Kent Financial Services Reports Financial Results

Business Wire, Nov 2, 1999

BEDMINSTER, N.J.--(BUSINESS WIRE)--Nov. 2, 1999--

KENT FINANCIAL SERVICES, INC. ("KENT") (NASDAQ: KENT) reported a net loss for the three months ended September 30, 1999, of $616,000, or $.32 per share, compared to a net loss of $552,000, or $.28 per share, for the comparable period in 1998. For the nine months ended September 30, 1999, the net loss was $218,000, or $.11 per share, compared to net income of $213,000, or $.11 per share, for the comparable period in the prior year. Per share information referred to in this news release is both basic and diluted earnings per share. Kent has 1,904,308 shares outstanding. -0-

                     KENT FINANCIAL SERVICES, INC.
                    CONSOLIDATED OPERATING RESULTS
      FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 1999 AND
              1998 (in thousands, except per share data)
                              (Unaudited)

                             Three Months Ended      Nine Months Ended
                                 Sept 30,               Sept 30,
                             -----------------      -----------------
                               1999      1998         1999       1998

Revenues:
 Brokerage commissions         $350      $412       $1,299     $1,425
 Principal transactions:
  Trading                       199        87          695        442
  Investing gains              (409)     (393)          85      1,174
 Underwriting and placement
  fees, net of related expenses  --        --           --        135
 Interest, dividend and other   167       250          976        612
  Total revenues                307       356        3,055      3,788

Expenses:
 Brokerage                      402       339        1,386      1,288
 General, administrative and
  other                         472       600        1,687      2,136
 Interest                        67        82          200        211
  Total expenses                941     1,021        3,273      3,635

Earnings (loss) before income
 taxes                         (634)     (665)        (218)       153
Provision (benefit) for
 income taxes                   (18)     (113)          --        (60)
Net earnings (loss)           ($616)    ($552)       ($218)      $213

Basic and diluted net earnings
 per common share             ($.32)    ($.28)      ($0.11)     $0.11

Weighted average number of
 common shares outstanding
 (in 000's)                   1,906     1,992        1,940      2,006

                 CONSOLIDATED CONDENSED BALANCE SHEET
                          September 30, 1999
                            (in thousands)
                              (Unaudited)

Cash and cash equivalents                             $ 5,055
Securities owned                                        7,375
Net property and equipment                              1,187
Other assets                                              498
 Total assets                                         $14,115

Liabilities                                           $ 2,171
Stockholders' equity                                   11,944
 Total liabilities and stockholders' equity           $14,115