SOURCE: KENT FINANCIAL SERVICES, INC.

November 13, 2008 14:57 ET

KENT FINANCIAL SERVICES Announces Third Quarter Results

FAR HILLS, NJ--(Marketwire - November 13, 2008) - KENT FINANCIAL SERVICES, INC. ("Kent") (NASDAQ: KENT) reported a net loss for the three months ended September 30, 2008 of $93,000 or $.03 per share, compared to a net loss of $165,000, or $.06 per share, for the comparable period in 2007. For the nine months ended September 30, 2008 the net loss was $243,000, or $.08 per share, compared to a net loss of $364,000, or $.13 per share, for the comparable period in the prior year.

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,
                                        ----------------  ----------------
                                          2008     2007     2008     2007
                                        -------  -------  -------  -------
Revenues:
  Seminar fees                          $    50  $   125  $   184  $   356
  Interest                                   65      153      248      469
  Investing gains (losses)                                     (1)       7
  Other income                                9        9       89      129
                                        -------  -------  -------  -------

    Total revenues                          124      287      520      961
                                        -------  -------  -------  -------

Expenses:
  General and administrative                236      517      789    1,426
  Write off capitalized software costs                                  38
                                        -------  -------  -------  -------

    Total expenses                          236      517      789    1,464
                                        -------  -------  -------  -------

Loss before income taxes and minority
 interest                                  (112)    (230)    (269)    (503)
Provision for income tax benefit
 (expense)                                                     (2)
                                        -------  -------  -------  -------

Loss before minority interest              (112)    (230)    (271)    (503)
Minority interest in subsidiaries
 losses                                      19       65       45      138
                                        -------  -------  -------  -------

Net loss                                    (93)    (165)    (226)    (365)

Other comprehensive loss:
  Unrealized gain (loss) on available
   for sale securities                       (5)              (17)       1
                                        -------  -------  -------  -------

Comprehensive loss                      $   (98) $  (165) $  (243) $  (364)
                                        =======  =======  =======  =======

Basic and diluted net loss per common
 share                                  $ (0.03) $ (0.06) $ (0.08) $ (0.13)
                                        =======  =======  =======  =======

Weighted average number of common
 shares outstanding (in 000's)            2,790    2,793    2,791    2,795
                                        =======  =======  =======  =======





                 CONDENSED CONSOLIDATED BALANCE SHEETS
            AS OF SEPTEMBER 30, 2008 AND DECEMBER 31, 2007
                            (in thousands)


                                               September 30,
                                                   2008       December 31,
                                                (Unaudited)       2007
                                               -------------  -------------
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
                                               -------------  -------------

    Total current assets                              12,370         12,638

Property and equipment, net                               28              6

Other assets                                              16             62
                                               -------------  -------------

    Total assets                               $      12,414  $      12,706
                                               =============  =============


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

    Total liabilities and stockholders' equity $      12,414  $      12,706
                                               =============  =============

Contact Information

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