KENT Kent Financial Services, Inc. (MM)

KENT FINANCIAL SERVICES, INC. ("Kent" or the "Company") (NASDAQ - KENT) reported net income of $29,000, or $.01 per share for the quarter ended March 31, 2005, compared to a net income of $187,000, or $.06 per share for the quarter ended March 31, 2004. Kent has 2,835,898 shares outstanding. This release contains forward-looking statements which may involve known and unknown risks, uncertainties and other factors that may cause the Company's actual results and performance in future periods to be materially different from any future results or performance suggested by these statements. Kent Financial Services cautions investors not to place undue reliance on forward-looking statements, which speak only to management's expectations on this date. The per share earnings in the text of the news release are diluted earnings per share. -0- *T KENT FINANCIAL SERVICES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME FOR THE QUARTERS ENDED MARCH 31, 2005 AND 2004 (in thousands, except per share data) (Unaudited) Three Months Ended March 31, ---------------------- 2005 2004 Revenues: ---------- ----------- Investing gains $ 53 $ 42 Management fee income 12 57 Equity in earnings of T. R. Winston - 109 Interest, dividend and other 228 228 ---------- ----------- Total revenues 293 436 ---------- ----------- Expenses: General and administrative 262 220 Interest - 13 ---------- ----------- Total expenses 262 233 ---------- ----------- Income before income taxes 31 203 Provision for income taxes 20 16 ---------- ----------- Income before minority interest 11 187 Minority interest in subsidiaries losses 18 - ---------- ----------- Net income $ 29 $ 187 ========== =========== Basic and diluted net income per common share $ .01 $ .06 ========== =========== Weighted average number of common shares outstanding (in 000's) 2,843 2,985 ========== =========== CONDENSED CONSOLIDATED BALANCE SHEET MARCH 31, 2005 (in thousands) (Unaudited) Assets: Current Assets: Cash and cash equivalents $ 14,898 Securities owned 726 Other current assets 151 ----------- Total current assets 15,775 Property and equipment, net 3 Goodwill 90 ----------- Total assets $ 15,868 =========== Liabilities $ 2,001 Minority interest in subsidiaries 5,736 Stockholders' equity 8,131 ----------- Total liabilities and stockholders' equity $ 15,868 =========== *T