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KENT FINANCIAL SERVICES, INC.: Kent Financial Services Announces Year End Results

^{Published on 2009-03-26 09:08:54, Last Modified on 2009-03-26 09:09:42 - Market Wire}
 

FAR HILLS, NJ--(Marketwire - March 26, 2009) - KENT FINANCIAL SERVICES, INC. (the "Company") (NASDAQ: [ KENT ]) recorded a net loss of $296,281 or $.11 per share for the year ended December 31, 2008, compared to a net loss of $551,641 or $.20 per share for the year ended December 31, 2007. Total revenues for the year ended December 31, 2008 were $713,392, compared to $1,239,068 for the year ended December 31, 2007.

The Company has 2,759,293 shares outstanding.

This Press 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 cautions investors not to place undue reliance on forward-looking statements, which speak only to management's expectations on this date. The per-share earnings in the text of this news release are fully diluted earnings per share.

 KENT FINANCIAL SERVICES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS Year Ended December 31, ------------------------ 2008 2007 ----------- ----------- Revenues: Seminar fees $ 285,643 $ 480,612 Interest revenue 300,274 612,858 Investing gains 36,180 6,574 DVD Sales 3,273 922 Other income 88,022 138,102 ----------- ----------- Total revenues 713,392 1,239,068 Expenses: General and administrative 1,104,337 1,804,717 Write off capitalized software costs 37,764 Write off goodwill 90,055 ----------- ----------- Total expenses 1,104,337 1,932,536 Loss before income taxes, minority interest and extraordinary gain (390,945) (693,468) Provision for income taxes (2,140) (1,883) ----------- ----------- Loss before minority interest and extraordinary gain (393,085) (695,351) Minority interest in subsidiaries losses 87,966 143,710 ----------- ----------- Loss before extraordinary gain (305,119) (551,641) Extraordinary gain due to purchase of subsidiary stock 8,838 ----------- ----------- Net loss (296,281) (551,641) Other comprehensive income (loss): Unrealized loss on available for sale securities (43,149) (2,675) ----------- ----------- Comprehensive loss $ (339,430) $ (554,316) =========== =========== Basic and diluted net loss per common share: Loss per share before extraordinary gain $ (0.11) $ (0.20) Extraordinary gain - - ----------- ----------- Net loss per share $ (0.11) $ (0.20) =========== =========== Weighted average number of common shares outstanding 2,784,235 2,794,146 =========== =========== KENT FINANCIAL SERVICES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEET AS OF DECEMBER 31, 2008 ASSETS Cash and cash equivalents $ 1,990,753 Short-term investments 10,090,292 Securities owned 70,450 Accounts receivable 55,895 Property and equipment 21,618 Other assets 30,769 ------------ Total assets $ 12,259,777 ============ LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities $ 1,012,314 Minority interest in subsidiaries 4,965,816 Stockholders' equity 6,281,647 ------------ Total liabilities and stockholders' equity $ 12,259,777 ============