on my knowledge, the financial statements, and other financial
information included in this annual 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 annual report;

4.   The registrant's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and have:

a)   designed such disclosure controls and procedures 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 annual report is being prepared;

b)   evaluated the effectiveness of the registrant's disclosure controls and
procedures as of a date within 90 days prior to the filing date of this annual
report (the "Evaluation Date"); and

c)   presented in this annual report our conclusions about the effectiveness of
the disclosure controls and procedures based on our evaluation as of the
Evaluation Date;

5.   The registrant's other certifying officers and I have disclosed, based on
our most recent evaluation, to the registrant's auditors and the audit committee
of registrant's board of directors (or persons performing the equivalent
functions):

a)   all significant deficiencies in the design or operation of internal
controls which could adversely affect the registrant's ability to record,
process, summarize and report financial data and have identified for the
registrant's auditors any material weaknesses in internal controls; and

b)   any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant's internal controls; and

6.   The registrant's other certifying officers and I have indicated in this
annual report whether there were significant changes in internal controls or in
other factors that could significantly affect internal controls subsequent to
the date of our most recent evaluation, including any corrective actions with
regard to significant deficiencies and material weaknesses.

Date:  July 25, 2003                     By:  s/David T. Henigson
                                              ------------------------
                                              David T. Henigson
                                              Vice President & Treasurer

                                       27
<Page>

               CERTIFICATION PURSUANT TO 18 U.S. C. SECTION 1350,
      AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Stephen R. Anastasio, certify that:

1.   I have reviewed this annual report on Form 10-K of Value Line, Inc;

2.   Based on my knowledge, this annual 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 annual
report;

3.   Based on my knowledge, the financial statements, and other financial
information included in this annual 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 annual report;

4.   The registrant's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and have:

a)   designed such disclosure controls and procedures 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 annual report is being prepared;

b)   evaluated the effectiveness of the registrant's disclosure controls and
procedures as of a date within 90 days prior to the filing date of this annual
report (the "Evaluation Date"); and

c)   presented in this annual report our conclusions about the effectiveness of
the disclosure controls and procedures based on our evaluation as of the
Evaluation Date;

5.   The registrant's other certifying officers and I have disclosed, based on
our most recent evaluation, to the registrant's auditors and the audit committee
of registrant's board of directors (or persons performing the equivalent
functions):

a)   all significant deficiencies in the design or operation of internal
controls which could adversely affect the registrant's ability to record,
process, summarize and report financial data and have identified for the
registrant's auditors any material weaknesses in internal controls; and

b)   any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant's internal controls; and

6.   The registrant's other certifying officers and I have indicated in this
annual report whether there were significant changes in internal controls or in
other factors that could significantly affect internal controls subsequent to
the date of our most recent evaluation, including any corrective actions with
regard to significant deficiencies and material weaknesses.

Date:  July 25, 2003                     By:  s/ Stephen R. Anastasio
                                              ------------------------
                                              Stephen R. Anastasio
                                              Chief Financial Officer

                                       28
<Page>

                CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,
      AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the annual report on Form 10-K of Value Line, Inc. (the
"Company"), for the period ended April 30, 2003 as filed with the Securities and
Exchange Commission on the date hereof (the "Report"), I, Jean Bernhard Buttner,
Chairman & Chief Executive Officer of the Company, certify, pursuant to
18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley
Act of 2002, that:

     1)   the Report fully complies with the requirements of section 13(a) or
          15(d) of the Securities Exchange Act of 1934, as amended; and

     2)   the information contained in the Report fairly presents, in all
          material respects, the financial condition and results of operations
          of the Company.


Date:  July 25, 2003                     By:  s/ Jean Bernhard Buttner
                                              ------------------------------
                                              Jean Bernhard Buttner
                                              Chairman & Chief Executive Officer

                                       29
<Page>

                CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,
      AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the annual report on Form 10-K of Value Line, Inc. (the
"Company"), for the period ended April 30, 2003 as filed with the Securities and
Exchange Commission on the date hereof (the "Report"), I, David T. Henigson,
Vice President & Treasurer of the Company, certify, pursuant to 18 U.S.C.
Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of
2002, that:

     1)   the Report fully complies with the requirements of section 13(a) or
          15(d) of the Securities Exchange Act of 1934, as amended; and

     2)   the information contained in the Report fairly presents, in all
          material respects, the financial condition and results of operations
          of the Company.


Date:  July 25, 2003                     By:  s/ David T. Henigson
                                              -----------------------
                                              David T. Henigson
                                              Vice President & Treasurer

                                       30
<Page>

                CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,
      AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the annual report on Form 10-K of Value Line, Inc. (the
"Company"), for the period ended April 30, 2003 as filed with the Securities and
Exchange Commission on the date hereof (the "Report"), I, Stephen R. Anastasio,
Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section
1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002,
that:

     1)   the Report fully complies with the requirements of section 13(a) or
          15(d) of the Securities Exchange Act of 1934, as amended; and

     2)   the information contained in the Report fairly presents, in all
          material respects, the financial condition and results of operations
          of the Company.


Date:  July 25, 2003                     By:  s/ Stephen R. Anastasio
                                              --------------------------
                                              Stephen R. Anastasio
                                              Chief Financial Officer

                                       31
<Page>

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange
Act of 1934, the Registrant has duly caused this report on Form 10-K for the
fiscal year ended April 30, 2003, to be signed on its behalf by the undersigned
as Directors of the Registrant.

s/Jean Bernhard Buttner                       s/Howard A. Brecher
Jean Bernhard Buttner                         Howard A. Brecher


s/Harold Bernard, Jr.                         s/Samuel Eisenstadt
Harold Bernard, Jr.                           Samuel Eisenstadt


s/Marion N. Ruth                              s/David T. Henigson
Marion N. Ruth                                David T. Henigson


s/Dr. Herbert Pardes
Dr. Herbert Pardes


Dated:  July 25, 2003

                                       32
<Page>

                           HOROWITZ & ULLMANN, P.C.
                         Certified Public Accountants

                                                            275 Madison Avenue
                                                            New York, NY 10016
A member of the                                      Telephone: (212) 532-3736
AICPA SEC Practice Section                           Facsimile: (212) 545-8997
New York State Society of CPAs                E-mail:cpas@horowitz-ullmann.com


REPORT OF INDEPENDENT ACCOUNTANTS

To the Board of Directors
and Shareholders of
Value Line, Inc.

In our opinion, the accompanying consolidated balance sheets and the related
consolidated statements of income and retained earnings, changes in
stockholders' equity, and cash flows present fairly, in all material respects,
the financial position of Value Line, Inc. and subsidiaries at April 30, 2003
and 2002, and the results of their operations, changes in stockholders' equity,
and their cash flows for each of the three years in the period ended
April 30, 2003, in conformity with accounting principles generally accepted in
the United States of America. These financial statements are the responsibility
of the Company's management; our responsibility is to express an opinion on
these financial statements based on our audits.

We conducted our audits of these statements in accordance with auditing
standards generally accepted in the United States of America which require that
we plan and perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements, assessing the accounting principles used and
significant estimates made by management, and evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for the opinion expressed above.

Our audits of the consolidated financial statements referred to above also
included an audit of the Financial Statement Schedules listed in Item 14 (a) of
Form 10-K. In our opinion, these Financial Statement Schedules present fairly,
in all material respects, the information set forth therein when read in
conjunction with the related consolidated statements.


/s/ Horowitz & Ullmann, P.C.

July 3, 2003
New York, NY

<Page>

                                VALUE LINE, INC.
                           CONSOLIDATED BALANCE SHEETS
                      (IN THOUSANDS, EXCEPT SHARE AMOUNTS)

<Table>
<Caption>
                                                                                 APR. 30,       APR. 30,
                                                                                     2003           2002
                                                                             ------------   ------------
<S>                                                                          <C>            <C>
Assets
Current Assets:
 Cash and cash equivalents (including short term
  investments of $9,774 and $117,177, respectively)                          $     10,217   $    117,401
 Trading securities                                                                 3,093          3,624
 Accounts receivable, net of allowance for doubtful
  accounts of $41 and $73, respectively                                             2,846          2,072
 Receivable from affiliates                                                         2,310          2,467
 Prepaid expenses and other current assets                                          1,244          1,204
 Deferred income taxes                                                                 48            575
                                                                             ------------   ------------
   Total current assets                                                            19,758        127,343

 Long term securities                                                             216,063        129,044
 Property and equipment, net                                                        7,393          8,491
 Capitalized software and other intangible assets, net                              3,600          3,857
                                                                             ------------   ------------
   Total assets                                                              $    246,814   $    268,735
                                                                             ============   ============

Liabilities and Shareholders' Equity
Current Liabilities:
 Accounts payable and accrued liabilities                                    $      2,852   $      3,681
 Payable to clearing broker                                                            --         10,803
 Accrued salaries                                                                   1,390          1,859
 Dividends payable                                                                  2,495          2,495
 Accrued taxes payable                                                                613             28
                                                                             ------------   ------------
   Total current liabilities                                                        7,350         18,866

 Unearned revenue                                                                  38,579         40,639
 Deferred income taxes                                                              5,157         13,225
 Deferred charges                                                                     350             --

Shareholders' Equity:
 Common stock, $.10 par value; authorized 30,000,000
  shares; issued 10,000,000 shares                                                  1,000          1,000
 Additional paid-in capital                                                           991            975
 Retained earnings                                                                183,768        173,760
 Treasury stock, at cost (18,400 shares on April 30,
  2003 and 19,875 shares on April 30, 2002)                                          (354)          (383)
 Accumulated other comprehensive income, net of taxes                               9,973         20,653
                                                                             ------------   ------------
   Total shareholders' equity                                                     195,378        196,005
                                                                             ------------   ------------
   Total liabilities and shareholders' equity                                $    246,814   $    268,735
                                                                             ============   ============
</Table>

See independent auditor's report and accompanying notes to the consolidated
financial statements.

                                       34
<Page>

                                VALUE LINE, INC.
             CONSOLIDATED STATEMENTS OF INCOME AND RETAINED EARNINGS
                    (IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

<Table>
<Caption>
                                                                       YEARS ENDED APRIL 30,
                                                                 2003           2002          2001
                                                              ------------  ------------  ------------
<S>                                                           <C>           <C>           <C>
Revenues:
 Investment periodicals and related publications              $     52,469  $     53,114  $     56,042
 Investment management fees & services                              29,600        34,329        42,349
                                                              ------------  ------------  ------------
   Total revenues                                                   82,069        87,443        98,391
                                                              ------------  ------------  ------------

Expenses:
 Advertising and promotion                                          20,418        19,928        21,342
 Salaries and employee benefits                                     19,938        21,801        22,728
 Production and distribution                                         9,400         8,831         8,058
 Office and administration                                           8,218         7,697         8,452
                                                              ------------  ------------  ------------
   Total expenses                                                   57,974        58,257        60,580
                                                              ------------  ------------  ------------

Income from operations                                              24,095        29,186        37,811
Income from securities transactions, net                             6,626         5,828         3,118
                                                              ------------  ------------  ------------
Income before income taxes                                          30,721        35,014        40,929
Provision for income taxes                                          10,734        14,691        16,838
                                                              ------------  ------------  ------------
 Net income                                                   $     19,987  $     20,323  $     24,091

Retained earnings, at beginning of year                            173,760       163,416       149,304
Dividends declared                                                  (9,979)       (9,979)       (9,979)
                                                              ------------  ------------  ------------
Retained earnings, at end of year                             $    183,768  $    173,760  $    163,416
                                                              ============  ============  ============
Earnings per share, basic and fully diluted                   $       2.00  $       2.04  $       2.41
                                                              ============  ============  ============
</Table>

See independent auditor's report and accompanying notes to the consolidated
financial statements.

                                       35
<Page>

                                VALUE LINE, INC.
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                 (IN THOUSANDS)

<Table>
<Caption>
                                                                                             YEARS ENDED APRIL 30,
                                                                                       2003          2002            2001
                                                                                   -----------    -----------    -----------
<S>                                                                                <C>            <C>            <C>
Cash flows from operating activities:
  Net income                                                                       $    19,987    $    20,323    $    24,091

Adjustments to reconcile net income to net cash
   provided by operating activities:
  Depreciation and amortization                                                          3,192          3,113          3,090
  Amortization of bond premium/(discounts)                                                  82             (4)            --
  Deferred income taxes                                                                 (1,690)         1,049           (654)
  Gains on sales of trading securities
   and securities held for sale                                                         (2,242)        (3,277)        (1,278)
  Unrealized (gains)/losses on trading securities                                          (75)           258          2,842
  Other                                                                                    --               6            348

 Changes in assets and liabilities:
 (Decrease)/increase in unearned revenue                                                (2,060)         1,113         (1,590)
 Increase/(decrease) in deferred charges                                                    73           (277)          (277)
 Decrease in accounts payable and accrued expenses                                        (552)        (1,900)        (1,446)
 (Decrease)/increase in accrued salaries                                                  (469)          (432)           228
 Increase/(decrease) in accrued taxes payable                                              486           (395)           (66)
 (Increase)/decrease in prepaid expenses and
  other current assets                                                                     (40)            70           (159)
 (Increase)/decrease in accounts receivable                                                (33)           144            279
 Decrease in receivable from affiliates                                                    157            354            240
                                                                                   -----------    -----------    -----------
 Total adjustments                                                                      (3,171)          (178)         1,557
                                                                                   -----------    -----------    -----------
Net cash provided by operations                                                         16,816         20,145         25,648
                                                                                   -----------    -----------    -----------
Cash flows from investing activities:
 Proceeds from sales of long term equity securities                                     39,598         56,102         64,408
 Purchases of long term equity securities                                               (6,894)       (14,279)       (36,941)
 Proceeds from sales of long term fixed income securities                               57,471             --             --
 Purchases of long term fixed income securities                                       (202,040)       (25,074)            --
 Proceeds from sales of trading securities                                               4,227         37,536         65,229
 Purchases of trading securities                                                        (4,591)       (31,414)       (67,016)
 Acquisition of property, and equipment, net                                              (229)          (447)          (721)
 Expenditures for capitalized software                                                  (1,608)        (1,649)        (2,145)
                                                                                   -----------    -----------    -----------
Net cash provided by/(used in) investing activities                                   (114,066)        20,775         22,814
                                                                                   -----------    -----------    -----------
Cash flows from financing activities:
 Proceeds from sale of treasury stock                                                       45             35              9
 Dividends paid                                                                         (9,979)        (9,978)        (9,980)
                                                                                   -----------    -----------    -----------
Net cash (used in) financing activities                                                 (9,934)        (9,943)        (9,971)
                                                                                   -----------    -----------    -----------
Net (decrease)/increase in cash and cash equivalents                                  (107,184)        30,977         38,491
Cash and cash equivalents at beginning of period                                       117,401         86,424         47,933
                                                                                   -----------    -----------    -----------
Cash and cash equivalents at end of period                                         $    10,217    $   117,401    $    86,424
                                                                                   ===========    ===========    ===========
</Table>

See independent auditor's report and accompanying notes to the consolidated
financial statements.

                                       36
<Page>

                                VALUE LINE, INC.
                  STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY
             FOR THE THREE YEARS ENDED APRIL 30, 2003, 2002 AND 2001
                       (in thousand, except share amounts)

<Table>
<Caption>

                                                NUMBER          PAR VALUE         ADDITIONAL
                                              OF COMMON         OF COMMON          PAID-IN          TREASURY
                                                SHARES            SHARES           CAPITAL            STOCK
                                           ---------------   ---------------   ---------------   ---------------
<S>                                              <C>         <C>               <C>               <C>
BALANCE AT APRIL 30, 2000                        9,978,625   $         1,000   $           959   $          (411)

Comprehensive income
 Net income
 Other comprehensive income, net of tax:
   Change in unrealized
    gains on securities

Comprehensive income

Exercise of stock options                              300                                   4                 5

Dividends declared
                                           ===============   ===============   ===============   ===============
BALANCE AT APRIL 30, 2001                        9,978,925   $         1,000   $           963   $          (406)
                                           ===============   ===============   ===============   ===============
Comprehensive income
 Net income
 Other comprehensive income, net of tax:
   Change in unrealized gains on
     securities

Comprehensive income

Exercise of stock options                            1,200                                  12                23

Dividends declared
                                           ===============   ===============   ===============   ===============
BALANCE AT APRIL 30, 2002                        9,980,125   $         1,000   $           975   $          (383)
                                           ===============   ===============   ===============   ===============
Comprehensive income
 Net income
 Other comprehensive income, net of tax:
   Change in unrealized
    gains on securities

Comprehensive income
Exercise of stock options                            1,475                                  16                29

Dividends declared
                                           ===============   ===============   ===============   ===============
BALANCE AT APRIL 30, 2003                        9,981,600   $         1,000   $           991   $          (354)
                                           ===============   ===============   ===============   ===============

<Caption>
                                                                                 ACCUMULATED
                                                                                    OTHER
                                            COMPREHENSIVE       RETAINED        COMPREHENSIVE
                                                INCOME          EARNINGS            INCOME           TOTAL
                                           ---------------   ---------------   ---------------   ---------------
<S>                                        <C>               <C>               <C>               <C>
BALANCE AT APRIL 30, 2000                                    $       149,304   $        60,014   $       210,866

Comprehensive income
 Net income                                $        24,091            24,091                              24,091
 Other comprehensive income, net of tax:
   Change in unrealized gains on
    securities                                     (24,781)                            (24,781)          (24,781)
                                           ---------------
Comprehensive income                       $          (690)
                                           ===============
Exercise of stock options                                                                                      9

Dividends declared                                                    (9,979)                             (9,979)
                                                             ===============   ===============   ===============
BALANCE AT APRIL 30, 2001                                    $       163,416   $        35,233   $       200,206
                                                             ===============   ===============   ===============
Comprehensive income
 Net income                                $        20,323            20,323                              20,323
 Other comprehensive income, net of tax:
   Change in unrealized gains on
     securities                                    (14,580)                            (14,580)          (14,580)
                                           ---------------
Comprehensive income                       $         5,743
                                           ===============
Exercise of stock options                                                                                     35

Dividends declared                                                    (9,979)                             (9,979)
                                                             ===============   ===============   ===============
BALANCE AT APRIL 30, 2002                                    $       173,760   $        20,653   $       196,005
                                                             ===============   ===============   ===============
Comprehensive income
 Net income                                $        19,987            19,987                              19,987
 Other comprehensive income, net of tax:
   Change in unrealized gains on
     securities                                    (10,680)                            (10,680)          (10,680)
                                           ---------------
Comprehensive income                       $         9,307
                                           ===============
Exercise of stock options                                                                                     45

Dividends declared                                                    (9,979)                             (9,979)
                                                             ===============   ===============   ===============
BALANCE AT APRIL 30, 2003                                    $       183,768   $         9,973   $       195,378
                                                             ===============   ===============   ===============
</Table>

See independent auditor's report and accompanying notes to the consolidated
financial statements.

                                       37
<Page>

                                VALUE LINE, INC.
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1-ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:

  Value Line, Inc. (the "Company") is incorporated in New York State and carries
on the investment periodicals and related publications and investment management
activities formerly performed by Arnold Bernhard & Co., Inc. (the "Parent")
which owns approximately 86% of the issued and outstanding common stock of the
Company.

  Principles of consolidation: The consolidated financial statements include the
accounts of the Company and all of its subsidiaries. All significant
intercompany accounts and transactions have been eliminated in consolidation.

  Revenue recognition: Subscription revenues are recognized ratably over the
terms of the subscriptions. Accordingly, the amount of subscription fees to be
earned by servicing subscriptions after the date of the balance sheet is shown
as unearned revenue. The unearned revenue shown on the balance sheet is a
noncurrent deferred credit. This classification recognizes that the fulfillment
of this commitment will require the use of significantly fewer current assets
than the amount of the unearned revenues and, accordingly, combining it with
current liabilities would significantly understate the liquidity position of the
Company.

  Investment management fees are recorded as revenue as the related services are
performed.

Valuation of Securities: The Company's long-term securities portfolio, which
consists of shares of the Value Line Mutual Funds and government debt
securities, is accounted for in accordance with Statement of Financial
Accounting Standards No.115, "Accounting for Certain Investments in Debt and
Equity Securities".The securities are valued at market with unrealized gains and
losses on these securities reported, net of applicable taxes, as a separate
component of Shareholders' Equity. Realized gains and losses on sales of the
long term securities are recorded in earnings on trade date and are determined
on the identified cost method.

  Trading securities held by the Company are valued at market with unrealized
gains and losses included in earnings.

  Advertising expenses: The Company expenses advertising costs as incurred.

  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 year.

                                       38
<Page>

  Cash and Cash Equivalents: For purposes of the Consolidated 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 April 30, 2003 and 2002, cash equivalents included
$4,979,000 and $116,885,000, respectively, invested in the Value Line money
market funds.

  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.

NOTE 2-SUPPLEMENTARY CASH FLOW INFORMATION:

  Cash payments for income taxes were $11,480,000, $14,034,000, and $17,561,000
in fiscal 2003, 2002, and 2001, respectively. Interest payments of $49,000,
$6,000, and $6,000, were made in fiscal 2003, 2002, and 2001, respectively.

NOTE 3-RELATED PARTY TRANSACTIONS:

  The Company acts as investment adviser and manager for fifteen open-ended
investment companies, the Value Line Family of Funds (see Note 4). The Company
earns investment management fees based upon the average daily net asset values
of the respective funds. Effective July 1, 2000, the Company received service
and distribution fees under rule 12b-1 of the Investment Company Act of 1940
from thirteen of the fifteen mutual funds for which Value Line is the adviser.
Effective September 18, 2002, the Company began receiving service and
distribution fees under rule 12b-1 from the remaining two funds, for which Value
Line, Inc. is the adviser. The Company also earns brokerage commission income,
net of clearing fees, on securities transactions executed by Value Line
Securities, Inc. on behalf of the funds that are cleared on a fully disclosed
basis through non-affiliated brokers. For the years ended April 30, 2003, 2002,
and 2001, investment management fees, service and distribution fees and
brokerage commission income, net of clearing fees, amounted to $28,022,000,
$32,296,000, and $39,296,000, respectively. These amounts include service and
distribution fees of $7,968,000, $6,269,000, and $6,366,000, respectively. The
related receivables from the funds for management advisory fees and service and
distribution fees included in Receivable from affiliates were $2,249,000, and
$2,417,000, at April 30, 2003 and 2002, respectively.

  For the years ended April 30, 2003, 2002, and 2001, the Company was reimbursed
$527,000, $539,000 and $549,000, respectively, for payments it made on behalf of
and services it provided to the Parent. At April 30, 2003 and 2002, receivable
from affiliates included a receivable from the Parent of $45,000 and $47,000,
respectively. For the years ended April 30, 2003, 2002, and 2001, the Company
made federal income tax payments to the Parent amounting to $9,500,000,
$11,498,000 and $14,250,000, respectively. At April 30, 2003, accrued taxes
payable included a federal tax liability owed to the Parent in the amount of
$425,000. At April 30, 2002, prepaid expenses and other current assets included
a receivable of $24,000 from the Parent for federal income taxes. These data are
in accordance with the tax sharing arrangement described in Note 6.

                                       39
<Page>

NOTE 4-INVESTMENTS:

TRADING SECURITIES:

Securities held by the Company had an aggregate cost of $2,908,000 and a market
value of $3,093,000 at April 30, 2003, and an aggregate cost of $3,508,000 and a
market value of $3,624,000 at April 30, 2002. Net realized trading losses
amounted to $969,000 during the year ended April 30, 2003. Net realized trading
losses amounted to $5,355,000 during the year ended April 30, 2002. Net realized
trading gains related to equity securities aggregated $3,143,000 during fiscal
2001. The net change in unrealized gains for the periods ended April 30, 2003,
2002 and 2001 of $75,000, $258,000 and $2,842,000, respectively, is included in
the Consolidated Statement of Income.

LONG-TERM SECURITIES AVAILABLE FOR SALE:

  The aggregate cost of the long-term securities, which are primarily invested
in the Value Line mutual funds, was $31,366,000 and the market value was
$45,150,000 at April 30, 2003. The aggregate cost of the long- term securities
at April 30, 2002 was $61,451,000 and the market value was $93,226,000. The
decrease in gross unrealized gains on these securities of $17,987,000 and
$22,431,000, net of deferred taxes of $6,295,000 and $7,851,000 were included in
shareholders' equity at April 30, 2003 and 2002.

Realized capital gains from the sales of these securities were $2,609,000,
$8,633,000, and $3,907,000, during fiscal years 2003, 2002 and 2001,
respectively. The proceeds received from the sales of these securities during
the fiscal years ended April 30, 2003, 2002, and 2001 were $39,598,000,
$56,102,000 and $64,408,000, respectively.

GOVERNMENT DEBT SECURITIES:

The Company's investments in debt securities are available for sale and valued
at market value. The aggregate cost and fair value at April 30, 2003 for U.S.
government debt securities classified as available for sale were as follows:

<Table>
<Caption>
                                                           (IN THOUSANDS)
                                             HISTORICAL                     GROSS UNREALIZED
MATURITY                                     COST           FAIR VALUE       HOLDING GAINS
--------------------------------------------------------------------------------------------
<S>                                         <C>             <C>                <C>
Due in 1-2 years                            $  104,401      $  104,718         $      317
Due in 2-5 years                                64,953          66,195              1,242
                                            ----------      ----------         ----------
Total investment in debt securities         $  169,354      $  170,913         $    1,559
                                            ==========      ==========         ==========
</Table>

The aggregate cost and fair value at April 30, 2002 for U.S. government debt
securities classified as available for sale were as follows:

<Table>
<Caption>
                                                           (IN THOUSANDS)
                                             HISTORICAL                     GROSS UNREALIZED
MATURITY                                     COST           FAIR VALUE       HOLDING GAINS
--------------------------------------------------------------------------------------------
<S>                                         <C>             <C>                <C>
Due in 1-2 years                            $    8,018      $    8,057          $      39
Due in 2-5 years                                27,800          27,824                 24
                                            ----------      ----------          ---------
Total investment in debt securities         $   35,818      $   35,881          $      63
                                            ==========      ==========          =========
</Table>

The average yield on the U.S. Government debt securities held to maturity at
April 30, 2003 and April 30, 2002 was 3.36% and 3.76%, respectively.

Proceeds from sales of long-term fixed income securities during fiscal 2003 were
$57,471,000 and the related gain on sales was $602,000. There were no sales of
long-term fixed income securities during fiscal years of 2002 or 2001.

                                       40
<Page>

  During the year ended April 30, 2003, the Company transferred investments in
debt securities from held-to-maturity classification to available for sale
classification. The amortized cost of the securities transferred was
$112,154,000 and the unrealized gain on the securities was $1,555,000. The
circumstances leading to the decision to transfer the securities were primarily
the result of the changing market conditions increasing the possibility that the
Company may sell the securities prior to their maturity.
  For the years ended April 30, 2003, 2002, and 2001, income from securities
transactions also included $832,000, $2,487,000,and $4,996,000, of dividend
income; $3,529,000, $343,000, and $34,000, of interest income; and $49,000,
$6,000 and $6,000, of related interest expense, respectively. Investment income
for fiscal year 2001 included capital gains related to derivative financial
futures contracts in the amount of $513,000.

NOTE 5-PROPERTY AND EQUIPMENT:

  Property and equipment are carried at cost. Depreciation and amortization are
provided using the straight-line method over the estimated useful lives of the
assets, or in the case of leasehold improvements, over the remaining terms of
the leases. For income tax purposes, depreciation of furniture and equipment is
computed using accelerated methods and buildings and leasehold improvements are
depreciated over prescribed, extended tax lives.

  Property and equipment consist of the following:

<Table>
<Caption>
                                                                   APRIL 30,
                                                               2003          2002
                                                          ------------   ------------
                                                                (IN THOUSANDS)
<S>                                                       <C>            <C>
Land                                                      $        726   $        726
Building and leasehold improvements                              7,834          7,834
Furniture and equipment                                         10,585         10,356
                                                          ------------   ------------
                                                                19,145         18,916
Accumulated depreciation and amortization                      (11,752)       (10,425)
                                                          ------------   ------------
                                                          $      7,393   $      8,491
                                                          ============   ============
</Table>

NOTE 6-FEDERAL, STATE AND LOCAL INCOME TAXES:

The Company computes its tax in accordance with the provisions of Statement of
Financial Accounting Standards No. 109, "Accounting for Income Taxes".

  The provision for income taxes includes the following:

<Table>
<Caption>
                                                          YEARS ENDED APRIL 30,
                                                    2003           2002           2001
                                                -----------    -----------    -----------
                                                              (IN THOUSANDS)
<S>                                             <C>            <C>            <C>
Current:
 Federal                                        $    10,383    $    11,232    $    14,253
 State and local                                      2,041          2,502          3,455
                                                -----------    -----------    -----------
                                                     12,424         13,734         17,708
Deferred:
 Federal                                             (1,704)           960           (899)
 State and local                                         14             (3)            29
                                                -----------    -----------    -----------
                                                     (1,690)           957           (870)
                                                -----------    -----------    -----------
                                                $    10,734    $    14,691    $    16,838
                                                ===========    ===========    ===========
</Table>

                                       41
<Page>

Deferred taxes are provided for temporary differences between the financial
reporting basis and the tax basis of the Company's assets and liabilities. The
tax effect of temporary differences giving rise to the Company's deferred tax
(liability)/asset are as follows:

<Table>
<Caption>
                                                          YEARS ENDED APRIL 30,
                                                    2003           2002           2001
                                                ------------   ------------   ------------
                                                              (IN THOUSANDS)
<S>                                             <C>            <C>            <C>
Unrealized gains on securities held for sale    $  (5,370)     $  (11,121)    $ (18,972)
Unrealized gains on trading securities                (65)            (40)         (133)
Depreciation and amortization                        (294)           (575)         (729)
Deferred charges                                      308             451           561
Other, net                                            213          (1,365)         (179)
                                                ------------   ------------   ------------
                                                $  (5,208)     $  (12,650)    $ (19,452)
                                                ============   ============   ============
</Table>

Included in deferred income taxes in total current assets are deferred state and
local income taxes of $48,000 and $112,000 at April 30, 2003 and 2002,
respectively. Accrued taxes payable at April 30, 2003, included a deferred
federal tax liability of $99,000. At April 30, 2002, deferred income in current
assets also included $463,000 of deferred federal income taxes.

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:

<Table>
<Caption>
                                                          YEARS ENDED APRIL 30,
                                                    2003           2002           2001
                                                ------------   ------------   ------------
                                                              (IN THOUSANDS)
<S>                                             <C>            <C>            <C>
Tax expense at the U.S. statutory rate          $     10,752   $     12,255   $     14,325
Increase (decrease) in tax expense from:
  State and local income taxes, net of
   federal income tax benefit                          1,336          1,629          2,246
   Effect of tax exempt income and dividend
   deductions                                            (95)           (28)          (108)
   Other, net                                         (1,259)           835            375
                                                ------------   ------------   ------------
                                                $     10,734   $     14,691   $     16,838
                                                ============   ============   ============

</Table>

The provision for income taxes has been reduced by approximately $1,257,000 for
the fiscal year ended April 30, 2003, primarily resulting from the favorable
disposition of a pending tax audit, which was concluded during the year.
The Company is included in the consolidated federal income tax return of the
Parent. The Company has a tax sharing arrangement which requires it to make tax
payments to the Parent equal to the Company's liability as if it filed a
separate return.

                                       42
<Page>

NOTE 7-EMPLOYEES' PROFIT SHARING AND SAVINGS PLAN:

  Substantially all employees of the Company and its subsidiaries are members of
the Value Line, Inc. Profit Sharing and Savings Plan (the "Plan"). In general,
this is a qualified, contributory plan which provides for a discretionary annual
Company contribution which is determined by a formula based upon the salaries of
eligible employees and the amount of consolidated net operating income as
defined in the Plan. Plan expense, included in salaries and employee benefits in
the Consolidated Statements of Income and Retained Earnings, for the years ended
April 30, 2003, 2002, and 2001 was $862,000, $1,171,000, and $1,180,000,
respectively.

NOTE 8-INCENTIVE STOCK OPTIONS:

  On April 17, 1993, the Incentive Stock Option Plan expired. On the date of
expiration, 22,550 options available for grant were cancelled. Information on
the 1983 Incentive Stock Option Plan for the three years ended April 30, 2003,
is as follows:

<Table>
<Caption>
                                                             NUMBER OF        OPTION
                                                              SHARES          PRICES
                                                             ---------       ---------
<S>                                                             <C>          <C>
Outstanding at April 30, 2000                                    2,975       $   29.75
   Granted                                                           -
   Exercised                                                      (300)      $   29.75
   Cancelled                                                         -
                                                             ---------
Outstanding at April 30, 2001                                    2,675       $   29.75
   Granted                                                           -
   Exercised                                                    (1,200)      $   29.75
   Cancelled                                                         -
                                                             ---------
Outstanding at April 30, 2002                                    1,475       $   29.75
   Granted                                                           -
   Exercised                                                    (1,475)      $   29.75
   Cancelled                                                         -
                                                             ---------
Outstanding at April 30, 2003                                        -
                                                             =========
</Table>

At April 30, 2003, all of the options under the option plan were exercised. Of
the common stock held in treasury at April 30, 2002, 1,475 shares were issued
during fiscal 2003 for the exercise of stock options.

                                       43
<Page>

NOTE 9-TREASURY STOCK:

  Treasury stock, at cost, for the three years ended April 30, 2003, consists of
the following:

<Table>
<Caption>
                                                              SHARES           AMOUNT
                                                             ---------      -------------
                                                                            (IN THOUSANDS)
<S>                                                             <C>          <C>
Balance April 30, 2000                                          21,375       $        411
     Exercise of incentive stock options                          (300)                (5)
                                                             ---------      -------------
Balance April 30, 2001                                          21,075       $        406
    Exercise of incentive stock options                         (1,200)               (23)
                                                             ---------      -------------
Balance April 30, 2002                                          19,875       $        383
    Exercise of incentive stock options                         (1,475)               (29)
                                                             ---------      -------------
Balance April 30, 2003                                          18,400       $        354
                                                             =========      =============
</Table>

NOTE 10-LEASE COMMITMENTS:

  On June 4, 1993, the Company entered into a 15 year lease agreement to provide
primary office space. The lease includes free rental periods as well as
scheduled base rent escalations over the term of the lease. The total amount of
the base rent payments is being charged to expense on the straight-line method
over the term of the lease. The Company has recorded a deferred charge on its
Consolidated Balance Sheets to reflect the excess of annual rental expense over
cash payments since inception of the lease. On September 14, 2000, the Company
amended its lease for primary office space and returned to the landlord
approximately 6,000 square feet of excess office capacity, reducing the
Company's future minimum lease payments, accordingly.

  Future minimum payments, exclusive of forecasted increases in real estate
taxes and wage escalations, under operating leases for office space, with
remaining terms of one year or more, are as follows:

<Table>
<Caption>
                YEAR ENDED APRIL 30:               (IN THOUSANDS)
                      <S>                              <C>
                      2004                             $  1,752
                      2005                                1,788
                      2006                                1,788
                      2007                                1,788
                      2008                                1,148
                      Thereafter                             21
                                                       --------
                                                       $  8,285
                                                       ========

</Table>

Rental expense for the years ended April 30, 2003, 2002 and 2001 under operating
leases covering office space was $1,350,000, $1,373,000, and $1,446,000,
respectively.

                                       44
<Page>

NOTE 11-BUSINESS SEGMENTS:

  The Company operates two reportable business segments: Publishing and
Investment Management Services. The publishing segment produces investment
related periodicals in both print and electronic form. The investment management
segment provides advisory services to mutual funds, institutional and individual
clients as well as brokerage services for the Value Line family of mutual funds.
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. The Company allocates all revenues
and expenses, except for depreciation related to corporate assets, between the
two reportable segments.

        Disclosure of Reportable Segment Profit and Segment Assets (in
thousands)

<Table>
<Caption>
                                                               APRIL 30, 2003
                                                                 INVESTMENT
                                                                 MANAGEMENT
                                                 PUBLISHING       SERVICES         TOTAL
<S>                                             <C>            <C>               <C>
Revenues from external customers                $     52,469   $        29,600   $   82,069
Intersegment revenues                                    180                 -          180
Income from securities transactions                       38             6,588        6,626
Depreciation and amortization                          3,080                74        3,154
Segment profit                                        13,660            10,473       24,133
Segment assets                                        18,648           227,786      246,434
Expenditures for segment assets                        1,571                37        1,608
</Table>

<Table>
<Caption>
                                                               APRIL 30, 2002
                                                                 INVESTMENT
                                                                 MANAGEMENT
                                                 PUBLISHING       SERVICES         TOTAL
<S>                                             <C>            <C>               <C>
Revenues from external customers                $     53,114   $        34,329   $   87,443
Intersegment revenues                                    216                 -          216
Income from securities transactions                       58             5,770        5,828
Depreciation and amortization                          3,013                54        3,067
Segment profit                                        16,410            12,822       29,232
Segment assets                                        19,614           248,188      267,802
Expenditures for segment assets                        2,069                27        2,096
</Table>

                                       45
<Page>

                      Reconciliation of Reportable Segment Revenues,
                                Operating Profit and Assets
                                      (in thousands)
<Table>
<Caption>
                                                                2003          2002
<S>                                                           <C>          <C>
REVENUES
Total revenues for reportable segments                        $   82,249   $   87,659
Elimination of intersegment revenues                                (180)        (216)
                                                              ----------   ----------
  Total consolidated revenues                                 $   82,069   $   87,443
                                                              ==========   ==========

SEGMENT PROFIT
Total profit for reportable segments                          $   30,759   $   35,060
Less: Depreciation related to corporate assets                       (38)         (46)
                                                              ----------   ----------
  Income before income taxes                                  $   30,721   $   35,014
                                                              ==========   ==========

ASSETS
Total assets for reportable segments                          $  246,434   $  267,802
Corporate assets                                                     380          933
                                                              ----------   ----------
  Consolidated total assets                                   $  246,814   $  268,735
                                                              ==========   ==========
</Table>

NOTE 12-NET CAPITAL:

  The Company's wholly owned subsidiary, Value Line Securities, Inc. is subject
to the net capital provisions of Rule 15c3-1 under the Securities Exchange Act
of 1934, which requires the maintenance of minimum net capital of $100,000 or
one-fifteenth of aggregate indebtedness, if larger. Additionally, dividends may
only be declared if aggregate indebtedness is less than twelve times net
capital.

  At April 30, 2003, the net capital, as defined of Value Line Securities, Inc.
of $3,803,000 exceeded required net capital by $3,703,000 and the ratio of
aggregate indebtedness to net capital was .07 to 1.

NOTE 13-DISCLOSURE OF CREDIT RISK OF FINANCIAL INSTRUMENTS WITH OFF BALANCE
SHEET RISK:

  In the normal course of business, the Company enters into contractual
commitments, principally financial futures contracts for securities indices.
Financial futures contracts provide for the delayed delivery of financial
instruments for which the seller agrees to make delivery at a specified future
date, at a specified price or yield. The contract or notional amount of these
contracts reflects the extent of involvement the Company has in these contracts.
At April 30, 2003 and 2002, the Company did not have any investment in financial
futures contracts. The Company limits its credit risk associated with such
instruments by entering into exchange traded future contracts.

  The Company executes, as agent, securities transactions on behalf of the Value
Line mutual funds. If either the mutual fund or a counter party fail to perform,
the Company may be required to discharge the obligations of the nonperforming
party. In such circumstances, the Company may sustain a loss if the market value
of the security is different from the contract value of the transaction.

  No single customer accounted for a significant portion of the Company's sales
in 2003, 2002 or 2001, nor accounts receivable for 2003 or 2002.

                                       46
<Page>

NOTE 14-COMPREHENSIVE INCOME:

  During the fiscal year 1999, the Company adopted FASB statement no. 130,
Reporting Comprehensive Income. Statement no. 130 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 historically has not been
recognized in the calculation of net income.

  At April 30, 2003, 2002, and 2001, the Company held long term securities
classified as available for sale. The change in valuation of these securities,
net of deferred taxes has been recorded in the Company's Consolidated Balance
Sheets. The decreases in gross unrealized gains were $16,431,000 and $22,431,000
and the changes in the related deferred taxes were $5,751,000 and $7,851,000 for
the years ended April 30, 2003 and 2002. The decrease in gross unrealized gains
was $38,125,000 and the change in the related deferred taxes was $13,344,000
during the year ended April 30, 2001.

NOTE 15-ACCOUNTING FOR THE COSTS OF COMPUTER SOFTWARE DEVELOPED FOR INTERNAL
USE:

  During fiscal year 1999, the Company adopted the provisions of the Statement
of Position 98-1, (SOP 98-1), "Accounting for the Costs of Computer Software
Developed for Internal Use". SOP 98-1 is effective for tax years ending after
December 31, 1998.

The SOP 98-1 requires companies to capitalize as long-lived assets many of the
costs associated with developing or obtaining software for internal use and
amortize those costs over the software's estimated useful life in a systematic
and rational manner.

  At April 30, 2003 and 2002 the Company capitalized $868,000 and $949,000 of
costs related to the development of software for internal use. Such costs are
capitalized and amortized over the expected useful life of the asset which is
approximately 3 years. Amortization expense for the years ended April 30, 2003,
2002 and 2001 was $1,062,000, $917,000, and $703,000, respectively.

                                       47
<Page>

VALUE LINE, INC.
SCHEDULE 1-MARKETABLE SECURITIES
AS OF APRIL 30, 2003

<Table>
<Caption>
                                                                                      MARKET
       COMMON STOCK NAME                            NUMBER OF SHARES      COST         VALUE
--------------------------------------------------  ----------------  ------------  ------------
<S>                                                            <C>    <C>           <C>
ABERCROMBIE & FITCH                                            1,492  $     44,731  $     49,057
ADVANCED NEUROMODULATION                                       1,161        46,280        48,588
ADVANCEPCS                                                       570        15,216        17,129
AETNA INC.                                                       984        43,887        49,003
AFLAC, INC.                                                      424        13,972        13,869
AIRGAS INC.                                                      738        14,467        14,930
AMGEN, INC.                                                      788        45,857        48,304
APOLLO GROUP "A"                                                 608        29,144        32,917
APPLEBEES INTL INC.                                              515        14,170        14,116
BALL CORP.                                                       846        45,295        47,511
BED BATH & BEYOND INC.                                           373        14,572        14,722
BERKLEY W R CORP.                                                333        14,659        15,465
BIOMET INC.                                                      492        14,773        14,986
BIOSITE INC.                                                   1,174        42,698        50,118
BIOVAIL CORP.                                                  1,111        46,612        40,163
BOSTON SCIENTIFIC CORP.                                        1,124        46,656        48,388
BROWN SHOE COMPANY INC,                                        1,581        43,445        46,213
CAPITOL FEDERAL FINANCIAL                                      1,548        47,391        48,236
CAREER EDUCATION CORP.                                           278        13,915        16,686
CAREMARK RX                                                      868        15,235        17,282
CENTEX CORP.                                                     754        46,064        49,779
CHECKFREE CORP.                                                1,993        37,936        54,947
COACH INC.                                                     1,243        44,257        54,083
COCA-COLA ENTERPRISES, INC.                                    2,388        47,775        46,542
COGNIZANT TECHNOLOGY                                           1,585        31,389        28,467
COOPER COMPANIES                                                 512        14,538        14,285
CORINTHIAN COLL                                                1,167        45,853        53,309
CORPORATE EXECUTIVE BRD                                          412        14,557        16,888
COSTAR GROUP INC.                                                638        14,894        14,202
COUNTRYWIDE CREDIT                                               785        45,335        53,066
COVANCE INC.                                                     778        15,682        13,794
DANAHER CORP.                                                    212        14,560        14,624
DEAN FOODS, INC.                                                 341        14,652        14,844
DELL COMPUTER                                                    500        14,619        14,490
EBAY                                                             362        27,062        33,633
ECOLOAB                                                          290        14,579        14,816
ESCO TECHNOLOGIES INC.                                           399        14,420        15,645
EXPEDITORS INTERNATIONAL WASH INC.                             1,324        45,817        48,154
EXPRESS SCRIPTS, INC.                                            267        14,827        15,737
FACTSET RES SYS                                                  427        14,663        14,860
FAIR ISSAC & CO. INC.                                            920        45,965        47,914
FOREST LABS, INC.                                                890        44,512        46,031
FTI CONSULTING INC.                                              310        14,444        14,028
GENENTECH, INC.                                                1,330        47,207        50,527
GETTY IMAGES INC.                                              1,103        32,966        37,337
GILEAD SCIENCES, INC.                                          1,027        45,679        47,386
GTECH HOLDINGS CORP.                                           1,388        46,306        46,734
HELEN OF TROY CORP. LTD                                        3,391        46,546        47,983
HOT TOPIC INC.                                                   632        14,899        15,490
HOVNANIAN ENTERPRISES INC.                                       842        30,818        33,512
</Table>

                                       48
<Page>

<Table>
<Caption>
                                                                                      MARKET
       COMMON STOCK NAME                            NUMBER OF SHARES      COST         VALUE
--------------------------------------------------  ----------------  ------------  ------------
<S>                                                            <C>       <C>           <C>
HUTCHINSON TECHNOLOGY INC.                                     1,881        47,768        44,392
IDEX LABS                                                        953        31,862        37,167
IDX SYSTEMS CORP.                                              3,481        51,081        51,066
INAMED CORP.                                                     421        13,991        15,699
INTERNATIONAL GAME TECH.                                         596        47,061        51,435
IRON MOUNTAIN PA                                               1,213        46,409        48,338
ITT EDUCATIONAL SERVICES                                       1,751        46,975        51,655
JACOBS ENERGY GROUP INC.                                         372        14,316        15,308
KINDER MORGAN INC.                                               322        14,883        15,140
KRONOS INC.                                                      335        14,826        15,283
LEXMARK INTERNATIONAL INC.                                       213        14,125        15,871
MATTEL INC.                                                    2,198        47,307        47,785
MEDICIS PHARMACEUTICAL CORP.                                     278        14,395        16,024
MEDIMMUNE INC.                                                   441        14,359        15,633
MEDTRONIC, INC.                                                  313        14,617        14,943
MOORE LTD.                                                     1,405        15,005        16,045
NEXTEL COMMUNICATIONS INC.                                     3,780        47,292        55,793
NISSAN MOTORS (ADR)                                            3,247        47,636        49,777
NVR INC.                                                          90        31,137        32,198
NY COMMUNITY BANCORP.                                            452        14,276        15,693
OMNICARE INC.                                                    579        14,760        15,355
OPEN TEXT CORP.                                                1,518        45,555        43,567
P.F. CHANG'S                                                     347        12,457        14,539
PACIFIC SUNWEAR CALIFORNIA INC.                                2,147        45,189        49,016
PHARMACEUTICAL PRODUCTS                                          588        15,302        15,400
PRIORITY HEALTHCARE                                              654        14,769        14,944
PROGRESSIVE CORP.                                                696        47,067        47,328
QUALCOMM, CORP.                                                  448        15,583        14,282
QUIKSILVER INC.                                                1,574        44,879        51,312
RARE HOSPITALITY INT'L INC.                                      494        14,518        14,400
REEBOK INT'L LTD.                                              1,489        46,942        46,248
RESMED INC.                                                      433        14,673        15,882
ROLLINS INC.                                                   2,025        39,335        49,046
SLM CORP. SECURITIES, INC.                                       128        14,266        14,336
ST. JUDE MEDICAL INC.                                            295        14,719        15,476
STAPLES INC.                                                     762        14,482        14,508
STARBUCKS CORP.                                                  571        14,001        13,424
STERICYLCLE                                                      398        14,572        15,622
STERIS CORP.                                                     664        14,921        15,073
STORAGE TECHNOLOGY CORP.                                       2,058        46,788        50,874
STRYKER CORP.                                                    714        47,133        47,845
SURMODICS INC.                                                   434        15,000        15,741
THERMO ELECTRON CORP.                                            763        14,772        13,864
TORO COMPANY, INC.                                             1,318        45,904        49,175
USA INTERACTIVE                                                1,134        30,011        33,963
UTSTARCOM INC.                                                 2,161        46,424        47,067
VARIAN MEDICAL SYSTEMS INC.                                      281        13,848        15,135
WASTE CONNECTIONS                                                403        14,476        13,557
WESTERN DIGITAL, INC.                                          4,991        39,188        46,566
WHOLE FOODS MARKET INC.                                          564        30,835        33,451
                                                                      ------------  ------------
TOTAL MARKETABLE SECURITIES                                              2,907,486     3,093,022
                                                                      ============  ============
</Table>

                                       49
<Page>

VALUE LINE, INC.
SCHEDULE XIII-OTHER INVESTMENTS:4/30/2003

<Table>
<Caption>
                                                                                HISTORICAL        MARKET
LONG TERM SECURITIES AVAILABLE FOR SALE:                                          COST            VALUE
<S>                                                                          <C>              <C>
INVESTMENTS IN VALUE LINE MUTUAL FUNDS

THE VALUE LINE U.S. GOVERNMENT SECURITIES FUND, INC.                                   1,236            1,390
THE VALUE LINE TAX EXEMPT NATIONAL BOND FUND, INC.                                 2,337,430        2,494,391
THE VALUE LINE NEW YORK TAX EXEMPT TRUST                                           1,232,686        1,353,118
THE VALUE LINE AGGRESSIVE INCOME TRUST                                            10,399,575       16,388,131
THE VALUE LINE EMERGING OPPORTUNITY FUND, INC.                                    15,291,904       22,807,363
THE VALUE LINE ASSET  ALLOCATION FUND, INC.                                        2,100,000        2,101,985
                                                                             ---------------  ---------------
TOTAL INVESTMENTS IN VALUE LINE MUTUAL FUNDS                                 $    31,362,831  $    45,146,378

OTHER LONG TERM INVESTMENTS:

300 SHARES OF NATIONAL ASSOCIATION OF SECURITIES DEALERS, INC.               $      3,000.00  $      3,000.00
                                                                             ---------------  ---------------
</Table>

<Table>
<Caption>
                                                                                HISTORICAL        MARKET
FIXED INCOME INVESTMENTS                                                          COST            VALUE
<S>                                                                          <C>              <C>
U.S. TREASURY NOTES 3.625% DUE 3/04                                                4,363,828        4,398,094
U.S. TREASURY NOTES 2.125% DUE 10/04                                              10,039,553       10,125,000
U.S. TREASURY NOTES 2.25% DUE 7/04                                                 5,030,469        5,065,625
GNMA 5.5%                                                                         38,140,675       39,341,907
FEDERAL HOME LOAN BANK 3.875% DUE 3/04                                            15,463,800       15,583,950
FEDERAL HOME LOAN BANK 4.45% DUE 6/05                                              5,028,500        5,014,500
FEDERAL HOME LOAN BANK 3.75% DUE 4/04                                              5,135,700        5,118,550
FEDERAL HOME LOAN BANK 3.00% DUE 2/06                                              5,000,000        5,005,000
FEDERAL HOME LOAN BANK 3.00% DUE 8/05                                              8,765,120        8,817,924
FEDERAL HOME LOAN BANK 2.50% DUE 4/06                                              7,171,000        7,226,934
FEDERAL FARM CREDIT BANK 4.42% DUE 5/05                                            8,015,600        8,016,000
WEEKLY ADJUSTABLE NORTH CAROLINA MUNICIPAL BONDS DUE 7/29                          3,800,000        3,800,000
WEEKLY ADJUSTABLE MASSACHUSETTS MUNICIPAL BONDS DUE 6/33                           5,000,000        5,000,000
WEEKLY ADJUSTABLE FLORIDA SUNSHINE STATE MUNICIPAL BONDS DUE 7/16                 13,575,000       13,575,000
WEEKLY ADJUSTABLE ILLINOIS HEALTH AUTHORITY MUNICIPAL BONDS DUE 11/23              3,850,000        3,850,000
WEEKLY ADJUSTABLE BURKE COUNTY GEORGIA MUNICIPAL BONDS DUE 7/18                   10,500,000       10,500,000
WEEKLY ADJUSTABLE NORTHWEST WASHINGTON STATE  MUNICIPAL BONDS DUE 11/23           20,475,000       20,475,000
                                                                             ---------------  ---------------
TOTAL FIXED INCOME INVESTMENTS                                               $   169,354,245  $   170,913,484

TOTAL LONG TERM SECURITIES AVAILABLE FOR SALE                                $   200,720,076  $   216,062,862
</Table>

                                       50
<Page>

Exhibit 21

                         Subsidiaries of the Registrant

<Table>
<Caption>
                                                                   PERCENTAGE
                                                                   OF VOTING
                                                                   SECURITIES
                                                      STATE OF      OWNED BY
                                                    INCORPORATION  REGISTRANT
                                                    -------------  ----------
<S>                                                 <C>                <C>
Compupower Corporation                              Delaware           100%

Value Line Securities, Inc.                         New York           100%

The Vanderbilt Advertising Agency, Inc.             New York           100%

Value Line Publishing, Inc.                         New York           100%

Value Line Distribution Center, Inc.                New Jersey         100%
</Table>

                                       51