FAR HILLS, NJ--(Marketwire - November 13, 2008) - KENT FINANCIAL SERVICES, INC. ("Kent")
(
Kent has 2,759,293 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
(in thousands, except per share data)
(Unaudited)
Three Months Nine Months
Ended Ended
September 30, September 30,
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2008 2007 2008 2007
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Revenues:
Seminar fees $ 50 $ 125 $ 184 $ 356
Interest 65 153 248 469
Investing gains (losses) (1) 7
Other income 9 9 89 129
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Total revenues 124 287 520 961
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Expenses:
General and administrative 236 517 789 1,426
Write off capitalized software costs 38
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Total expenses 236 517 789 1,464
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Loss before income taxes and minority
interest (112) (230) (269) (503)
Provision for income tax benefit
(expense) (2)
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Loss before minority interest (112) (230) (271) (503)
Minority interest in subsidiaries
losses 19 65 45 138
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Net loss (93) (165) (226) (365)
Other comprehensive loss:
Unrealized gain (loss) on available
for sale securities (5) (17) 1
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Comprehensive loss $ (98) $ (165) $ (243) $ (364)
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Basic and diluted net loss per common
share $ (0.03) $ (0.06) $ (0.08) $ (0.13)
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Weighted average number of common
shares outstanding (in 000's) 2,790 2,793 2,791 2,795
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CONDENSED CONSOLIDATED BALANCE SHEETS
AS OF SEPTEMBER 30, 2008 AND DECEMBER 31, 2007
(in thousands)
September 30,
2008 December 31,
(Unaudited) 2007
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ASSETS
Current Assets:
Cash and cash equivalents $ 1,033 $ 135
Short-term investments 11,153 12,270
Marketable securities 96 117
Other current assets 88 116
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Total current assets 12,370 12,638
Property and equipment, net 28 6
Other assets 16 62
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Total assets $ 12,414 $ 12,706
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities $ 243 $ 269
Noncurrent liabilities 720 685
Minority interest in subsidiaries 5,034 5,083
Stockholders' equity 6,417 6,669
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Total liabilities and stockholders' equity $ 12,414 $ 12,706
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Contact Information: Direct Inquiries To: Paul O. Koether Chairman (908) 766-7221