SOURCE: KENT FINANCIAL SERVICES, INC.

November 16, 2009 10:44 ET

Kent Financial Services Announces Third Quarter Results

FAR HILLS, NJ--(Marketwire - November 16, 2009) - KENT FINANCIAL SERVICES, INC. ("Kent") (NASDAQ: KENT) reported a net loss for the three months ended September 30, 2009 of $145,687 or $.05 per share, compared to a net loss of $97,929, or $.03 per share, for the comparable period in 2008. For the nine months ended September 30, 2009 the net loss was $369,523, or $.013 per share, compared to a net loss of $243,593, or $.08 per share, for the comparable period in the prior year.

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
                            ----------  ----------  ----------  ----------

    Total revenues              11,646     124,588     212,689     520,247

Expenses:
  General and
   administrative              215,476     237,088     664,531     789,370
                            ----------  ----------  ----------  ----------

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)
                            ==========  ==========  ==========  ==========

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
                                                -------------- ------------

    Total current assets                            11,654,498   12,222,159

Property and equipment, net                             17,885       21,618
Other assets                                            16,000       16,000
                                                -------------- ------------

    Total assets                                $   11,688,383 $ 12,259,777
                                                ============== ============

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
                                                ============== ============

Contact Information

  • Direct Inquiries To:
    Paul O. Koether
    Chairman
    (908) 766-7221