Kent Financial Services Announces Year End Results
March 26 2009 - 11:08AM
Marketwired
KENT FINANCIAL SERVICES, INC. (the "Company") (NASDAQ: KENT)
recorded a net loss of $296,281 or $.11 per share for the year
ended December 31, 2008, compared to a net loss of $551,641 or $.20
per share for the year ended December 31, 2007. Total revenues for
the year ended December 31, 2008 were $713,392, compared to
$1,239,068 for the year ended December 31, 2007.
The Company has 2,759,293 shares outstanding.
This Press 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 cautions
investors not to place undue reliance on forward-looking
statements, which speak only to management's expectations on this
date. The per-share earnings in the text of this news release are
fully diluted earnings per share.
KENT FINANCIAL SERVICES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
Year Ended December 31,
------------------------
2008 2007
----------- -----------
Revenues:
Seminar fees $ 285,643 $ 480,612
Interest revenue 300,274 612,858
Investing gains 36,180 6,574
DVD Sales 3,273 922
Other income 88,022 138,102
----------- -----------
Total revenues 713,392 1,239,068
Expenses:
General and administrative 1,104,337 1,804,717
Write off capitalized software costs 37,764
Write off goodwill 90,055
----------- -----------
Total expenses 1,104,337 1,932,536
Loss before income taxes, minority interest
and extraordinary gain (390,945) (693,468)
Provision for income taxes (2,140) (1,883)
----------- -----------
Loss before minority interest and extraordinary
gain (393,085) (695,351)
Minority interest in subsidiaries losses 87,966 143,710
----------- -----------
Loss before extraordinary gain (305,119) (551,641)
Extraordinary gain due to purchase of
subsidiary stock 8,838
----------- -----------
Net loss (296,281) (551,641)
Other comprehensive income (loss):
Unrealized loss on available for sale
securities (43,149) (2,675)
----------- -----------
Comprehensive loss $ (339,430) $ (554,316)
=========== ===========
Basic and diluted net loss per common share:
Loss per share before extraordinary gain $ (0.11) $ (0.20)
Extraordinary gain - -
----------- -----------
Net loss per share $ (0.11) $ (0.20)
=========== ===========
Weighted average number of common shares
outstanding 2,784,235 2,794,146
=========== ===========
KENT FINANCIAL SERVICES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEET
AS OF DECEMBER 31, 2008
ASSETS
Cash and cash equivalents $ 1,990,753
Short-term investments 10,090,292
Securities owned 70,450
Accounts receivable 55,895
Property and equipment 21,618
Other assets 30,769
------------
Total assets $ 12,259,777
============
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities $ 1,012,314
Minority interest in subsidiaries 4,965,816
Stockholders' equity 6,281,647
------------
Total liabilities and stockholders' equity $ 12,259,777
============
Direct Inquiries To: Paul O. Koether Chairman (908) 766-7221
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