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Kent Financial Services Announces First Quarter Results

^{Published on 2010-05-11 10:10:30 - Market Wire}
 

RALEIGH, NC--(Marketwire - May 11, 2010) - KENT FINANCIAL SERVICES, INC. ("Kent") (NASDAQ: [ KENT ]) reported a net loss for the three months ended March 31, 2010 of $155,747 or $.06 per share, compared to a net loss of $106,728, or $.04 per share, for the comparable period in 2009.

Kent has 2,759,076 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, -------------------------- Revenues: 2010 2009 ------------ ------------ Interest and dividend revenue $ 859 $ 7,557 Investing gains (losses) (2,088) Other income 4,875 2,409 ------------ ------------ Total revenues 3,646 9,966 Expenses: General and administrative 204,611 213,418 ------------ ------------ Loss from continuing operations before income taxes (200,965) (203,452) Provision for income tax expense (1,812) ------------ ------------ Loss from continuing operations (202,777) (203,452) Discontinued operations: Income (loss) from discontinued operations before income taxes (884) 81,972 Income tax expense (541) (1,613) ------------ ------------ Income from discontinued operations (1,425) 80,359 ------------ ------------ Net loss (204,202) (123,093) Add: net loss attributable to noncontrolling interest 48,455 16,365 ------------ ------------ Net loss attributable to Kent Financial Services shareholders' (155,747) (106,728) Other comprehensive income (loss): Unrealized loss on available for sale securities (2,021) (19,433) ------------ ------------ Comprehensive loss $ (157,768) $ (126,161) ============ ============ Basic and diluted net loss per common share: Loss from continuing operations $ (0.06) $ (0.07) Income from discontinued operations, net - 0.03 ------------ ------------ Net loss per share $ (0.06) $ (0.04) ============ ============ Weighted average number of common shares outstanding 2,759,085 2,759,293 ============ ============ CONDENSED CONSOLIDATED BALANCE SHEETS AS OF MARCH 31, 2010 AND DECEMBER 31, 2009 March 31, 2010 December 31, (Unaudited) 2009 ------------- ------------- ASSETS Current Assets: Cash and cash equivalents $ 10,951,543 $ 11,156,027 Marketable securities 42,119 53,604 Other current assets 37,666 22,744 ------------- ------------- Total current assets 11,031,328 11,232,375 Other assets 16,000 16,000 ------------- ------------- Total assets $ 11,047,328 $ 11,248,375 ============= ============= LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities $ 190,686 $ 185,416 Noncurrent liabilities 720,000 720,000 ------------- ------------- Total liabilities 910,686 905,416 ------------- ------------- Kent Financial Services shareholders' equity 5,576,093 5,733,955 Noncontrolling interest in subsidiaries 4,560,549 4,609,004 ------------- ------------- Total stockholders' equity 10,136,642 10,342,959 ------------- ------------- Total liabilities and stockholders' equity $ 11,047,328 $ 11,248,375 ============= =============