SOURCE: KENT FINANCIAL SERVICES, INC.

March 30, 2010 17:22 ET

Kent Financial Services Announces Year End Results

RALEIGH, NC--(Marketwire - March 30, 2010) - KENT FINANCIAL SERVICES, INC. (the "Company") (NASDAQ: KENT) recorded a net loss of $530,593 or $.19 per share for the year ended December 31, 2009, compared to a net loss of $296,281 or $.11 per share for the year ended December 31, 2008. Total revenues from continuing operations for the year ended December 31, 2009 were $45,633, compared to $382,224 for the year ended December 31, 2008.

The Company has 2,759,076 shares outstanding.

This Press 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 cautions investors not to place undue reliance on forward-looking statements, which speak only to management's expectations on this date. The per-share earnings in the text of this news release are fully diluted earnings per share.

              KENT FINANCIAL SERVICES, INC. AND SUBSIDIARIES
   CONSOLIDATED STATEMENTS OF OPERATIONS AND OTHER COMPREHENSIVE INCOME

                                                          Year Ended
                                                         December 31,
                                                    ----------------------
                                                       2009        2008
                                                    ----------  ----------
Revenues:
  Interest and dividend revenue                     $   18,996  $  294,862
  Investing losses                                                    (660)
  Other income                                          26,637      88,022
                                                    ----------  ----------

    Total revenues                                      45,633     382,224

Expenses:
  General and administrative                           836,572     837,018
                                                    ----------  ----------

Loss from continuing operations before income taxes   (790,939)   (454,794)
Provision for income tax expense                        (2,138)     (1,030)
                                                    ----------  ----------

Loss from continuing operations                       (793,077)   (455,824)

Discontinued operations:
  Income from discontinued operations before income
   taxes                                                47,862      63,849
  Income tax expense                                    (2,549)     (1,110)
                                                    ----------  ----------

Income from discontinued operations                     45,313      62,739
                                                    ----------  ----------

Net loss before extraordinary gain                    (747,764)   (393,085)
Extraordinary gain due to purchase of subsidiary
 stock                                                               8,838
                                                    ----------  ----------

Net loss                                              (747,764)   (384,247)

Add: net loss attributable to noncontrolling
 interest                                              217,171      87,966
                                                    ----------  ----------

Net loss attributable to Kent Financial Services
 Shareholders                                         (530,593)   (296,281)

Other comprehensive income (loss):
  Unrealized loss on available for sale securities     (16,845)    (43,149)
                                                    ----------  ----------

Comprehensive loss                                  $ (547,438) $ (339,430)
                                                    ==========  ==========

Basic and diluted net loss per common share:
Loss from continuing operations                     $    (0.21) $    (0.13)
Income from discontinued operations, net                  0.02        0.02
Extraordinary gain                                           -           -
                                                    ----------  ----------

Net loss per share                                  $    (0.19) $    (0.11)
                                                    ==========  ==========

Weighted average number of common shares
 outstanding                                         2,759,204   2,784,235
                                                    ==========  ==========



              KENT FINANCIAL SERVICES, INC. AND SUBSIDIARIES
                   CONDENSED CONSOLIDATED BALANCE SHEET
                          AS OF DECEMBER 31, 2009

ASSETS

Cash and cash equivalents                                      $ 11,156,027
Securities owned                                                     53,604
Accounts receivable                                                   5,086
Other assets                                                         33,658
                                                               ------------

    Total assets                                               $ 11,248,375
                                                               ============

LIABILITIES AND EQUITY

Liabilities                                                    $    905,416
Noncontrolling interest in subsidiaries                           4,609,004
Kent Financial Services, Inc. stockholders' equity                5,733,955
                                                               ------------

    Total liabilities and stockholders' equity                 $ 11,248,375
                                                               ============

Contact Information

  • Direct Inquiries To:
    Paul O. Koether, Chairman
    (682) 738-8112