Kent Financial Services Announces Earnings
BEDMINSTER, NJ--(BUSINESS WIRE)--May 12, 2000--Kent Financial
Services, Inc. ("Kent" or the "Company") (NASDAQ - KENT) recorded net
income of $1,359,000, or $.72 basic and diluted earnings per share for
the quarter ended March 31, 2000, compared to $248,000, or $.12 basic
and diluted earnings per share, for the quarter ended March 31, 1999.
Included in these results were net investing gains of $840,000 and
$455,000 for the quarters ended March 31, 2000 and 1999, respectively.
The results of operations for the three months ended March 31, 2000
are not necessarily indicative of the results to be expected for the
entire year or for any other period. Further a substantial portion of
the Company's securities owned are concentrated positions and are
subject to a high degree of volatility and may be susceptible to
significant fluctuation in the near term. Kent has 1,849,364 shares
outstanding.
KENT FINANCIAL SERVICES, INC.
CONSOLIDATED OPERATING RESULTS
FOR THE QUARTERS ENDED MARCH 31, 2000 AND 1999
(in thousands, except per share data)
(Unaudited)
Quarter Ended
March 31,
-----------------
2000 1999
Revenues:
Brokerage commissions $ 592 $ 499
Principal transactions:
Trading 1,509 269
Investing 840 455
Interest, dividend and other 249 196
Total revenues 3,190 1,419
Expenses:
Brokerage 1,300 516
General, administrative
and other 429 577
Interest 99 64
Total expenses 1,828 1,157
Earnings before income taxes 1,362 262
Provision for income taxes 3 14
Net earnings $1,359 $ 248
Basic net earnings per common share $ .72 $ .12
Diluted net earnings per common share $ .72 $ .12
Weighted average number of common
shares outstanding (in 000's) 1,888 1,992
CONSOLIDATED CONDENSED BALANCE SHEET
March 31, 2000
(in thousands)
(Unaudited)
Cash and cash equivalents $ 3,245
Securities owned 10,084
Net property and equipment 1,155
Other assets 1,537
Total assets $16,021
Liabilities $ 2,286
Stockholders' equity 13,735
Total liabilities and
stockholders' equity $16,021 |
