FAR HILLS, NJ--(Marketwire - August 11, 2008) - KENT FINANCIAL SERVICES, INC. ("Kent")
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Kent has 2,792,022 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, ------------------------ ----------------------- 2008 2007 2008 2007 ---------- ---------- ---------- ----------- Revenues: Seminar fees $ 65 $ 124 $ 134 $ 231 Interest 87 157 183 316 Investing gains (losses) 7 (1) 7 Other income 9 19 80 120 ---------- ---------- ---------- ----------- Total revenues 161 307 396 674 ---------- ---------- ---------- ----------- Expenses: General and administrative 230 482 553 909 Write off capitalized software costs 38 38 ---------- ---------- ---------- ----------- Total expenses 230 520 553 947 ---------- ---------- ---------- ----------- Loss before income taxes and minority interest (69) (213) (157) (273) Provision for income tax benefit (expense) (1) 10 (2) ---------- ---------- ---------- ----------- Loss before minority interest (70) (203) (159) (273) Minority interest in subsidiaries losses 2 56 26 73 ---------- ---------- ---------- ----------- Net loss (68) (147) (133) (200) Other comprehensive loss: Unrealized gain (loss) on available for sale securities (3) 3 (12) 1 ---------- ---------- ---------- ----------- Comprehensive loss $ (71) $ (144) $ (145) $ (199) ========== ========== ========== =========== Basic and diluted net loss per common share $ (0.02) $ (0.05) $ (0.05) $ (0.07) ========== ========== ========== =========== Weighted average number of common shares outstanding (in 000's) 2,792 2,794 2,792 2,796 ========== ========== ========== =========== CONDENSED CONSOLIDATED BALANCE SHEETS AS OF JUNE 30, 2008 AND DECEMBER 31, 2007 (IN THOUSANDS) June 30, 2008 December 31, (Unaudited) 2007 --------------- ------------- ASSETS Current Assets: Cash and cash equivalents $ 760 $ 135 Short-term investments 11,566 12,270 Marketable securities 101 117 Other current assets 61 116 --------------- ------------- Total current assets 12,488 12,638 Property and equipment, net 29 6 Other assets 16 62 --------------- ------------- Total assets $ 12,533 $ 12,706 =============== ============= LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities $ 240 $ 269 Noncurrent liabilities 711 685 Minority interest in subsidiaries 5,058 5,083 Stockholders' equity 6,524 6,669 --------------- ------------- Total liabilities and stockholders' equity $ 12,533 $ 12,706 =============== =============
Contact Information: Direct Inquiries To: Paul O. Koether Chairman (908) 766-7221