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KENT FINANCIAL SERVICES, INC: Kent Financial Services Announces First Quarter Results

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^{Published in Business and Finance on Monday, May 11th 2009 at 8:13 GMT, Last Modified on 2009-05-11 08:14:32 by Market Wire}  

FAR HILLS, NJ--(Marketwire - May 11, 2009) - KENT FINANCIAL SERVICES, INC. ("Kent") (NASDAQ: [ KENT ]) reported a net loss for the three months ended March 31, 2009 of $106,728 or $.04 per share, compared to a net loss of $64,640, or $.02 per share, for the comparable period in 2008.

Kent has 2,759,193 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 March 31, ---------------------- 2009 2008 ---------- ---------- Revenues: Seminar fees $ 110,283 $ 69,798 Interest and dividends 7,583 95,209 Realized gains (losses) 10,034 (660) Other income 2,479 69,827 ---------- ---------- Total revenues 130,379 234,174 Expenses: General and administrative 251,859 322,159 ---------- ---------- Loss before income taxes and minority interest (121,480) (87,985) Provision for income taxes (1,613) (1,110) ---------- ---------- Net loss (123,093) (89,095) Add: net loss attributable to noncontrolling interest 16,365 24,455 ---------- ---------- Net loss attributable to Kent Financial Services shareholders (106,728) (64,640) Other comprehensive loss: Unrealized loss on available for sale securities (19,433) (8,879) ---------- ---------- Comprehensive loss $ (126,161) $ (73,519) ========== ========== Basic and diluted net loss per common share $ (0.04) $ (0.02) ========== ========== Weighted average number of common shares outstanding 2,759,293 2,792,022 ========== ========== CONDENSED CONSOLIDATED BALANCE SHEETS AS OF MARCH 31, 2009 AND DECEMBER 31, 2008 March 31, 2008 December 31, (Unaudited) 2007 ------------ ------------ ASSETS Current Assets: Cash and cash equivalents $ 1,788,910 $ 1,990,753 Short-term investments 10,095,620 10,090,292 Marketable securities 51,017 70,450 Other current assets 141,191 70,664 ------------ ------------ Total current assets 12,076,738 12,222,159 Property and equipment, net 20,387 21,618 Other assets 16,000 16,000 ------------ ------------ Total assets $ 12,113,125 $ 12,259,777 ============ ============ LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities $ 288,188 $ 292,314 Noncurrent liabilities 720,000 720,000 ------------ ------------ Total liabilities 1,008,188 1,012,314 ------------ ------------ Kent Financial Services shareholders' equity 6,155,486 6,281,647 Noncontrolling interest in subsidiaries 4,949,451 4,965,816 ------------ ------------ Total stockholders' equity 11,104,937 11,247,463 ------------ ------------ Total liabilities and stockholders' equity $ 12,113,125 $ 12,259,777 ============ ============