FAR HILLS, NJ--(Marketwire - August 10, 2009) - KENT FINANCIAL SERVICES, INC. ("Kent")
(
Kent has 2,759,193 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 Six Months Ended
June 30, June 30,
---------------------- ----------------------
2009 2008 2009 2008
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Revenues:
Seminar fees $ 54,284 $ 64,557 $ 164,567 $ 134,355
Interest and dividends 5,173 87,531 12,756 182,740
Realized gains (losses) 10,034 (660)
Other income 11,207 9,397 13,686 79,224
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Total revenues 70,664 161,485 201,043 395,659
Expenses:
General and
administrative 197,196 230,123 449,055 552,282
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Loss before income taxes
and minority interest (126,532) (68,638) (248,012) (156,623)
Provision for income taxes (1,030) (1,613) (2,140)
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Net loss (126,532) (69,668) (249,625) (158,763)
Add: net loss attributable
to noncontrolling interest 29,214 1,072 45,579 25,527
---------- ---------- ---------- ----------
Net loss attributable to
Kent Financial
Services shareholders (97,318) (68,596) (204,046) (133,236)
Other comprehensive gain
(loss):
Unrealized gain (loss) on
available for sale
securities 15,138 (3,550) (4,295) (12,429)
---------- ---------- ---------- ----------
Comprehensive loss $ (82,180) $ (72,146) $ (208,341) $ (145,665)
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Basic and diluted net loss
per common share $ (0.04) $ (0.02) $ (0.07) $ (0.05)
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Weighted average number of
Common shares outstanding 2,759,200 2,792,022 2,759,246 2,792,022
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CONDENSED CONSOLIDATED BALANCE SHEETS
AS OF JUNE 30, 2009 AND DECEMBER 31, 2008
June 30,
2009 December 31,
(Unaudited) 2008
------------ ------------
ASSETS
Current Assets:
Cash and cash equivalents $ 11,722,564 $ 1,990,753
Short-term investments 10,090,292
Marketable securities 66,155 70,450
Other current assets 87,235 70,664
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Total current assets 11,875,954 12,222,159
Property and equipment, net 19,143 21,618
Other assets 16,000 16,000
------------ ------------
Total assets $ 11,911,097 $ 12,259,777
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities $ 197,717 $ 292,314
Noncurrent liabilities 720,000 720,000
------------ ------------
Total liabilities 917,717 1,012,314
------------ ------------
Kent Financial Services shareholders' equity 6,073,143 6,281,647
Noncontrolling interest in subsidiaries 4,920,237 4,965,816
------------ ------------
Total stockholders' equity 10,993,380 11,247,463
------------ ------------
Total liabilities and stockholders' equity $ 11,911,097 $ 12,259,777
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Contact Information: Direct Inquiries To: Paul O. Koether Chairman (908) 766-7221