RALEIGH, NC--(Marketwire - March 30, 2010) - KENT FINANCIAL SERVICES, INC. (the "Company")
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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,
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2009 2008
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Revenues:
Interest and dividend revenue $ 18,996 $ 294,862
Investing losses (660)
Other income 26,637 88,022
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Total revenues 45,633 382,224
Expenses:
General and administrative 836,572 837,018
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Loss from continuing operations before income taxes (790,939) (454,794)
Provision for income tax expense (2,138) (1,030)
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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)
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Income from discontinued operations 45,313 62,739
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Net loss before extraordinary gain (747,764) (393,085)
Extraordinary gain due to purchase of subsidiary
stock 8,838
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Net loss (747,764) (384,247)
Add: net loss attributable to noncontrolling
interest 217,171 87,966
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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)
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Comprehensive loss $ (547,438) $ (339,430)
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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 - -
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Net loss per share $ (0.19) $ (0.11)
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Weighted average number of common shares
outstanding 2,759,204 2,784,235
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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
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Total assets $ 11,248,375
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LIABILITIES AND EQUITY
Liabilities $ 905,416
Noncontrolling interest in subsidiaries 4,609,004
Kent Financial Services, Inc. stockholders' equity 5,733,955
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Total liabilities and stockholders' equity $ 11,248,375
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Contact Information: Direct Inquiries To: Paul O. Koether, Chairman (682) 738-8112