Kent Financial Services Announces First Quarter Results
May 11 2010 - 1:00PM
Marketwired
KENT FINANCIAL SERVICES, INC. ("Kent") (NASDAQ: KENT) reported a
net loss for the three months ended March 31, 2010 of $155,747 or
$.06 per share, compared to a net loss of $106,728, or $.04 per
share, for the comparable period in 2009.
Kent has 2,759,076 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
(Unaudited)
Three Months Ended
March 31,
--------------------------
Revenues: 2010 2009
------------ ------------
Interest and dividend revenue $ 859 $ 7,557
Investing gains (losses) (2,088)
Other income 4,875 2,409
------------ ------------
Total revenues 3,646 9,966
Expenses:
General and administrative 204,611 213,418
------------ ------------
Loss from continuing operations before income
taxes (200,965) (203,452)
Provision for income tax expense (1,812)
------------ ------------
Loss from continuing operations (202,777) (203,452)
Discontinued operations:
Income (loss) from discontinued operations
before income taxes (884) 81,972
Income tax expense (541) (1,613)
------------ ------------
Income from discontinued operations (1,425) 80,359
------------ ------------
Net loss (204,202) (123,093)
Add: net loss attributable to noncontrolling
interest 48,455 16,365
------------ ------------
Net loss attributable to Kent Financial
Services shareholders' (155,747) (106,728)
Other comprehensive income (loss):
Unrealized loss on available for sale
securities (2,021) (19,433)
------------ ------------
Comprehensive loss $ (157,768) $ (126,161)
============ ============
Basic and diluted net loss per common share:
Loss from continuing operations $ (0.06) $ (0.07)
Income from discontinued operations, net - 0.03
------------ ------------
Net loss per share $ (0.06) $ (0.04)
============ ============
Weighted average number of common shares
outstanding 2,759,085 2,759,293
============ ============
CONDENSED CONSOLIDATED BALANCE SHEETS
AS OF MARCH 31, 2010 AND DECEMBER 31, 2009
March 31,
2010 December 31,
(Unaudited) 2009
------------- -------------
ASSETS
Current Assets:
Cash and cash equivalents $ 10,951,543 $ 11,156,027
Marketable securities 42,119 53,604
Other current assets 37,666 22,744
------------- -------------
Total current assets 11,031,328 11,232,375
Other assets 16,000 16,000
------------- -------------
Total assets $ 11,047,328 $ 11,248,375
============= =============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities $ 190,686 $ 185,416
Noncurrent liabilities 720,000 720,000
------------- -------------
Total liabilities 910,686 905,416
------------- -------------
Kent Financial Services shareholders' equity 5,576,093 5,733,955
Noncontrolling interest in subsidiaries 4,560,549 4,609,004
------------- -------------
Total stockholders' equity 10,136,642 10,342,959
------------- -------------
Total liabilities and stockholders' equity $ 11,047,328 $ 11,248,375
============= =============
Direct Inquiries To: Paul O. Koether Chairman (682) 738-8112
Kent Financial Services (NASDAQ:KENT)
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