SOURCE: KENT FINANCIAL SERVICES, INC.

November 12, 2010 12:00 ET

Kent Financial Services Announces Third Quarter Results

COLLEYVILLE, TX--(Marketwire - November 12, 2010) - KENT FINANCIAL SERVICES, INC. ("Kent") (NASDAQ: KENT) reported a net loss for the three months ended September 30, 2010 of $113,292 or $.04 per share, compared to a net loss of $145,687, or $.05 per share, for the comparable period in 2009. For the nine months ended September 30, 2010 the net loss was $379,753, or $.14 per share, compared to a net loss of $349,733, or $.13 per share, for the comparable period in the prior year.

Kent has 2,759,076 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,
                            ----------------------  ----------------------
                               2010        2009        2010        2009
                            ----------  ----------  ----------  ----------
Revenues:
  Interest and dividend
   revenue                  $    3,411  $    4,478  $    7,106  $   17,200
  Investing gains (losses)                              (2,088)
  Other income                   5,475       6,915      22,005      20,426
                            ----------  ----------  ----------  ----------

    Total revenues               8,886      11,393      27,023      37,626

Expenses:
  General and administrative   159,729     202,556     527,758     583,625
                            ----------  ----------  ----------  ----------

Loss from continuing
 operations before income
 taxes                        (150,843)   (191,163)   (500,735)   (545,999)
Provision for income tax
 expense                                    (2,138)     (2,131)     (2,138)
                            ----------  ----------  ----------  ----------

Loss from continuing
 operations                   (150,843)   (193,301)   (502,866)   (548,137)

Discontinued operations:
  Income (loss) from
   discontinued operations
   before income taxes            (754)    (12,667)     (1,644)     94,157
  Income tax expense                          (547)       (541)     (2,160)
                            ----------  ----------  ----------  ----------

Income (loss) from
 discontinued operations          (754)    (13,214)     (2,185)     91,997
                            ----------  ----------  ----------  ----------

Net loss                      (151,597)   (206,515)   (505,051)   (456,140)

Add: net loss attributable
 to noncontrolling interest     38,305      60,828     125,298     106,407
                            ----------  ----------  ----------  ----------

Net loss attributable to
  Kent Financial Services
   shareholders'              (113,292)   (145,687)   (379,753)   (349,733)

Other comprehensive income
 (loss):
  Unrealized gain (loss) on
   available for sale
   securities                   24,041     (15,495)     19,620     (19,790)
                            ----------  ----------  ----------  ----------

Comprehensive loss          $  (89,251) $ (161,182) $ (360,133) $ (369,523)
                            ==========  ==========  ==========  ==========

Basic and diluted net loss
 per common share:
Loss from continuing
 operations                 $    (0.04) $    (0.05) $    (0.14) $    (0.16)
Income (loss) from
 discontinued operations,
 net                                 -           -           -        0.03
                            ----------  ----------  ----------  ----------

Net loss per share          $    (0.04) $    (0.05) $    (0.14) $    (0.13)
                            ==========  ==========  ==========  ==========

Weighted average number of
 common shares outstanding   2,759,076   2,759,178   2,759,079   2,759,223
                            ==========  ==========  ==========  ==========





                   CONDENSED CONSOLIDATED BALANCE SHEETS
              AS OF SEPTEMBER 30, 2010 AND DECEMBER 31, 2009

                                                June 30, 2010 December 31,
                                                (Unaudited)       2009
                                                ------------- -------------
ASSETS

Current Assets:
  Cash and cash equivalents                     $  10,599,753 $  11,156,027
  Marketable securities                                63,760        53,604
  Other current assets                                 28,735        22,744
                                                ------------- -------------

    Total current assets                           10,692,248    11,232,375

Other assets                                           16,000        16,000
                                                ------------- -------------

    Total assets                                $  10,708,248 $  11,248,375
                                                ============= =============

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities                             $     131,796 $     185,416
Noncurrent liabilities                                720,000       720,000
                                                ------------- -------------

    Total liabilities                                 851,796       905,416
                                                ------------- -------------

Kent Financial Services shareholders' equity        5,373,728     5,733,955
Noncontrolling interest in subsidiaries             4,482,724     4,609,004
                                                ------------- -------------

    Total stockholders' equity                      9,856,452    10,342,959
                                                ------------- -------------

    Total liabilities and stockholders' equity  $  10,708,248 $  11,248,375
                                                ============= =============

Contact Information

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