Kent Financial Services Announces Second Quarter Results
August 11 2006 - 4:19PM
Business Wire
KENT FINANCIAL SERVICES, INC. ("Kent") (NASDAQ: KENT) reported a
net loss for the three months ended June 30, 2006 of $158,000 or
$.05 per share, compared to a net loss of $275,000, or $.10 per
share, for the comparable period in 2005. For the six months ended
June 30, 2006 the net loss was $323,000, or $.12 per share,
compared to a net loss of $246,000, or $.09 per share, for the
comparable period in the prior year. Kent has 2,802,932 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. Per share earnings reported in the text
of the news release are fully diluted earnings per share. -0- *T
KENT FINANCIAL SERVICES, INC. CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2006 AND
2005 (in thousands, except per share data) (Unaudited) Three Months
Ended Six Months Ended June 30, June 30, ------------------
----------------- 2006 2005 2006 2005 --------- -------- --------
-------- Revenues: Seminar fees $ 116 $ 28 $ 167 $ 28 Management
fee income - - - 12 Interest and dividends 147 94 288 176 Investing
gains (losses) 5 ( 83) ( 11) ( 30) Other income 11 24 27 182
--------- -------- -------- -------- Total revenues 279 63 471 368
--------- -------- -------- -------- Expenses: General and
administrative 474 343 874 617 --------- -------- -------- --------
Loss before income taxes, minority interest and extraordinary item
( 195) ( 280) ( 403) ( 249) Provision for income taxes 6 2 7 22
--------- -------- -------- -------- Loss before minority interest
and extraordinary item ( 201) ( 282) ( 410) ( 271) Minority
interest in subsidiaries losses 25 7 59 25 --------- --------
-------- -------- Loss before extraordinary item ( 176) ( 275) (
351) ( 246) Extraordinary gain due to purchase of subsidiary stock
18 - 28 - --------- -------- -------- -------- Net loss ($ 158) ($
275) ($ 323) ($ 246) ========= ======== ======== ======== Basic and
diluted net loss per common share: Loss per share before
extraordinary item ($ 0.06) ($ 0.10) ($ 0.13) ($ 0.09)
Extraordinary gain 0.01 - 0.01 - --------- -------- --------
-------- Net loss per share ($ 0.05) ($ 0.10) ($ 0.12) ($ 0.09)
========= ======== ======== ======== Weighted average number of
common shares outstanding (in 000's) 2,803 2,831 2,803 2,837
========= ======== ======== ======== CONDENSED CONSOLIDATED BALANCE
SHEET AS OF JUNE 30, 2006 (in thousands) (Unaudited) Assets Current
Assets Cash and cash equivalents $ 1,299 Short-term investments
12,106 Securities owned 106 Other current assets 102 -------- Total
current assets 13,613 Property and equipment, net 2 Goodwill 90
-------- Total assets $ 13,705 ======== Liabilities and
Stockholders' Equity Liabilities $ 1,008 Minority interest in
subsidiaries 5,245 Stockholders' equity 7,452 -------- Total
liabilities and stockholders' equity $ 13,705 ======== *T
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