SOURCE: KENT FINANCIAL SERVICES, INC.

August 10, 2009 13:30 ET

Kent Financial Services Announces Second Quarter Results

FAR HILLS, NJ--(Marketwire - August 10, 2009) - KENT FINANCIAL SERVICES, INC. ("Kent") (NASDAQ: KENT) reported a net loss for the three months ended June 30, 2009 of $97,318 or $.04 per share, compared to a net loss of $68,596, or $.02 per share, for the comparable period in 2008. For the six months ended June 30, 2009 the net loss was $204,046, or $.07 per share, compared to a net loss of $133,236, or $.05 per share, for the comparable period in the prior year.

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

    Total revenues              70,664     161,485     201,043     395,659

Expenses:
  General and
   administrative              197,196     230,123     449,055     552,282
                            ----------  ----------  ----------  ----------

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)
                            ----------  ----------  ----------  ----------

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

Basic and diluted net loss
 per common share           $    (0.04) $    (0.02) $    (0.07) $    (0.05)
                            ==========  ==========  ==========  ==========

Weighted average number of
 Common shares outstanding   2,759,200   2,792,022   2,759,246   2,792,022
                            ==========  ==========  ==========  ==========




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

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

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

Contact Information

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