KENT FINANCIAL SERVICES Announces Second Quarter Results
11 Agosto 2008 - 10:00AM
Marketwired
KENT FINANCIAL SERVICES, INC. ("Kent") (NASDAQ: KENT) reported a
net loss for the three months ended June 30, 2008 of $68,000 or
$.02 per share, compared to a net loss of $147,000, or $.05 per
share, for the comparable period in 2007. For the six months ended
June 30, 2008 the net loss was $133,000, or $.05 per share,
compared to a net loss of $200,000, or $.07 per share, for the
comparable period in the prior year.
Kent has 2,792,022 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 Ended Six Months Ended
June 30, June 30,
------------------------ -----------------------
2008 2007 2008 2007
---------- ---------- ---------- -----------
Revenues:
Seminar fees $ 65 $ 124 $ 134 $ 231
Interest 87 157 183 316
Investing gains (losses) 7 (1) 7
Other income 9 19 80 120
---------- ---------- ---------- -----------
Total revenues 161 307 396 674
---------- ---------- ---------- -----------
Expenses:
General and administrative 230 482 553 909
Write off capitalized
software costs 38 38
---------- ---------- ---------- -----------
Total expenses 230 520 553 947
---------- ---------- ---------- -----------
Loss before income taxes
and minority interest (69) (213) (157) (273)
Provision for income
tax benefit (expense) (1) 10 (2)
---------- ---------- ---------- -----------
Loss before minority
interest (70) (203) (159) (273)
Minority interest in
subsidiaries losses 2 56 26 73
---------- ---------- ---------- -----------
Net loss (68) (147) (133) (200)
Other comprehensive loss:
Unrealized gain (loss)
on available for sale
securities (3) 3 (12) 1
---------- ---------- ---------- -----------
Comprehensive loss $ (71) $ (144) $ (145) $ (199)
========== ========== ========== ===========
Basic and diluted net
loss per common share $ (0.02) $ (0.05) $ (0.05) $ (0.07)
========== ========== ========== ===========
Weighted average number
of common shares
outstanding (in 000's) 2,792 2,794 2,792 2,796
========== ========== ========== ===========
CONDENSED CONSOLIDATED BALANCE SHEETS
AS OF JUNE 30, 2008 AND DECEMBER 31, 2007
(IN THOUSANDS)
June 30, 2008 December 31,
(Unaudited) 2007
--------------- -------------
ASSETS
Current Assets:
Cash and cash equivalents $ 760 $ 135
Short-term investments 11,566 12,270
Marketable securities 101 117
Other current assets 61 116
--------------- -------------
Total current assets 12,488 12,638
Property and equipment, net 29 6
Other assets 16 62
--------------- -------------
Total assets $ 12,533 $ 12,706
=============== =============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities $ 240 $ 269
Noncurrent liabilities 711 685
Minority interest in subsidiaries 5,058 5,083
Stockholders' equity 6,524 6,669
--------------- -------------
Total liabilities and stockholders'
equity $ 12,533 $ 12,706
=============== =============
Direct Inquiries To: Paul O. Koether Chairman (908) 766-7221
Kent Financial Services (NASDAQ:KENT)
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