Kent Financial Services Announces Third Quarter Results.BEDMINSTER Bedminster may refer to:
Please [ improve this article] or discuss the issue on the talk page. , Inc. ("Kent") (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on - KENT) reported a net loss for the three months ended September September: see month. 30, 2005, of $181,000 or $.06 per share, compared to net income of $739,000, or $.26 per share, for the comparable period in 2004. For the nine months ended September 30, 2005, the net loss was $427,000, or $.15 per share, compared to net income of $748,000, or $.25 per share, for the comparable period in the prior year. E[acute accent acute accent n. A mark (´) indicating: a. that a vowel is close or tense, as é in French été. b. that a vowel or syllable has a high or rising pitch, as in Chinese or Ancient Greek. c. ]Kent has 2,815,374 shares outstanding. E[acute accent]This release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. which may involve known and unknown risks, uncertainties and other factors that may cause the Company's actual results and performance in future periods to be materially different from any future results or performance suggested by these statements. Kent Financial Services cautions investors not to place undue reliance on forward-looking statements, which speak only to management's expectations on this date. The per share earnings in the text of the news release are diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of .
KENT FINANCIAL SERVICES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2005 AND 2004
(in thousands, except per share data)
(Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
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2005 2004 2005 2004
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Revenues:
Investing losses ($ 125) ($ 54) ($ 155) ($ 37)
Management fee income - 12 12 126
Equity in earnings of
T. R. Winston - - - 138
Pre-acquisition equity in
loss of Cortech - - - ( 83)
Interest income 102 45 278 56
Other income 76 53 286 308
Other Revenues:
Gain on sale of property - 845 - 845
Gain on sale of
T. R. Winston - 71 - 71
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Total revenues 53 972 421 1,424
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Expenses
General and administrative 244 208 861 607
Interest - 10 - 37
--------- ------- ------- -------
Total expenses 244 218 861 644
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Income (loss) before
income taxes ( 191) 754 ( 440) 780
Provision for income taxes - 39 22 56
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Income (loss) before
minority interest ( 191) 715 ( 462) 724
Minority interest in
subsidiaries losses 10 24 35 24
--------- ------- ------- -------
Net income (loss) ($ 181) $ 739 ($ 427) $ 748
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Basic and diluted net
income (loss) per
common share ($ .06) $ .26 ($ .15) $ .25
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Weighted average number of
common shares outstanding
(in 000's) 2,817 2,887 2,830 2,943
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CONDENSED CONSOLIDATED BALANCE SHEET
SEPTEMBER 30, 2005
(in thousands)
(Unaudited)
Assets
Current Assets
Cash and cash equivalents $ 13,934
Securities owned 383
Other current assets 44
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Total current assets 14,361
Property and equipment, net 2
Goodwill 90
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Total assets $ 14,453
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Liabilities and Stockholders' Equity
Liabilities $ 1,067
Minority interest in subsidiaries 5,755
Stockholders' equity 7,631
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Total liabilities and stockholders' equity $ 14,453
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