KENT FINANCIAL SERVICES Announces Third Quarter Results
November 13 2008 - 2:57PM
Marketwired
KENT FINANCIAL SERVICES, INC. ("Kent") (NASDAQ: KENT) reported a
net loss for the three months ended September 30, 2008 of $93,000
or $.03 per share, compared to a net loss of $165,000, or $.06 per
share, for the comparable period in 2007. For the nine months ended
September 30, 2008 the net loss was $243,000, or $.08 per share,
compared to a net loss of $364,000, or $.13 per share, for the
comparable period in the prior year.
Kent has 2,759,293 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 Nine Months
Ended Ended
September 30, September 30,
---------------- ----------------
2008 2007 2008 2007
------- ------- ------- -------
Revenues:
Seminar fees $ 50 $ 125 $ 184 $ 356
Interest 65 153 248 469
Investing gains (losses) (1) 7
Other income 9 9 89 129
------- ------- ------- -------
Total revenues 124 287 520 961
------- ------- ------- -------
Expenses:
General and administrative 236 517 789 1,426
Write off capitalized software costs 38
------- ------- ------- -------
Total expenses 236 517 789 1,464
------- ------- ------- -------
Loss before income taxes and minority
interest (112) (230) (269) (503)
Provision for income tax benefit
(expense) (2)
------- ------- ------- -------
Loss before minority interest (112) (230) (271) (503)
Minority interest in subsidiaries
losses 19 65 45 138
------- ------- ------- -------
Net loss (93) (165) (226) (365)
Other comprehensive loss:
Unrealized gain (loss) on available
for sale securities (5) (17) 1
------- ------- ------- -------
Comprehensive loss $ (98) $ (165) $ (243) $ (364)
======= ======= ======= =======
Basic and diluted net loss per common
share $ (0.03) $ (0.06) $ (0.08) $ (0.13)
======= ======= ======= =======
Weighted average number of common
shares outstanding (in 000's) 2,790 2,793 2,791 2,795
======= ======= ======= =======
CONDENSED CONSOLIDATED BALANCE SHEETS
AS OF SEPTEMBER 30, 2008 AND DECEMBER 31, 2007
(in thousands)
September 30,
2008 December 31,
(Unaudited) 2007
------------- -------------
ASSETS
Current Assets:
Cash and cash equivalents $ 1,033 $ 135
Short-term investments 11,153 12,270
Marketable securities 96 117
Other current assets 88 116
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Total current assets 12,370 12,638
Property and equipment, net 28 6
Other assets 16 62
------------- -------------
Total assets $ 12,414 $ 12,706
============= =============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities $ 243 $ 269
Noncurrent liabilities 720 685
Minority interest in subsidiaries 5,034 5,083
Stockholders' equity 6,417 6,669
------------- -------------
Total liabilities and stockholders' equity $ 12,414 $ 12,706
============= =============
Direct Inquiries To: Paul O. Koether Chairman (908) 766-7221
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