Kent Financial Services Announces First Quarter Results
May 11 2006 - 1:15PM
Business Wire
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
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