COLLEYVILLE, TX--(Marketwire - November 12, 2010) - KENT FINANCIAL SERVICES, INC. ("Kent")
(
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 Nine Months Ended
September 30, September 30,
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2010 2009 2010 2009
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Revenues:
Interest and dividend
revenue $ 3,411 $ 4,478 $ 7,106 $ 17,200
Investing gains (losses) (2,088)
Other income 5,475 6,915 22,005 20,426
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Total revenues 8,886 11,393 27,023 37,626
Expenses:
General and administrative 159,729 202,556 527,758 583,625
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Loss from continuing
operations before income
taxes (150,843) (191,163) (500,735) (545,999)
Provision for income tax
expense (2,138) (2,131) (2,138)
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Loss from continuing
operations (150,843) (193,301) (502,866) (548,137)
Discontinued operations:
Income (loss) from
discontinued operations
before income taxes (754) (12,667) (1,644) 94,157
Income tax expense (547) (541) (2,160)
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Income (loss) from
discontinued operations (754) (13,214) (2,185) 91,997
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Net loss (151,597) (206,515) (505,051) (456,140)
Add: net loss attributable
to noncontrolling interest 38,305 60,828 125,298 106,407
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Net loss attributable to
Kent Financial Services
shareholders' (113,292) (145,687) (379,753) (349,733)
Other comprehensive income
(loss):
Unrealized gain (loss) on
available for sale
securities 24,041 (15,495) 19,620 (19,790)
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Comprehensive loss $ (89,251) $ (161,182) $ (360,133) $ (369,523)
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Basic and diluted net loss
per common share:
Loss from continuing
operations $ (0.04) $ (0.05) $ (0.14) $ (0.16)
Income (loss) from
discontinued operations,
net - - - 0.03
---------- ---------- ---------- ----------
Net loss per share $ (0.04) $ (0.05) $ (0.14) $ (0.13)
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Weighted average number of
common shares outstanding 2,759,076 2,759,178 2,759,079 2,759,223
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CONDENSED CONSOLIDATED BALANCE SHEETS
AS OF SEPTEMBER 30, 2010 AND DECEMBER 31, 2009
June 30, 2010 December 31,
(Unaudited) 2009
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ASSETS
Current Assets:
Cash and cash equivalents $ 10,599,753 $ 11,156,027
Marketable securities 63,760 53,604
Other current assets 28,735 22,744
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Total current assets 10,692,248 11,232,375
Other assets 16,000 16,000
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Total assets $ 10,708,248 $ 11,248,375
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities $ 131,796 $ 185,416
Noncurrent liabilities 720,000 720,000
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Total liabilities 851,796 905,416
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Kent Financial Services shareholders' equity 5,373,728 5,733,955
Noncontrolling interest in subsidiaries 4,482,724 4,609,004
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Total stockholders' equity 9,856,452 10,342,959
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Total liabilities and stockholders' equity $ 10,708,248 $ 11,248,375
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Contact Information: Direct Inquiries To: Paul O. Koether Chairman (682) 738-8112