FAR HILLS, NJ--(Marketwire - November 16, 2009) - KENT FINANCIAL SERVICES, INC. ("Kent")
(
Kent has 2,759,145 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,
---------------------- ----------------------
2009 2008 2009 2008
---------- ---------- ---------- ----------
Revenues:
Seminar fees $ 49,755 $ 164,567 $ 184,110
Interest and dividends $ 4,487 65,654 17,243 248,394
Realized gains (losses) 10,034 (660)
Other income 7,159 9,179 20,845 88,403
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Total revenues 11,646 124,588 212,689 520,247
Expenses:
General and
administrative 215,476 237,088 664,531 789,370
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Loss before income taxes
and minority interest (203,830) (112,500) (451,842) (269,123)
Provision for income taxes (2,685) (4,298) (2,140)
---------- ---------- ---------- ----------
Net loss (206,515) (112,500) (456,140) (271,263)
Add: net loss attributable
to noncontrolling interest 60,828 19,725 106,407 45,252
---------- ---------- ---------- ----------
Net loss attributable to
Kent Financial
Services shareholders (145,687) (92,775) (349,733) (226,011)
Other comprehensive gain
(loss):
Unrealized loss on
available for sale
securities (15,495) (5,154) (19,790) (17,582)
---------- ---------- ---------- ----------
Comprehensive loss $ (161,182) $ (97,929) $ (369,523) $ (243,593)
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Basic and diluted net loss
per common share $ (0.05) $ (0.03) $ (0.13) $ (0.08)
========== ========== ========== ==========
Weighted average number of
common shares outstanding 2,759,178 2,790,119 2,759,223 2,791,383
========== ========== ========== ==========
CONDENSED CONSOLIDATED BALANCE SHEETS
AS OF SEPTEMBER 30, 2009 AND DECEMBER 31, 2008
September 30,
2009 December 31,
(Unaudited) 2008
-------------- ------------
ASSETS
Current Assets:
Cash and cash equivalents $ 11,568,403 $ 1,990,753
Short-term investments 10,090,292
Marketable securities 50,660 70,450
Other current assets 35,435 70,664
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Total current assets 11,654,498 12,222,159
Property and equipment, net 17,885 21,618
Other assets 16,000 16,000
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Total assets $ 11,688,383 $ 12,259,777
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities $ 197,104 $ 292,314
Noncurrent liabilities 720,000 720,000
-------------- ------------
Total liabilities 917,104 1,012,314
-------------- ------------
Kent Financial Services shareholders' equity 5,911,870 6,281,647
Noncontrolling interest in subsidiaries 4,859,409 4,965,816
-------------- ------------
Total stockholders' equity 10,771,279 11,247,463
-------------- ------------
Total liabilities and stockholders' equity $ 11,688,383 $ 12,259,777
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Contact Information: Direct Inquiries To: Paul O. Koether Chairman (908) 766-7221