KENT Kent Financial Services, Inc. (MM)

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 � � � � � �