Kent Financial Services Inc. (KENT, Financial) filed Quarterly Report for the period ended 2009-03-31.
KENT FINANCIAL SERVICES INC. through its subsidiaries is a broker/dealer in marketable securities. Kent Financial Services Inc. has a market cap of $3.89 million; its shares were traded at around $1.41 with and P/S ratio of 5.46.
Interest and dividend income was $7,583 and $95,209 for the periods ending March 31, 2009 and 2008, respectively, a decrease of $87,626 due to a decrease in the yields on invested balances from 3.2% to 0.2%.
For the three months ended March 31, 2009, other income decreased to $2,479 from $69,827 for the three months ended March 31, 2008 caused primarily by the decrease in administrative fees paid by an un-affiliated investment partnership. These administrative fees fluctuate based on the performance of the investment partnership; as a result, based upon current global financial market conditions we do not believe that these fees will return to 2008 levels for the foreseeable future.
General and administrative expenses were $251,859 in the three months ended March 31, 2009 compared to $322,159 in the three months ended March 31, 2008, a decrease of $70,300. This decrease can be primarily attributed to a $54,774 reduction in expenses related to the production and fulfillment of the Sex Over Sixty DVD. Other significant reductions in expenses included personnel costs which decreased $13,312 and travel and entertainment expenses which decreased $10,800.
At March 31, 2009, the Company had cash and cash equivalents of $1,788,910. Cash and cash equivalents consist of cash held in banks and brokerage firms and U.S. Treasury Bills with original maturities of three months. The Company had short-term investments, consisting of U.S. Treasury Bills with original maturities of six months, of approximately $10.096 million at March 31, 2009 with a yield of 0.2%. Working capital at March 31, 2009 was approximately $11.8 million. Management believes its cash and cash equivalents are sufficient for its business activities for at least the next 12 months and for the costs of seeking an acquisition of an operating business.
Net cash of $10,034 was provided by investing activities during the period ended March 31, 2009 by the gain generated by the net purchases and sales of marketable securities. Net cash of $1,050,004 was provided by investing activities during the period ended March 31, 2008 by the sales and maturities of short-term investments of $1,419,363 and marketable securities of $1,315, offset by the purchase of short-term investments of $370,674.
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KENT FINANCIAL SERVICES INC. through its subsidiaries is a broker/dealer in marketable securities. Kent Financial Services Inc. has a market cap of $3.89 million; its shares were traded at around $1.41 with and P/S ratio of 5.46.
Highlight of Business Operations:
The Company had a net loss of $106,728 or $.04 basic and diluted loss per share, for the three months ended March 31, 2009 compared to a net loss of $64,640, or $.02 basic and diluted loss per share for the comparable quarter in 2008. The increase in the net loss was mainly the result of decreased interest revenue and administrative fees paid by an un-affiliated investment partnership offset by decreased expenses during the period.Interest and dividend income was $7,583 and $95,209 for the periods ending March 31, 2009 and 2008, respectively, a decrease of $87,626 due to a decrease in the yields on invested balances from 3.2% to 0.2%.
For the three months ended March 31, 2009, other income decreased to $2,479 from $69,827 for the three months ended March 31, 2008 caused primarily by the decrease in administrative fees paid by an un-affiliated investment partnership. These administrative fees fluctuate based on the performance of the investment partnership; as a result, based upon current global financial market conditions we do not believe that these fees will return to 2008 levels for the foreseeable future.
General and administrative expenses were $251,859 in the three months ended March 31, 2009 compared to $322,159 in the three months ended March 31, 2008, a decrease of $70,300. This decrease can be primarily attributed to a $54,774 reduction in expenses related to the production and fulfillment of the Sex Over Sixty DVD. Other significant reductions in expenses included personnel costs which decreased $13,312 and travel and entertainment expenses which decreased $10,800.
At March 31, 2009, the Company had cash and cash equivalents of $1,788,910. Cash and cash equivalents consist of cash held in banks and brokerage firms and U.S. Treasury Bills with original maturities of three months. The Company had short-term investments, consisting of U.S. Treasury Bills with original maturities of six months, of approximately $10.096 million at March 31, 2009 with a yield of 0.2%. Working capital at March 31, 2009 was approximately $11.8 million. Management believes its cash and cash equivalents are sufficient for its business activities for at least the next 12 months and for the costs of seeking an acquisition of an operating business.
Net cash of $10,034 was provided by investing activities during the period ended March 31, 2009 by the gain generated by the net purchases and sales of marketable securities. Net cash of $1,050,004 was provided by investing activities during the period ended March 31, 2008 by the sales and maturities of short-term investments of $1,419,363 and marketable securities of $1,315, offset by the purchase of short-term investments of $370,674.
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