Kent Financial Services Announces First Quarter Results
May 11 2007 - 10:37AM
Business Wire
KENT FINANCIAL SERVICES, INC. (�Kent�) (NASDAQ: KENT) reported a
net loss for the three months ended May 11, 2007 of $53,000 or $.02
per share, compared to a net loss of $165,000, or $.06 per share,
for the comparable period in 2006. Kent has 2,792,326 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. CONSOLIDATED STATEMENTS OF OPERATIONS FOR
THE THREE MONTHS ENDED MARCH 31, 2007 (in thousands, except per
share data) (Unaudited) � Three Months Ended March 31, 2007 2006
Revenues: Seminar fees $ 107� $ 51� Interest 159� 141� Investing
losses (16) Other income � 101� � 16� � Total revenues 367� 192� �
Expenses: General and administrative � 427� � 400� � Loss before
income taxes, minority interest and extraordinary item (60) (208)
Provision for income taxes � 10� � 1� Loss before minority interest
and extraordinary item (70) (209) Minority interest in subsidiaries
losses � 17� � 34� � Loss before extraordinary item (53) (175)
Extraordinary gain due to purchase of subsidiary stock � � 10� �
Net loss (53) (165) � Other comprehensive loss: Unrealized loss on
available for sale securities � (2) � � Comprehensive Loss � (55) �
(165) � Basic and diluted net loss per common share: Loss per share
before extraordinary item $ (0.02) $ (0.06) Extraordinary gain � -�
� -� � Net loss per share $ (0.02) $ (0.06) � Weighted average
number of common shares outstanding (in 000's) � 2,799� � 2,804� �
CONDENSED CONSOLIDATED BALANCE SHEET AS OF MARCH 31, 2007 (in
thousands) (Unaudited) � ASSETS � Current Assets: Cash and cash
equivalents $ 162� Short-term investments 12,772� Marketable
securities 147� Other current assets � 117� � Total current assets
13,198� � Property and equipment, net 47� � Goodwill 90� � Other
assets � 61� � Total assets $ 13,396� � � LIABILITIES AND
STOCKHOLDERS� EQUITY � Current liabilities $ 349� Noncurrent
liabilities 652� � Minority interest in subsidiaries 5,210� �
Stockholders' equity � 7,185� � Total liabilities and stockholders'
equity $ 13,396�
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