Kent Financial Services Inc. (KENT, Financial) filed Quarterly Report for the period ended 2009-06-30.
KENT FINANCIAL SERVICES INC. through its subsidiaries is a broker/dealer in marketable securities. Kent Financial Services Inc. has a market cap of $5.32 million; its shares were traded at around $1.93 with and P/S ratio of 7.47.
Seminar fees based on seminars held by The Academy decreased to $54,284 for the three months ended June 30, 2009 compared to $64,557 for the three months ended June 30, 2008. For the six months ended June 30, 2009, seminar fees for seminars held by The Academy increased to $164,567, compared to $134,355 for the six months ended June 30, 2008. The Company recognizes seminar revenue when the services are provided. Despite ongoing business development activities, The Academy does not currently have any customers under contract for services to be rendered during the 2009-2010 school year. Accordingly, The Academy is currently reviewing its strategic options including partnering with a competitor or discontinuation of services.
Interest and dividend revenue decreased to $5,173 for the three months ended June 30, 2009, from $87,531 for the three months ended June 30, 2008. For the six months ended June 30, 2009, interest revenue decreased to $12,756 from $182,740 for the six months ended June 30, 2008. A decrease in the yield on short-term investments and cash equivalents from 3.2% to 0.2% was the primary reason for the decreases.
For the three months ended June 30, 2009, other income increased to $11,207 from $9,397 for the three months ended June 30, 2008. Other income decreased to $13,686 for the six months ended June 30, 2009, from $79,224 for the six months ended June 30, 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 $197,196 in the three months ended June 30, 2009 compared to $230,123 in the three months ended June 30, 2008, a decrease of $32,927. For the six months ended June 30, 2009, general and administrative expenses decreased to $449,055 from $552,282 for the six months ended June 30, 2008, a decrease of $103,227 or 19%. The majority of the decrease for the six month period in 2009 as compared to the six month period in 2008 was made up of expenses at the Academy related to production, marketing and fulfillment costs for the Sex Over Sixty DVD of $55,094 incurred in 2008. Other significant reductions in expenses included personnel costs which decreased $23,060, travel and entertainment expenses which decreased $9,922, and costs of seminars held by the Academy which decreased $19,252.
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. Net cash of $654,979 was provided by investing activities during the period ended June 30, 2008 by the sales and maturities of short-term investments of $12,226,771 and marketable securities of $2,405, offset by the purchase of short-term investments of $11,549,243 and the acquisition of property and equipment of $24,954.
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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 $5.32 million; its shares were traded at around $1.93 with and P/S ratio of 7.47.
Highlight of Business Operations:
The Company had a net loss of $97,318 or $.04 basic and diluted loss per share, for the three months ended June 30, 2009 compared to a net loss of $68,596, or $.02 basic and diluted loss per share for the comparable quarter in 2008. For the six months ended June 30, 2009, the Company had a net loss of $204,046 or $.07 basic and diluted loss per share, compared to a net loss of $133,236, or $.05 basic and diluted loss per share for the six months ended June 30, 2008. The increases in the net losses were mainly the result of decreased interest revenue and administrative fees paid by an un-affiliated investment partnership offset by decreased expenses during the periods.Seminar fees based on seminars held by The Academy decreased to $54,284 for the three months ended June 30, 2009 compared to $64,557 for the three months ended June 30, 2008. For the six months ended June 30, 2009, seminar fees for seminars held by The Academy increased to $164,567, compared to $134,355 for the six months ended June 30, 2008. The Company recognizes seminar revenue when the services are provided. Despite ongoing business development activities, The Academy does not currently have any customers under contract for services to be rendered during the 2009-2010 school year. Accordingly, The Academy is currently reviewing its strategic options including partnering with a competitor or discontinuation of services.
Interest and dividend revenue decreased to $5,173 for the three months ended June 30, 2009, from $87,531 for the three months ended June 30, 2008. For the six months ended June 30, 2009, interest revenue decreased to $12,756 from $182,740 for the six months ended June 30, 2008. A decrease in the yield on short-term investments and cash equivalents from 3.2% to 0.2% was the primary reason for the decreases.
For the three months ended June 30, 2009, other income increased to $11,207 from $9,397 for the three months ended June 30, 2008. Other income decreased to $13,686 for the six months ended June 30, 2009, from $79,224 for the six months ended June 30, 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 $197,196 in the three months ended June 30, 2009 compared to $230,123 in the three months ended June 30, 2008, a decrease of $32,927. For the six months ended June 30, 2009, general and administrative expenses decreased to $449,055 from $552,282 for the six months ended June 30, 2008, a decrease of $103,227 or 19%. The majority of the decrease for the six month period in 2009 as compared to the six month period in 2008 was made up of expenses at the Academy related to production, marketing and fulfillment costs for the Sex Over Sixty DVD of $55,094 incurred in 2008. Other significant reductions in expenses included personnel costs which decreased $23,060, travel and entertainment expenses which decreased $9,922, and costs of seminars held by the Academy which decreased $19,252.
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. Net cash of $654,979 was provided by investing activities during the period ended June 30, 2008 by the sales and maturities of short-term investments of $12,226,771 and marketable securities of $2,405, offset by the purchase of short-term investments of $11,549,243 and the acquisition of property and equipment of $24,954.
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