KENT Kent Financial Services, Inc. (MM)

KENT FINANCIAL SERVICES, INC. ("Kent") (NASDAQ - KENT) reported a net loss for the three months ended June 30, 2005, of $275,000 or $.10 per share, compared to a net loss of $178,000, or $.06 per share, for the comparable period in 2004. For the six months ended June 30, 2005, the net loss was $246,000, or $.09 per share, compared to a net income of $9,000, or $.00 per share, for the comparable period in the prior year. Kent has 2,816,762 shares outstanding. This release contains forward-looking statements which may involve known and unknown risks, uncertainties and other factors that may cause the Company's actual results and performance in future periods to be materially different from any future results or performance suggested by these statements. Kent Financial Services cautions investors not to place undue reliance on forward-looking statements, which speak only to management's expectations on this date. The per share earnings in the text of the news release are diluted earnings per share. -0- *T KENT FINANCIAL SERVICES, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2005 AND 2004 (in thousands, except per share data) (Unaudited) Three Months Six Months Ended Ended June 30, June 30, ------------- ------------ 2005 2004 2005 2004 Revenues: Investing gains (losses) ($ 83) ($ 25) ($ 30) $ 17 Management fee income - 57 12 114 Equity in earnings of T.R. Winston - 29 - 138 Pre-acquisition equity in loss of Cortech - ( 83) - ( 83) Interest, dividends and other 146 38 386 266 ------- ------ ------ ------- Total revenues 63 16 368 452 ------- ------ ------ ------- Expenses General and administrative 343 179 617 399 Interest - 14 - 27 ------- ------ ------ ------- Total expenses 343 193 617 426 ------- ------ ------ ------- Income (loss) before income taxes ( 280) ( 177) ( 249) 26 Provision for income taxes 2 1 ( 22) 17 ------- ------ ------ ------- Income (loss) before minority interest ( 282) ( 178) ( 271) 9 ------- ------ ------ ------- Minority interest in subsidiaries losses 7 - 25 - -------- ------- ------- ------- Net income (loss) ($ 275) ($ 178) ($ 246) $ 9 ======== ======= ======= ======= Basic and diluted net income (loss) per common share ($ .10) ($ .06) ($ .09) $ - ======== ======= ======= ======= Weighted average number of common shares outstanding (in 000's) 2,831 2,958 2,837 2,971 ======== ======= ======= ======= *T -0- *T CONDENSED CONSOLIDATED BALANCE SHEET JUNE 30, 2005 (in thousands) (Unaudited) Assets Current Assets Cash and cash equivalents $ 14,017 Securities owned 508 Other current assets 55 --------- Total current assets 14,580 Property and equipment, net 3 Goodwill 90 --------- Total assets $ 14,673 ========= Liabilities and Stockholders' Equity Liabilities $ 1,096 Minority interest in subsidiaries 5,765 Stockholders' equity 7,812 --------- Total liabilities and stockholders' equity $ 14,673 ========= *T