KENT Kent Financial Services, Inc. (MM)

KENT FINANCIAL SERVICES, INC. ("Kent" or the "Company") (NASDAQ: KENT) reported a net loss of $165,000, or $.06 per share for the quarter ended March 31, 2006, compared to net income of $29,000, or $.01 per share for the quarter ended March 31, 2005. Kent has 2,803,084 shares outstanding. This Press 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 OPERATIONS FOR THE QUARTERS ENDED MARCH 31, 2006 AND 2005 (in thousands, except per share data) (Unaudited) Three Months Ended March 31, -------------------- 2006 2005 --------- --------- Revenues: Interest $ 141 $ 81 Investing gains (losses) ( 16) 53 Equity in losses of General Devices - ( 9) Other income 67 159 --------- --------- Total revenues 192 284 --------- --------- Expenses: General and administrative 400 253 --------- --------- Income (loss) before income taxes, minority interest and extraordinary item ( 208) 31 Provision for income taxes 1 20 --------- --------- Income (loss) before minority interest and extraordinary item ( 209) 11 Minority interest in subsidiaries losses 34 18 --------- --------- Income (loss) before extraordinary item ( 175) 29 Extraordinary gain due to purchase of subsidiary stock 10 - --------- --------- Net income (loss) ($ 165) $ 29 ========= ========= Basic and diluted net income (loss) per common share: Income (loss) per share before extraordinary item ($ .06) $ .01 Extraordinary gain - - --------- --------- Net income (loss) per share ($ .06) $ .01 ========= ========= Weighted average number of common shares outstanding (in 000's) 2,804 2,843 ========= ========= CONDENSED CONSOLIDATED BALANCE SHEET MARCH 31, 2006 (in thousands) (Unaudited) Assets: Cash and cash equivalents $ 1,087 Short-term investments 12,722 Securities owned 113 Other current assets 47 Property and equipment, net 3 Goodwill 90 ---------- Total assets $ 14,062 ========== Liabilities and Stockholders' Equity: Liabilities $ 999 Minority interest in subsidiaries 5,462 Stockholders' equity 7,601 ---------- Total liabilities and stockholders' equity $ 14,062 ========== *T