Kent Financial Services Inc. (KENT, Financial) filed Quarterly Report for the period ended 2010-06-30.
Kent Financial Services Inc. has a market cap of $3.84 million; its shares were traded at around $1.39 with and P/S ratio of 83.37.
Interest and dividend revenue decreased to $2,836 for the three months ended June 30, 2010, from $5,165 for the three months ended June 30, 2009. For the six months ended June 30, 2010, interest revenue decreased to $3,695 from $12,722 for the six months ended June 30, 2009. A decrease in the yield on short-term investments and cash equivalents from 0.2% to 0.12% together with reduced cash available for investment were the primary reasons for the decreases.
For the three months ended June 30, 2010, other income increased to $11,655 from $11,102 for the three months ended June 30, 2009. Other income increased to $16,530 for the six months ended June 30, 2010, from $13,511 for the six months ended June 30, 2009, caused primarily by the increase in administrative fees paid by an un-affiliated investment partnership. These administrative fees fluctuate based on the performance of the investment partnership and; therefore, are unpredictable
General and administrative expenses were $163,418 in the three months ended June 30, 2010 compared to $167,651 in the three months ended June 30, 2009, a decrease of $4,233. For the six months ended June 30, 2010, general and administrative expenses decreased to $368,029 from $381,069 for the six months ended June 30, 2009, a decrease of $13,040 or 4%. This decrease was primarily caused by activity in subsidiaries of Kent International. Specifically a decrease in marketing expenses related to ChinaUSPals.com of $10,641 and a decrease in consulting fees related to Kent Capital of $3,000. These decreases were partially offset by an increase in auditing expenses related to the audit of Kent Capital in the amount of $5,000. There were also other immaterial increases and decreases in administrative expenses at both the Company and Kent International subsidiary.
Net cash of $7,376 was provided by investing activities during the six months ended June 30, 2010 by the sale of marketable securities. Net cash of $10,099,201 was provided by investing activities during the six months ended June 30, 2009 by the gain generated by the net purchases and sales of marketable securities of $10,034 and by the sales and maturities of short-term investments of $10,089,167.
The Company and its consolidated subsidiaries reimburse an affiliate, Bedminster Management Corp., for the allocated direct cost of group health insurance and office supplies. These reimbursements were $16,689 and $34,245 in the three and six months ended June 30, 2010, respectively and $17,015 and $35,423 in the three and six months ended June 30, 2009, respectively.
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Kent Financial Services Inc. has a market cap of $3.84 million; its shares were traded at around $1.39 with and P/S ratio of 83.37.
Highlight of Business Operations:
The Company had a net loss of $110,714 or $.04 basic and diluted loss per share, for the three months ended June 30, 2010 compared to a net loss of $97,318, or $.04 basic and diluted loss per share for the comparable quarter in 2009. For the six months ended June 30, 2010, the Company had a net loss of $266,461 or $.10 basic and diluted loss per share, compared to a net loss of $204,046, or $.07 basic and diluted loss per share for the six months ended June 30, 2009. The increase in the net loss was primarily the result of a decrease in the income from discontinued operations.Interest and dividend revenue decreased to $2,836 for the three months ended June 30, 2010, from $5,165 for the three months ended June 30, 2009. For the six months ended June 30, 2010, interest revenue decreased to $3,695 from $12,722 for the six months ended June 30, 2009. A decrease in the yield on short-term investments and cash equivalents from 0.2% to 0.12% together with reduced cash available for investment were the primary reasons for the decreases.
For the three months ended June 30, 2010, other income increased to $11,655 from $11,102 for the three months ended June 30, 2009. Other income increased to $16,530 for the six months ended June 30, 2010, from $13,511 for the six months ended June 30, 2009, caused primarily by the increase in administrative fees paid by an un-affiliated investment partnership. These administrative fees fluctuate based on the performance of the investment partnership and; therefore, are unpredictable
General and administrative expenses were $163,418 in the three months ended June 30, 2010 compared to $167,651 in the three months ended June 30, 2009, a decrease of $4,233. For the six months ended June 30, 2010, general and administrative expenses decreased to $368,029 from $381,069 for the six months ended June 30, 2009, a decrease of $13,040 or 4%. This decrease was primarily caused by activity in subsidiaries of Kent International. Specifically a decrease in marketing expenses related to ChinaUSPals.com of $10,641 and a decrease in consulting fees related to Kent Capital of $3,000. These decreases were partially offset by an increase in auditing expenses related to the audit of Kent Capital in the amount of $5,000. There were also other immaterial increases and decreases in administrative expenses at both the Company and Kent International subsidiary.
Net cash of $7,376 was provided by investing activities during the six months ended June 30, 2010 by the sale of marketable securities. Net cash of $10,099,201 was provided by investing activities during the six months ended June 30, 2009 by the gain generated by the net purchases and sales of marketable securities of $10,034 and by the sales and maturities of short-term investments of $10,089,167.
The Company and its consolidated subsidiaries reimburse an affiliate, Bedminster Management Corp., for the allocated direct cost of group health insurance and office supplies. These reimbursements were $16,689 and $34,245 in the three and six months ended June 30, 2010, respectively and $17,015 and $35,423 in the three and six months ended June 30, 2009, respectively.
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