KENT FINANCIAL SERVICES, INC. (?Kent?) (NASDAQ: KENT) reported a net loss for the three months ended May 11, 2007 of $53,000 or $.02 per share, compared to a net loss of $165,000, or $.06 per share, for the comparable period in 2006.

Kent has 2,792,326 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

FOR THE THREE MONTHS ENDED MARCH 31, 2007

(in thousands, except per share data)

(Unaudited)

 
Three Months Ended
March 31,
2007 2006
Revenues:

Seminar fees

$ 107  $ 51 
Interest 159  141 
Investing losses (16)
Other income   101    16 
 
Total revenues 367  192 
 
Expenses:
General and administrative   427    400 
 

Loss before income taxes, minority interest and extraordinary item

(60) (208)
Provision for income taxes   10    1 

Loss before minority interest and extraordinary item

(70) (209)
Minority interest in subsidiaries losses   17    34 
 
Loss before extraordinary item (53) (175)

Extraordinary gain due to purchase of subsidiary stock

    10 
 
Net loss (53) (165)
 
Other comprehensive loss:
Unrealized loss on available for sale securities   (2)  
 
Comprehensive Loss   (55)   (165)
 
Basic and diluted net loss per common share:
Loss per share before extraordinary item $ (0.02) $ (0.06)
Extraordinary gain   -    - 
 
Net loss per share $ (0.02) $ (0.06)
 

Weighted average number of common shares outstanding (in 000's)

  2,799    2,804 
 

CONDENSED CONSOLIDATED BALANCE SHEET

AS OF MARCH 31, 2007

(in thousands)

(Unaudited)

 
ASSETS
 
Current Assets:
Cash and cash equivalents $ 162 
Short-term investments 12,772 
Marketable securities 147 
Other current assets   117 
 
Total current assets 13,198 
 
Property and equipment, net 47 
 
Goodwill 90 
 
Other assets   61 
 
Total assets $ 13,396 
 
 
LIABILITIES AND STOCKHOLDERS' EQUITY
 
Current liabilities $ 349 
Noncurrent liabilities 652 
 
Minority interest in subsidiaries 5,210 
 
Stockholders' equity   7,185 
 
Total liabilities and stockholders' equity $ 13,396