Kent Financial Services Announces Third Quarter Results
October 30 2006 - 3:56PM
Business Wire
KENT FINANCIAL SERVICES, INC. (�Kent�) (NASDAQ � KENT) reported a
net loss for the three months ended September 30, 2006 of $126,000
or $.04 per share, compared to a net loss of $181,000, or $.06 per
share, for the comparable period in 2005. For the nine months ended
September 30, 2006 the net loss was $448,000, or $.16 per share,
compared to a net loss of $427,000, or $.15 per share, for the
comparable period in the prior year. Kent has 2,799,888 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. KENT
FINANCIAL SERVICES, INC. CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2006
AND 2005 (in thousands, except per share data) (Unaudited) � Three
Months Ended Nine Months Ended September 30, September 30, 2006�
2005� 2006� 2005� Revenues: Seminar fees $ 108� $ 29� $ 275� $ 57�
Management fee income 12� Interest and dividends 165� 102� 453�
278� Investing gains (losses) 11� (125) (155) Sale of patent rights
by subsidiary 50� 50� Other income � 13� � 47� � 40� � 229� � Total
revenues 347� 53� 818� 421� � Expenses: General and administrative
� 488� � 244� � 1,361� � 861� � Loss before income taxes, minority
interest and extraordinary item (141) (191) (543) (440) Provision
for income taxes � 1� � � 8� � 22� Loss before minority interest
and extraordinary item (142) (191) (551) (462) Minority interest in
subsidiaries losses � 16� � 10� � 75� � 35� � Loss before
extraordinary item (126) (181) (476) (427) Extraordinary gain due
to purchase of subsidiary stock � � 28� � � Net loss $ (126) $
(181) $ (448) $ (427) � Basic and diluted net loss per common
share: Loss per share before extraordinary item $ (0.04) $ (0.06) $
(0.17) $ (0.15) Extraordinary gain � � � 0.01� � � Net loss per
share $ (0.04) $ (0.06) $ (0.16) $ (0.15) � Weighted average number
of common shares outstanding (in 000's) � 2,801� � 2,817� � 2,803�
� 2,830� CONDENSED CONSOLIDATED BALANCE SHEET AS OF SEPTEMBER 30,
2006 (in thousands) (Unaudited) ASSETS � Current Assets: Cash and
cash equivalents $ 535� Short-term investments 12,700� Securities
owned 118� Other current assets � 154� � Total current assets �
13,507� � Property and equipment, net 2� � Goodwill � 90� � Total
assets $ 13,599� � � LIABILITIES AND STOCKHOLDERS� EQUITY � Current
liabilities $ 1,042� � Minority interest in subsidiaries 5,228� �
Stockholders' equity � 7,329� � Total liabilities and stockholders'
equity $ 13,599� KENT FINANCIAL SERVICES, INC. ("Kent") (NASDAQ -
KENT) reported a net loss for the three months ended September 30,
2006 of $126,000 or $.04 per share, compared to a net loss of
$181,000, or $.06 per share, for the comparable period in 2005. For
the nine months ended September 30, 2006 the net loss was $448,000,
or $.16 per share, compared to a net loss of $427,000, or $.15 per
share, for the comparable period in the prior year. Kent has
2,799,888 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 NINE MONTHS ENDED SEPTEMBER 30, 2006
AND 2005 (in thousands, except per share data) (Unaudited) Three
Months Nine Months Ended Ended September 30, September 30,
---------------- ---------------- 2006 2005 2006 2005 -------
------- ------- ------- Revenues: Seminar fees $ 108 $ 29 $ 275 $
57 Management fee income 12 Interest and dividends 165 102 453 278
Investing gains (losses) 11 (125) (155) Sale of patent rights by
subsidiary 50 50 Other income 13 47 40 229 ------- ------- -------
------- Total revenues 347 53 818 421 Expenses: General and
administrative 488 244 1,361 861 ------- ------- ------- -------
Loss before income taxes, minority interest and extraordinary item
(141) (191) (543) (440) Provision for income taxes 1 8 22 -------
------- ------- ------- Loss before minority interest and
extraordinary item (142) (191) (551) (462) Minority interest in
subsidiaries losses 16 10 75 35 ------- ------- ------- -------
Loss before extraordinary item (126) (181) (476) (427)
Extraordinary gain due to purchase of subsidiary stock 28 -------
------- ------ ------- Net loss $ (126) $ (181) $ (448) $ (427)
======= ======= ======= ======= Basic and diluted net loss per
common share: Loss per share before extraordinary item $(0.04)
$(0.06) $(0.17) $(0.15) Extraordinary gain 0.01 ------- -------
------- ------- Net loss per share $(0.04) $(0.06) $(0.16) $(0.15)
======= ======= ======= ======= Weighted average number of common
shares outstanding (in 000's) 2,801 2,817 2,803 2,830 =======
======= ======= ======= *T -0- *T CONDENSED CONSOLIDATED BALANCE
SHEET AS OF SEPTEMBER 30, 2006 (in thousands) (Unaudited) ASSETS
Current Assets: Cash and cash equivalents $ 535 Short-term
investments 12,700 Securities owned 118 Other current assets 154
---------- Total current assets 13,507 ---------- Property and
equipment, net 2 Goodwill 90 ---------- Total assets $ 13,599
========== LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities
$ 1,042 Minority interest in subsidiaries 5,228 Stockholders'
equity 7,329 ---------- Total liabilities and stockholders' equity
$ 13,599 ========== *T
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