Kent Financial Services Announces Second Quarter Results
July 31 2007 - 8:19AM
Business Wire
KENT FINANCIAL SERVICES, INC. (�Kent�) (NASDAQ � KENT) reported a
net loss for the three months ended June 30, 2007 of $147,000 or
$.05 per share, compared to a net loss of $158,000, or $.05 per
share, for the comparable period in 2006. For the six months ended
June 30, 2007 the net loss was $200,000, or $.07 per share,
compared to a net loss of $323,000, or $.12 per share, for the
comparable period in the prior year. Kent has 2,792,250 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 (in
thousands, except per share data) (Unaudited) � Three Months Ended
Six Months Ended June 30, June 30, � 2007 � 2006 � 2007 � 2006
Revenues: Seminar fees $ 124 $ 116 $ 231 $ 167 Interest 157 147 316
288 Investing gains (losses) 7 5 7 (11) Other income � 19 � 11 �
120 � 27 � Total revenues � 307 � 279 � 674 � 471 � Expenses:
General and administrative 482 474 909 874 Write off capitalized
software costs � 38 � � 38 � � Total expenses � 520 � 474 � 947 �
874 � Loss before income taxes, minority interest and extraordinary
gain (213) (195) (273) (403) Provision for income tax benefit
(expense) � 10 � (6) � � (7) Loss before minority interest and
extraordinary gain (203) (201) (273) (410) Minority interest in
subsidiaries losses � 56 � 25 � 73 � 59 � Loss before extraordinary
item (147) (176) (200) (351) Extraordinary gain due to purchase of
subsidiary stock � - � 18 � - � 28 � Net loss (147) (158) (200)
(323) � Other comprehensive loss: Unrealized gain on available for
sale securities � 3 � � 1 � � Comprehensive loss $ (144) $ (158) $
(199) $ (323) � Basic and diluted net loss per common share: Loss
per share before extraordinary gain $ (0.05) $ (0.06) $ (0.07) $
(0.13) Extraordinary gain � � 0.01 � � 0.01 � Net loss per share $
(0.05) $ (0.05) $ (0.07) $ (0.12) � Weighted average number of
common shares outstanding (in 000's) � 2,794 � 2,803 � 2,796 �
2,803 CONDENSED CONSOLIDATED BALANCE SHEET AS OF JUNE 30, 2007 (in
thousands) (Unaudited) � ASSETS � Current Assets: Cash and cash
equivalents $ 291 Short-term investments 12,540 Marketable
securities 120 Other current assets � 108 � Total current assets
13,059 � Property and equipment, net 7 � Goodwill 90 � Other assets
� 65 � Total assets $ 13,221 � � LIABILITIES AND STOCKHOLDERS�
EQUITY � Current liabilities $ 366 Noncurrent liabilities 659 �
Minority interest in subsidiaries 5,154 � Stockholders' equity �
7,042 � Total liabilities and stockholders' equity $ 13,221 � � � �
� �
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